市场综述

小曲

: l: t4 ]* ?/ {3 z7 J5 jSignature Market Roundup

5 e, v- Y- }. r, s( i; O$ u
8 F+ P3 U! r! N1 bEric Bushell
% T! l6 V2 f2 o0 o( x9 gSenior Vice-President,
Portfolio Management
' U' ~) R* _/ X8 B: wand 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。

% M- b3 N, j, m, q( k* ^. y% J' sThe second phase of the post-Lehman recovery in risky assets
0 Z, J) @" o  m; r2 \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
  `+ G! r5 o7 S+ z* Z6 m3 BEuropean sovereign crisis and a U.S. slowdown. The second
phase began with the U.S. Federal Reserve launching an
  r9 F( m% b9 @1 Hunconventional easing policy dubbed QE2 in September
2010. This action saw investors exit the dollar and scramble
% H5 s+ t4 W% A  P% ifor real assets ranging from property to commodities, credit
  H+ h. [- \' [; [' w. Z( a% [' ?and equities. As we near the end of this policy, prospects
for dollar stabilization grow; this would be helped through
U.S. fi scal retrenchment and relief on the part of bond
markets. Given the success of the policy and the heightened
. V! E0 b- z; s: {uncertainties elsewhere, it may be time to move to a more
5 n! P4 o' i7 B/ R/ b' Tneutral risk positioning.