市场综述

小曲

7 o! g5 H: W2 [2 r) ]
! n6 W3 l0 A* D0 t" M9 SSignature Market Roundup
2 X7 J9 C3 d6 n+ q
0 d) a. ^, Y: Q* {
Eric Bushell
Senior Vice-President,
Portfolio Management
and Chief Investment Officer

9 _. R- T9 g! ]% ]! C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
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
phase began with the U.S. Federal Reserve launching an
. _4 w7 @' g/ Iunconventional easing policy dubbed QE2 in September
2010. This action saw investors exit the dollar and scramble
for real assets ranging from property to commodities, credit
/ i! `2 m# k7 _0 ?' f7 cand equities. As we near the end of this policy, prospects
9 z) v7 v: v" p0 Q5 o# Afor dollar stabilization grow; this would be helped through
$ }' W: i, c  X  h7 o* Z7 `5 wU.S. fi scal retrenchment and relief on the part of bond
7 G! e2 a$ ~; O6 B2 i  Z6 rmarkets. Given the success of the policy and the heightened
/ j- `4 `# k8 o6 H" B4 Z( Huncertainties elsewhere, it may be time to move to a more
7 X, s$ M  {/ H! |- {* rneutral risk positioning.