市场综述

小曲

( w2 a5 a- r" ?5 ]* `Signature Market Roundup

: E2 \+ V  S1 N$ A% R: ^4 G
3 _' K* m+ c' g+ fEric Bushell
Senior Vice-President,
Portfolio Management
and Chief Investment Officer

4 p# C, m, j- s) y0 W; S7 t& D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。
' G6 V; h" J5 r$ ^' x* v0 T
9 u; V- L; K  n, s+ q0 x2 fThe second phase of the post-Lehman recovery in risky assets
: h" f; @$ @  ~* x% ]- b- lmay be drawing to a close in April 2011. The fi rst phase
ran from March 2009 to April 2010 and was halted by the
/ w- Z  l" i9 D2 H8 d! PEuropean sovereign crisis and a U.S. slowdown. The second
( a9 j7 ?0 }* ~6 M  Q7 hphase began with the U.S. Federal Reserve launching an
unconventional easing policy dubbed QE2 in September
  u$ W' _, r6 W- B" b2010. This action saw investors exit the dollar and scramble
% u: u8 _+ g* o7 dfor real assets ranging from property to commodities, credit
0 U1 C- Q; @% Rand equities. As we near the end of this policy, prospects
for dollar stabilization grow; this would be helped through
- D- J  X4 L. [# TU.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
5 a" |' c3 m5 ~/ z, h, ]! G" @neutral risk positioning.