市场综述

小曲

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5 A3 F) X% ]# E+ q7 d2 hSignature Market Roundup

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- j& ], `; y; S* w% T9 E) E8 V. q" p3 rEric Bushell
) Y' \, _' y+ ]' X; C% c3 tSenior Vice-President,
Portfolio Management
and Chief Investment Officer
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+ }# V2 ~( y/ L$ N: p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。

The second phase of the post-Lehman recovery in risky assets
, {5 J( X: D: [/ Xmay be drawing to a close in April 2011. The fi rst phase
ran from March 2009 to April 2010 and was halted by the
, ^2 E& K$ o1 qEuropean sovereign crisis and a U.S. slowdown. The second
phase began with the U.S. Federal Reserve launching an
5 e* `% u  V% Y. a+ Yunconventional easing policy dubbed QE2 in September
2010. This action saw investors exit the dollar and scramble
* Q# C7 y+ j( t+ V) k1 [3 Hfor real assets ranging from property to commodities, credit
/ E8 d3 [4 }3 m* Dand equities. As we near the end of this policy, prospects
4 r  p+ ~* z! k+ _for dollar stabilization grow; this would be helped through
2 A9 Q- B( ~1 f. L2 [U.S. fi scal retrenchment and relief on the part of bond
' C: W3 ~# h: U1 k, ?1 lmarkets. Given the success of the policy and the heightened
uncertainties elsewhere, it may be time to move to a more
* _& e5 X9 G, |( Aneutral risk positioning.