市场综述

小曲

Signature Market Roundup
0 K( b$ }1 ]# |. I- |$ p
, X. e; t# t3 y" ^
Eric Bushell
, N9 {; [/ [! N* tSenior 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。

/ Y- R0 G# y: b& D( E6 NThe second phase of the post-Lehman recovery in risky assets
9 i( x8 O: w+ k& {may 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
- s3 D' [8 z! x( U% c0 Uphase began with the U.S. Federal Reserve launching an
unconventional easing policy dubbed QE2 in September
9 m# V$ B# X6 w) C* z2010. This action saw investors exit the dollar and scramble
! O$ ?6 f; Q7 C: H! w) C, ?for real assets ranging from property to commodities, credit
and equities. As we near the end of this policy, prospects
; A: v4 E* k9 c  L  bfor dollar stabilization grow; this would be helped through
U.S. fi scal retrenchment and relief on the part of bond
" D4 ~* F9 F% J/ I* P5 mmarkets. Given the success of the policy and the heightened
+ B, e$ t5 M) K9 Luncertainties elsewhere, it may be time to move to a more
  _; N! |- X- G& ]2 m1 n& rneutral risk positioning.