市场综述

小曲

3 _6 e, \: z- a7 _  M( H; w& |. RSignature Market Roundup

1 \) N8 c' F" z) _1 ]: W
Eric Bushell
) I9 h+ n% P4 y% b/ fSenior Vice-President,
# H' Q7 P( s* Q6 |Portfolio Management
# Q4 m/ N0 k6 V2 U' z, zand Chief Investment Officer

2 U0 A' w) |1 @9 p' F6 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
5 W3 ~, q* R( S- p; hmay be drawing to a close in April 2011. The fi rst phase
ran 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
* P  O+ y/ Z" ~! V) r% K; G. Q/ lunconventional easing policy dubbed QE2 in September
2010. This action saw investors exit the dollar and scramble
* `. q0 g: \7 m5 ~( c, pfor real assets ranging from property to commodities, credit
1 N: B+ k4 i* h) Eand equities. As we near the end of this policy, prospects
3 C& N' ~8 t7 ofor 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
# I2 T% j1 f/ ~; r: Z& R! y$ [uncertainties elsewhere, it may be time to move to a more
neutral risk positioning.