市场综述

小曲

5 @, S- H5 o) ASignature Market Roundup
. w4 z/ h0 o8 C" Y0 K. c, L
, ~8 ~) B. Z& M7 e6 l$ K  B; @
9 K' s8 w$ w- J1 V2 X& e, nEric Bushell
4 V3 i% P' R! a% R9 I) L; |Senior Vice-President,
Portfolio Management
and Chief Investment Officer
0 W( j3 N" ?( W; j( \+ X
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。

The second phase of the post-Lehman recovery in risky assets
4 I  e: Z6 l6 X3 h9 |6 q- Umay be drawing to a close in April 2011. The fi rst phase
ran from March 2009 to April 2010 and was halted by the
! v  O- Y/ @7 [8 h' s/ |& REuropean sovereign crisis and a U.S. slowdown. The second
phase began with the U.S. Federal Reserve launching an
6 `9 h. A9 }$ V' H3 u! X; yunconventional easing policy dubbed QE2 in September
9 T  {3 r9 i' s2 S% }' _% y# L4 F2010. This action saw investors exit the dollar and scramble
* S& l) F* f$ Gfor real assets ranging from property to commodities, credit
+ |% Y; y- h& R% v. S  Z6 H+ gand equities. As we near the end of this policy, prospects
for dollar stabilization grow; this would be helped through
, p: j$ g: Q! X' {* X6 wU.S. fi scal retrenchment and relief on the part of bond
  o; Q- K' I4 W0 W2 W0 [markets. Given the success of the policy and the heightened
& e& W/ x( w0 H( S+ D3 e3 cuncertainties elsewhere, it may be time to move to a more
6 W) X. C7 s/ C) ~0 e& _neutral risk positioning.