市场综述

小曲

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6 O6 G6 d! t$ j, r; ~" u( o0 ZSignature Market Roundup

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Eric Bushell
4 d0 n7 n4 q) D# T) V* Z0 fSenior Vice-President,
) D2 k2 O, J6 [9 A( J0 M, ZPortfolio Management
+ x7 o# U$ n4 b* D5 k- fand Chief Investment Officer

# z2 ^* H7 z# V: M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。

: j! L, b% Q& C# r* P5 {! M. DThe second phase of the post-Lehman recovery in risky assets
may be drawing to a close in April 2011. The fi rst phase
, v, G3 q% L4 N& t9 i9 yran from March 2009 to April 2010 and was halted by the
# Q# m! Q/ p" N  h# M8 j% J& @European sovereign crisis and a U.S. slowdown. The second
! t% t& Q- \% Y7 jphase began with the U.S. Federal Reserve launching an
unconventional easing policy dubbed QE2 in September
4 N) o7 @" W- j$ B( r2010. This action saw investors exit the dollar and scramble
6 Y$ @6 k( f- D: U+ n, {' lfor real assets ranging from property to commodities, credit
4 k% T: F7 ~% Y8 \and equities. As we near the end of this policy, prospects
4 ~7 u, m, G  Ffor dollar stabilization grow; this would be helped through
/ i/ e- t# _8 `4 A* u: S* dU.S. fi scal retrenchment and relief on the part of bond
* j' t1 _2 y2 O6 A0 bmarkets. Given the success of the policy and the heightened
uncertainties elsewhere, it may be time to move to a more
neutral risk positioning.