市场综述

小曲

$ K+ b% _0 K  {: \/ I
1 x) Y; N7 s( G$ HSignature Market Roundup

' E1 P; I) c0 u6 \$ y  T  }* N
Eric Bushell
Senior Vice-President,
) S" K. K* q$ j8 p' `Portfolio Management
: w: `  M  B( hand Chief Investment Officer

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
  w6 f" c" b& G" H9 Qmay be drawing to a close in April 2011. The fi rst phase
ran from March 2009 to April 2010 and was halted by the
! ~+ `1 S6 I+ M" DEuropean sovereign crisis and a U.S. slowdown. The second
phase began with the U.S. Federal Reserve launching an
9 b/ w, f. N2 t4 S0 Qunconventional easing policy dubbed QE2 in September
2010. This action saw investors exit the dollar and scramble
for real assets ranging from property to commodities, credit
1 w; y1 u' @, V! J) k, h% Pand equities. As we near the end of this policy, prospects
& r3 u' o5 ^, Nfor dollar stabilization grow; this would be helped through
1 B. V0 ]5 I! M: M9 WU.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
( B: _+ d1 O/ _2 x! Jneutral risk positioning.