市场综述

小曲

' i. [2 `4 t5 B
- T- O. [5 D( h- q6 ]2 lSignature Market Roundup
6 H) b8 u3 M! K4 ]) Z
) T& g+ i0 o9 F" t$ [. W8 `
$ M* d& e) [0 j( m. ]( b! S9 HEric Bushell
Senior Vice-President,
5 }- \1 Z0 C; yPortfolio Management
and Chief Investment Officer

8 ]4 F4 Z5 h1 ~, g$ K( k; l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 a9 y0 dmay be drawing to a close in April 2011. The fi rst phase
ran from March 2009 to April 2010 and was halted by the
) ?/ Y$ X" e  X  s* d# l* j- dEuropean sovereign crisis and a U.S. slowdown. The second
phase began with the U.S. Federal Reserve launching an
) n8 _( i) o9 C  Z1 Bunconventional easing policy dubbed QE2 in September
: L1 C5 ~- o( P7 n, {  m/ V" ^8 Y; j0 {2010. This action saw investors exit the dollar and scramble
; j# z6 }" f# R( ]  n# F' a" C, ?4 Vfor real assets ranging from property to commodities, credit
: k9 G) v* g7 d  B3 ?# iand 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
6 J$ u' I6 u# _  bmarkets. Given the success of the policy and the heightened
uncertainties elsewhere, it may be time to move to a more
/ p# D4 S; l" ?* U2 H2 I3 z; n/ Tneutral risk positioning.