市场综述

小曲

$ Z8 _; M  q, a/ k* BSignature Market Roundup

2 |5 [5 ]2 f4 A+ ]2 z2 j
Eric Bushell
Senior Vice-President,
9 V# G0 ^  k$ n/ u: @8 UPortfolio Management
and Chief Investment Officer

! S4 H* o2 V$ y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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/ q9 \3 J9 Y5 x% YThe second phase of the post-Lehman recovery in risky assets
may be drawing to a close in April 2011. The fi rst phase
5 m/ j% Q+ a! e* Iran 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
" O+ r7 C3 L8 [0 p2010. This action saw investors exit the dollar and scramble
  N& W+ ]# B0 ?* r! z, D) A' x. {for real assets ranging from property to commodities, credit
and equities. As we near the end of this policy, prospects
0 c( U  {& j5 w$ Q3 y0 T/ Dfor dollar stabilization grow; this would be helped through
U.S. fi scal retrenchment and relief on the part of bond
( z% V4 T4 @' C2 S# W+ b6 K5 ]markets. Given the success of the policy and the heightened
" E6 m* b5 x. [) U8 N: f2 V2 Kuncertainties elsewhere, it may be time to move to a more
neutral risk positioning.