市场综述

小曲

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  [* T% @  L: z6 L" j  P5 PSignature Market Roundup

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Eric Bushell
Senior Vice-President,
Portfolio Management
% ]5 B5 c* Q" K% |; }, Y, cand Chief Investment Officer
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% F1 _6 ]: q' T4 U8 `8 V/ I- k& K, k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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The second phase of the post-Lehman recovery in risky assets
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
European sovereign crisis and a U.S. slowdown. The second
phase began with the U.S. Federal Reserve launching an
unconventional easing policy dubbed QE2 in September
2 y$ h+ z/ o7 K4 x3 e& R2010. This action saw investors exit the dollar and scramble
# |+ y# j- i# F  D% gfor real assets ranging from property to commodities, credit
: P7 b9 Q# m8 q0 F( |- A$ Uand equities. As we near the end of this policy, prospects
1 D1 o$ ?# b5 g/ Ifor dollar stabilization grow; this would be helped through
U.S. fi scal retrenchment and relief on the part of bond
9 C( T' W0 O$ I% s: R4 cmarkets. Given the success of the policy and the heightened
& j! a2 I' B* l' T0 yuncertainties elsewhere, it may be time to move to a more
neutral risk positioning.