市场综述

小曲

: S. y7 w3 h5 M. w
- u9 y2 I; d5 E/ x/ m# SSignature Market Roundup
" D  P/ e' Z. D4 {2 [

! w; X( w; y2 q! C( FEric Bushell
0 q6 ^( ~7 u! c9 Q/ v2 x( p4 RSenior Vice-President,
Portfolio Management
and Chief Investment Officer

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
! A( R; C- p8 X+ x0 V( J" qran 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
unconventional easing policy dubbed QE2 in September
8 W+ q1 ~* a" @( Z2010. This action saw investors exit the dollar and scramble
for real assets ranging from property to commodities, credit
5 U' B; C* }# o% Xand equities. As we near the end of this policy, prospects
9 C* `, n( R1 \0 D# Y# |! n" t* ?for dollar stabilization grow; this would be helped through
& \9 P- X. |) @2 a" HU.S. fi scal retrenchment and relief on the part of bond
markets. Given the success of the policy and the heightened
( z/ ^/ [4 _9 m* R" G  e3 |uncertainties elsewhere, it may be time to move to a more
/ J5 y2 z1 t( B  u4 I9 {5 j" m7 C2 gneutral risk positioning.