市场综述

小曲

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! J9 z( j, b$ J' ~; HSignature Market Roundup
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4 R4 ~' I) O3 ~/ {# bEric Bushell
Senior 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
' C! C& a3 F1 E1 A% o$ c9 ]0 dmay be drawing to a close in April 2011. The fi rst phase
# W) Y1 _3 B% c" ?$ iran from March 2009 to April 2010 and was halted by the
0 v0 P' P% C- |3 A( r, F5 `European sovereign crisis and a U.S. slowdown. The second
& v3 ~4 K* d% m( t* J7 Fphase began with the U.S. Federal Reserve launching an
unconventional easing policy dubbed QE2 in September
9 U7 N& Q5 G0 a  g% }7 |2010. This action saw investors exit the dollar and scramble
for real assets ranging from property to commodities, credit
, V( c8 w) d/ Q* D, @; G% dand equities. As we near the end of this policy, prospects
  w  w8 i/ n4 u, T' A. V% a9 ofor 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
& h6 x- f4 ]- t' V1 Euncertainties elsewhere, it may be time to move to a more
neutral risk positioning.