市场综述

小曲

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  M# O7 W' w. P' A# H  iSignature Market Roundup

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Eric Bushell
9 x, Q4 U9 i& HSenior Vice-President,
Portfolio Management
and Chief Investment Officer
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; i8 p0 U% X. T1 U! V5 \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
0 `* U0 x% W- F0 k2 Tran from March 2009 to April 2010 and was halted by the
* {8 |; P' A5 f0 h1 V% FEuropean sovereign crisis and a U.S. slowdown. The second
* n& \. X5 {% p- Rphase began with the U.S. Federal Reserve launching an
% W' h( y! J7 s: X, t( n* Lunconventional easing policy dubbed QE2 in September
# l5 r  ?: M" d3 D* C, ^" @2010. This action saw investors exit the dollar and scramble
4 v6 c4 z2 O4 W4 n* I4 [% l( ~for real assets ranging from property to commodities, credit
and equities. As we near the end of this policy, prospects
$ y( d" V: n+ T' z) A! O; Gfor dollar stabilization grow; this would be helped through
9 y; }2 W  U4 Q! w+ jU.S. fi scal retrenchment and relief on the part of bond
markets. Given the success of the policy and the heightened
uncertainties elsewhere, it may be time to move to a more
neutral risk positioning.