市场综述

小曲

1 N% p3 {; V+ S# w, S. CSignature Market Roundup
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( b* r+ f$ [6 S5 n" j4 {Eric Bushell
$ @  D# s1 d4 k; ~7 uSenior Vice-President,
Portfolio Management
, e3 e( N8 _; r3 u6 G% [+ ~and Chief Investment Officer

4 |1 ^5 W, O+ }+ H" ]1 q9 ~8 Z. H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
4 _! d" @  n# _& Q/ R# vmay be drawing to a close in April 2011. The fi rst phase
2 }' X) V2 v2 N( r5 [* O& D2 S5 hran from March 2009 to April 2010 and was halted by the
) x. e5 A6 E  VEuropean sovereign crisis and a U.S. slowdown. The second
  f! q' P. L) ]phase began with the U.S. Federal Reserve launching an
. p* I( l4 x7 Y( H/ Eunconventional easing policy dubbed QE2 in September
# x( ?$ a0 b$ I2 k7 m2010. This action saw investors exit the dollar and scramble
for real assets ranging from property to commodities, credit
and equities. As we near the end of this policy, prospects
7 Q2 u, P. D; a4 gfor dollar stabilization grow; this would be helped through
U.S. fi scal retrenchment and relief on the part of bond
markets. Given the success of the policy and the heightened
, w$ {8 s$ {. Uuncertainties elsewhere, it may be time to move to a more
" m. ^6 g! d% q( }neutral risk positioning.