市场综述

小曲

# i& |, z  ], q; h+ |# }- lSignature Market Roundup


Eric Bushell
Senior Vice-President,
Portfolio Management
+ ~: E4 V2 T+ Y) F  t. A, U2 Uand Chief Investment Officer

自lehman倒台后美国第二阶段的风险投资的恢复到四月底基本结束了。第一阶段是从2009三月到2010四月， 但被欧洲的债务危机和美国的减慢中断了。第二阶段是从美国联邦储备局2010年九月份开始的非传统的缓解政策，被称为QE2. 这个运作造成投资者抛售美金抢购房地产，商品期货，贷款，和股票。现在这个政策趋近结束，美金趋于稳定，这会帮助美国财政缩减，解除政卷市场的压力。面对美国QE2政策的成功，而世界其他地区都非常不稳定，现在可能是时候将投资定位到中性风险。
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The second phase of the post-Lehman recovery in risky assets
* K0 c) W( x4 l+ jmay be drawing to a close in April 2011. The fi rst phase
ran from March 2009 to April 2010 and was halted by the
European sovereign crisis and a U.S. slowdown. The second
, O: f) {+ W% h7 G* Aphase began with the U.S. Federal Reserve launching an
unconventional easing policy dubbed QE2 in September
6 k6 }% }4 ?5 W) `) h4 p2010. This action saw investors exit the dollar and scramble
5 J6 h  _+ x) \8 Pfor real assets ranging from property to commodities, credit
( Z9 e) G3 b8 f1 o/ L  t6 a3 Jand equities. As we near the end of this policy, prospects
7 X+ |9 A# ^9 k% L9 m" a2 Mfor dollar stabilization grow; this would be helped through
U.S. fi scal retrenchment and relief on the part of bond
# \- t) t0 B7 ?/ {) C2 ~markets. Given the success of the policy and the heightened
* x9 ]* ~: u) E0 c: yuncertainties elsewhere, it may be time to move to a more
# F  D8 N7 z$ x, o9 M8 Lneutral risk positioning.