市场综述

小曲

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" M2 q8 H% k: T* [/ ySignature Market Roundup

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Eric Bushell
, g3 }/ a$ F$ _8 j6 u* lSenior Vice-President,
Portfolio Management
3 ]& b$ Z+ k3 f: ^/ g; Rand Chief Investment Officer
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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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" r4 H1 ?$ s5 _# d, ~  v0 i2 ZThe second phase of the post-Lehman recovery in risky assets
may be drawing to a close in April 2011. The fi rst phase
ran from March 2009 to April 2010 and was halted by the
! q$ n! N* Y! B, `European sovereign crisis and a U.S. slowdown. The second
phase began with the U.S. Federal Reserve launching an
% |1 s4 y, O1 K- E1 K, @unconventional easing policy dubbed QE2 in September
' `% ]3 n; W' H2010. This action saw investors exit the dollar and scramble
# @5 ^+ A* k) N6 X# d8 O. S6 g3 ?8 ifor real assets ranging from property to commodities, credit
and equities. As we near the end of this policy, prospects
for dollar stabilization grow; this would be helped through
U.S. fi scal retrenchment and relief on the part of bond
& I( t* Y# S- H+ x, ?markets. Given the success of the policy and the heightened
+ W% a6 A. @( ]5 funcertainties elsewhere, it may be time to move to a more
neutral risk positioning.