市场综述

小曲

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Signature Market Roundup
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9 e, H% X$ G" S% @+ z) ^5 H. SEric Bushell
Senior 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。

' s3 |0 S# d0 M3 }9 [9 ^The second phase of the post-Lehman recovery in risky assets
8 @6 S% o+ J5 B% Q4 l4 S$ z, d& xmay be drawing to a close in April 2011. The fi rst phase
. `5 B/ M3 S, Tran 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
unconventional easing policy dubbed QE2 in September
) z& Q+ i( y$ e, X* R2010. This action saw investors exit the dollar and scramble
  p- i- c5 D) F9 i2 |for real assets ranging from property to commodities, credit
and equities. As we near the end of this policy, prospects
/ \" `: b! I' {8 N' A8 s' bfor dollar stabilization grow; this would be helped through
1 Z9 \& I; j) a% W  M$ VU.S. fi scal retrenchment and relief on the part of bond
6 O9 A' L+ r; h: U: O) Imarkets. Given the success of the policy and the heightened
uncertainties elsewhere, it may be time to move to a more
neutral risk positioning.