市场综述

小曲

+ t$ g' m2 u2 D8 U: f8 d4 L* _$ eSignature Market Roundup

7 z& }4 X% ^7 n" V
Eric Bushell
0 u. K, V! j8 y$ qSenior Vice-President,
$ W! x, K- N) w2 t7 b, N3 lPortfolio Management
  g; A& y: e2 M- eand 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。

The second phase of the post-Lehman recovery in risky assets
may be drawing to a close in April 2011. The fi rst phase
5 L; C2 K& g  ^/ Rran from March 2009 to April 2010 and was halted by the
European sovereign crisis and a U.S. slowdown. The second
phase began with the U.S. Federal Reserve launching an
; `1 w+ p* K1 [8 O0 z9 k0 ?unconventional easing policy dubbed QE2 in September
6 L  S, ?9 `$ R( p$ p3 A, A2010. This action saw investors exit the dollar and scramble
6 N" j* f& [$ \6 M$ C! T! T# z* t$ Sfor 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
- ?+ I' [$ ~9 z1 AU.S. fi scal retrenchment and relief on the part of bond
. p* m* z% M1 t4 `markets. Given the success of the policy and the heightened
uncertainties elsewhere, it may be time to move to a more
neutral risk positioning.