市场综述

小曲

6 O; N2 t( Z  k
Signature Market Roundup
! m/ a$ L& X. \) H0 @, I0 u

0 a9 k) y: e8 G. ~! B! U# U3 aEric Bushell
Senior Vice-President,
Portfolio Management
9 Z1 S$ ~4 {1 A  _: }- Cand Chief Investment Officer

* {. Y2 d, ]* t* j) {8 T! U4 r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。
6 {& r: c. A% I& R" ?
The second phase of the post-Lehman recovery in risky assets
may 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
0 S5 o" q& r$ E* H9 {, i7 F' k* @phase began with the U.S. Federal Reserve launching an
5 N5 a0 J( {, y9 i# |: {$ v5 N5 munconventional easing policy dubbed QE2 in September
2010. This action saw investors exit the dollar and scramble
) r. ]5 U, b0 e0 d  {0 T$ Zfor real assets ranging from property to commodities, credit
# }2 s# s. \$ Z3 k7 \- _; Land equities. As we near the end of this policy, prospects
for dollar stabilization grow; this would be helped through
  m) J% d- o1 V: tU.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
neutral risk positioning.