市场综述

小曲

0 s; @$ H2 _  e3 Z" ySignature Market Roundup


Eric Bushell
: r& b0 O2 Y# n& USenior Vice-President,
3 n& s4 s) q  d; a3 ^# t8 Y. n) rPortfolio Management
% P7 R7 o3 S3 T$ ~; c6 |3 z( fand Chief Investment Officer
* E. f4 l  b4 p" t6 U5 {
' n0 X) L: f" A! T4 P& H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。

9 o- h9 J4 W$ h8 F6 s( M7 k: oThe second phase of the post-Lehman recovery in risky assets
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
  h/ O2 b8 B3 E$ ?8 U$ w  ?European sovereign crisis and a U.S. slowdown. The second
2 c, |) ]4 I$ E4 ~' U1 x, sphase began with the U.S. Federal Reserve launching an
( b1 o0 j* A) A& X! m4 sunconventional easing policy dubbed QE2 in September
) W/ _) R" x% x9 @7 |- @$ _2010. This action saw investors exit the dollar and scramble
for real assets ranging from property to commodities, credit
5 Q* Y- T4 [  J/ \3 i# t  {0 I& k$ _and equities. As we near the end of this policy, prospects
' X+ W7 z2 Y& f$ l# }5 kfor dollar stabilization grow; this would be helped through
U.S. fi scal retrenchment and relief on the part of bond
( q2 J0 u$ Q# ]$ ~+ Bmarkets. Given the success of the policy and the heightened
5 c& ]# J# j0 runcertainties elsewhere, it may be time to move to a more
: g% R& k% A% O# [neutral risk positioning.