市场综述

小曲

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: S. y+ ~- l) N' I! _/ j9 ]! lSignature Market Roundup


/ J" `% f) X8 y1 qEric Bushell
0 g4 T, O4 `' Y+ f- z# F- r3 fSenior Vice-President,
Portfolio Management
and 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
) a8 F# J; R- Z' d0 bmay be drawing to a close in April 2011. The fi rst phase
' v# T. t+ w. K( ^& ]: i* Bran from March 2009 to April 2010 and was halted by the
European sovereign crisis and a U.S. slowdown. The second
3 r7 x$ E* _+ H! J0 `, ~phase began with the U.S. Federal Reserve launching an
; W6 I/ ]! ]9 [# v3 _unconventional easing policy dubbed QE2 in September
& D5 V; o+ a, P* G& a) k2010. This action saw investors exit the dollar and scramble
for real assets ranging from property to commodities, credit
and equities. As we near the end of this policy, prospects
/ e# N4 B! V' j1 cfor dollar stabilization grow; this would be helped through
U.S. fi scal retrenchment and relief on the part of bond
& {" K/ n, n- J5 @' F! ~markets. Given the success of the policy and the heightened
uncertainties elsewhere, it may be time to move to a more
neutral risk positioning.