市场综述

小曲

' g3 ?% I0 S; f* g1 c( d8 {- M$ tSignature Market Roundup
( i' n) X2 m9 t# f4 Q4 t

' L! A' Z- ]. M# JEric Bushell
Senior Vice-President,
+ Z! L( q$ W( ]# d5 W6 ]Portfolio Management
and 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。

The second phase of the post-Lehman recovery in risky assets
; }) B2 \: h% G. ?may be drawing to a close in April 2011. The fi rst phase
! w" v! `0 d0 j, u8 f, jran 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
5 v5 U* B6 |$ p: {  u9 z& L2010. This action saw investors exit the dollar and scramble
for real assets ranging from property to commodities, credit
. J; e  C5 z( A1 R% {( Cand equities. As we near the end of this policy, prospects
for dollar stabilization grow; this would be helped through
3 Y5 m( V" y; H4 u  UU.S. fi scal retrenchment and relief on the part of bond
markets. Given the success of the policy and the heightened
; ^3 T) |9 }( f9 w9 u; a! z2 Yuncertainties elsewhere, it may be time to move to a more
; N% M" M  G* R# [7 l/ eneutral risk positioning.