市场综述

小曲

. _$ `% u  n, n% v7 p; I! M2 DSignature Market Roundup


Eric Bushell
Senior Vice-President,
Portfolio Management
/ p" [1 D- d5 l' L& b1 Aand Chief Investment Officer

3 V* h) J: U" b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
* u/ G6 t& B2 Cmay be drawing to a close in April 2011. The fi rst phase
# U6 _  q# L) q* ^/ G1 T  Eran 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
9 a, n% s$ p6 m8 M. Y9 |" [) m. @2010. This action saw investors exit the dollar and scramble
for real assets ranging from property to commodities, credit
8 H# C4 g  H$ ?and equities. As we near the end of this policy, prospects
4 V5 T" p! Q9 R/ U: hfor dollar stabilization grow; this would be helped through
: S+ s# Q# J: V* YU.S. fi scal retrenchment and relief on the part of bond
markets. Given the success of the policy and the heightened
. l- W; o# \" funcertainties elsewhere, it may be time to move to a more
- L& p! s& C3 ineutral risk positioning.