市场综述

小曲

Signature Market Roundup

  Y4 O( L8 v' {4 C: D1 u
Eric Bushell
4 A  D5 s6 U8 f- b! `, _5 Q! s! KSenior Vice-President,
Portfolio Management
/ e9 q+ m6 w4 }( ]and Chief Investment Officer
9 K+ p! K# k. N8 X2 j$ N
: T2 ]6 G& P2 F; S7 D& T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
: X9 S$ t% [6 c0 g$ b$ E7 Omay be drawing to a close in April 2011. The fi rst phase
ran 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
1 Y- C9 s7 I- t4 N2010. 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
( W- S! Z, W8 {/ `4 |3 Yfor dollar stabilization grow; this would be helped through
U.S. fi scal retrenchment and relief on the part of bond
! n; D& t' r# c) _! ]2 U; lmarkets. Given the success of the policy and the heightened
) R1 a) [  `# E) Z$ ?% S4 Q% L! Nuncertainties elsewhere, it may be time to move to a more
neutral risk positioning.