市场综述

小曲

( f" v2 B9 c2 k( Q" N  G7 RSignature Market Roundup
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Eric Bushell
Senior Vice-President,
# M8 \, I  g( t8 u9 ?Portfolio Management
and Chief Investment Officer

) D: U  ~+ ]7 p2 l5 Z; D+ n' F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。
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* z/ C+ R% j7 s# e" W9 z# NThe second phase of the post-Lehman recovery in risky assets
* J5 f0 C) l( \# V3 imay 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
. E5 p# o; P# P# ?* cphase began with the U.S. Federal Reserve launching an
) @0 r- Q& d# h, l& G' Uunconventional easing policy dubbed QE2 in September
2010. This action saw investors exit the dollar and scramble
5 L5 K3 H2 _' c  Rfor real assets ranging from property to commodities, credit
and equities. As we near the end of this policy, prospects
2 U9 _: [. _) F  ^" Ffor dollar stabilization grow; this would be helped through
8 S( e  \7 S+ c  ^7 J* s8 I; VU.S. fi scal retrenchment and relief on the part of bond
8 V* A" t  ]0 {" dmarkets. Given the success of the policy and the heightened
. j6 K0 g% @+ z3 Cuncertainties elsewhere, it may be time to move to a more
neutral risk positioning.