市场综述

小曲

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) d7 {3 M! V3 RSignature Market Roundup

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Eric Bushell
4 o) f7 i% ?; \' T/ e- mSenior Vice-President,
Portfolio Management
and Chief Investment Officer
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0 P, |! b9 |8 P' o- Q% ]6 G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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The second phase of the post-Lehman recovery in risky assets
/ o9 v# A; _3 a% f# M  @* o4 C0 _may be drawing to a close in April 2011. The fi rst phase
4 T: b5 W9 v+ k) c. C( lran 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
2 n: `% f! e8 ^" nunconventional easing policy dubbed QE2 in September
! }8 R3 s5 U8 ?& z. y0 q2010. This action saw investors exit the dollar and scramble
for real assets ranging from property to commodities, credit
# ~/ M7 k( ^5 h/ l& oand equities. As we near the end of this policy, prospects
for dollar stabilization grow; this would be helped through
U.S. fi scal retrenchment and relief on the part of bond
5 e' W1 ]6 b" T$ i# jmarkets. Given the success of the policy and the heightened
uncertainties elsewhere, it may be time to move to a more
neutral risk positioning.