市场综述

小曲

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Signature Market Roundup

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. Y/ q1 t# M- y. L/ C- VEric Bushell
Senior Vice-President,
Portfolio Management
- i8 P8 t0 f" d0 }5 Dand Chief Investment Officer

; b" A6 y5 b( Q  X; a! c  P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。
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  B4 E: Q6 L8 WThe 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
" M9 ?4 [7 [, o, i+ k' kphase 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
# |6 i4 T- l# G6 a- Ifor real assets ranging from property to commodities, credit
7 K+ E- [) g$ p$ R) Sand equities. As we near the end of this policy, prospects
( u/ B2 P2 w: x, N5 }$ Yfor dollar stabilization grow; this would be helped through
4 \) x3 {- u/ ]- rU.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
) Z  s& j7 V1 Z  E: I7 w  b" x( O( I/ jneutral risk positioning.