市场综述

小曲

- |3 L+ n# M* b# B; s) |, a' mSignature Market Roundup


. w+ a# Q1 E0 g" p3 P& @Eric Bushell
. b# @) |& B8 \# dSenior Vice-President,
Portfolio Management
and Chief Investment Officer

2 X: W3 F0 u' Q" T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
' {/ @# g% s+ b7 Omay be drawing to a close in April 2011. The fi rst phase
  t7 b2 ]: J" Q, z: d: kran from March 2009 to April 2010 and was halted by the
1 B: S+ R8 E, ]/ T0 h( aEuropean 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
2010. This action saw investors exit the dollar and scramble
- p2 b% O1 k* L! x/ \( E( Mfor real assets ranging from property to commodities, credit
0 ~3 i! D2 g2 s$ f- X8 I$ \* ^and equities. As we near the end of this policy, prospects
, e' d, e* ]2 \  L! R$ mfor dollar stabilization grow; this would be helped through
+ x4 }7 t8 s; Q5 V8 r; MU.S. fi scal retrenchment and relief on the part of bond
: B5 k/ ^+ w) X! P, Z4 A, E) vmarkets. Given the success of the policy and the heightened
+ y0 t! f+ E5 b2 nuncertainties elsewhere, it may be time to move to a more
neutral risk positioning.