市场综述

小曲

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7 `2 o$ U1 ?7 ?! y+ |. O/ YSignature Market Roundup
  ]! t" i' d& i0 v
0 W( {* u1 _9 `5 e& ]& f
Eric Bushell
Senior Vice-President,
0 V" D- D; H7 }/ z. oPortfolio Management
and Chief Investment Officer
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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
+ X1 R( @5 }! n- W- V  h; UEuropean sovereign crisis and a U.S. slowdown. The second
phase began with the U.S. Federal Reserve launching an
+ n" b1 \; i' I, Hunconventional 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
% Z: T* [2 v2 X" g: ]6 r4 Qand equities. As we near the end of this policy, prospects
- w  `7 C! Q# x( |0 ifor 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
( `! f0 h$ i2 S; ^( muncertainties elsewhere, it may be time to move to a more
, @2 e+ \5 i; h- _neutral risk positioning.