市场综述

小曲

Signature Market Roundup

) c) c$ H/ Y" P7 R6 T, L
Eric Bushell
* m% q* l5 d. |) u  d' `Senior Vice-President,
Portfolio Management
and Chief Investment Officer

+ i: J1 x( H2 J& Q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
  F5 P6 y) Z5 w+ M9 X. Cran from March 2009 to April 2010 and was halted by the
6 b2 V$ E1 o% O: N! k' Z( N( `5 qEuropean sovereign crisis and a U.S. slowdown. The second
3 r; D* D. \4 @' ?. p8 ~# Pphase began with the U.S. Federal Reserve launching an
2 [7 G* ]- C. H1 ^unconventional easing policy dubbed QE2 in September
2010. This action saw investors exit the dollar and scramble
for real assets ranging from property to commodities, credit
  P0 j% T! ?- i( w+ Rand equities. As we near the end of this policy, prospects
, l, L& T3 X3 S* yfor dollar stabilization grow; this would be helped through
U.S. fi scal retrenchment and relief on the part of bond
markets. Given the success of the policy and the heightened
, n$ |: v. C  F: C9 h( muncertainties elsewhere, it may be time to move to a more
! Z" {' M) E+ \9 zneutral risk positioning.