市场综述

小曲

/ s/ J# j. N2 w2 R  d6 k
' y  k; v& {) r% H5 v5 bSignature Market Roundup
2 R- Z/ \% B' H$ r
/ n' w' U- q3 H6 B  _- p
Eric Bushell
5 M' h# {# \. X9 A! GSenior Vice-President,
Portfolio Management
6 G6 c- ]+ N& q- j0 Z; ^, uand Chief Investment Officer
% a0 I) z9 {# H/ S: J& D+ O' I
+ {. ]0 G- d$ N; P( F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。
/ j! q9 ?7 h# ]4 q7 _0 l
The second phase of the post-Lehman recovery in risky assets
may be drawing to a close in April 2011. The fi rst phase
  o8 T" E* S7 r0 Mran 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
4 j: C2 u$ I' N: U2010. This action saw investors exit the dollar and scramble
* _7 T& |' x, a! v* zfor real assets ranging from property to commodities, credit
' b0 N  V: ]6 b) D. {and equities. As we near the end of this policy, prospects
for dollar stabilization grow; this would be helped through
U.S. fi scal retrenchment and relief on the part of bond
markets. Given the success of the policy and the heightened
  m& W4 ?# o1 y9 j, n, C, l) Runcertainties elsewhere, it may be time to move to a more
% K! P& q+ {. O' ~: N0 U( Kneutral risk positioning.