市场综述

小曲

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; l- f0 `; A5 M; p; aSignature Market Roundup

4 i( S- v, S7 @6 U
3 x2 m/ Y) N% }2 H7 i2 Q% l3 K& KEric Bushell
Senior Vice-President,
Portfolio Management
and Chief Investment Officer
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9 i, Z* o- U, P0 ~. a9 T4 j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
' v, t- x" H6 z/ P, x7 X& v& ]may be drawing to a close in April 2011. The fi rst phase
: n9 N+ ~* [7 F" u7 S9 Lran from March 2009 to April 2010 and was halted by the
* t; b, W" U  hEuropean sovereign crisis and a U.S. slowdown. The second
8 N5 K9 l4 m) d: Q6 Mphase began with the U.S. Federal Reserve launching an
2 e, ?1 {5 L" N. _" u7 nunconventional easing policy dubbed QE2 in September
2010. This action saw investors exit the dollar and scramble
* [* h4 ?- L$ N4 G# bfor real assets ranging from property to commodities, credit
8 S( A0 ~" b. d8 k1 s! Qand equities. As we near the end of this policy, prospects
for dollar stabilization grow; this would be helped through
: t# G% o+ r; \" m) o3 }U.S. fi scal retrenchment and relief on the part of bond
markets. Given the success of the policy and the heightened
uncertainties elsewhere, it may be time to move to a more
7 j" W/ S! D  a' cneutral risk positioning.