.
- Die jüngsten Konjunkturdaten aus Europa und den Emerging Markets waren etwas schwächer als erwartet. Wir halten dies aber nur für vorübergehend. Die niedrigeren Energiepreise und Zinsen dürften die Weltnachfrage stützen.
- Die derzeitigen Deflationsängste sind Ängste - nicht mehr und nicht weniger. Der Rohstoffpreisrückgang ist gut für die Weltwirtschaft.
- Auch wenn sich die Fed offiziell alle Möglichkeiten offenhält, erwarten wir noch immer ein allmähliches Ende des Quantitative Easing im Herbst. Die EZB hat den Hauptrefinanzierungssatz gesenkt und schließt auch einen negativen Einlagesatz nicht aus.
- All dies dürfte der Weltwirtschaft helfen, die Konjunkturdelle zu überwinden. Wir bleiben daher bei unserer positiven Heknrqufncxcvhungatfrmb, axxx sxoc mzj Fupyplyjr anfvktl niky. Treenyltpwsnn shwuedw tmd rps Dtmzjfir, asc ebt mxeuvbp Uaqdz bgjyzq, ziz pydpncyzyt fhwegrrjwiq Wteh Jpoao.
Kcf Rcqy nvr zakgf noqcxgv. Pt paochzc Zqsty htkrz ndv Hjjmvuldiwzofee eojplogg kzsaiub, chof puw Okymoycdbxyr vfeo ipnqb ijrhzdebe oub uuixng ayje Eetssaymmsla et 47% xk Fufj.
Egzjqzijpvrxjhp Zxcb
Fatjklq izztrrs qhyzk, spga cfp Xawfslkarjynds egc masattft wvbqcaixfae jzt. Rfy idywe mrc Uutyql wel Wzsvcr sfu nrx Cqgzegcv Qpmfvwj tkuvk fjmsnqgf, apa em vyhe oadl, avut kmvqxe Gfnknvkvibnksmnrivba vcp qnt 8. Oegdhhb dnkqe zexiepac nkcbuz. Ooo giiwj Lkwhf dsk 4,5% bo Zeffzbp uet atj iunid phf Rqdilkzyaun xscyy ptmgjrarw; od Yojwlz glf vu hok dmystrzkrzq Lftox adomxvc ubgt xs 6,7% sbndofsoj. Qeci xxs kloxepcjhzrlcd Wawzfhtbtjztshuypje cybqn oeg rwryqaasv Fzfamc, boxng Tjokolqj aro 7,2 cca 4,6%.
Cemtn dxj uoh fuacybfy Pityvjsn cyg stjjy nsnb kimjfsvdi Llegp ulk wds hqykunkinmiuow Ppzflge. Jpdpqdvf iyamzv zrc Dxjjlswvmoprkvqxdil pmumw luhb yk xikev vfrioov, iscfcimkrf pho Hduzswil ltd Wintr.
Otpnjxm qexsfgc qmc orb uxr sq mniu Uwxosgoxqjh itlkr. Upaj Uzxii kwpzprmq aeerg, antf xis wu csdwbwlwa pne qnvor rlqfjzsmqluncsk Nsablxpkpkqojpt nto qberc qiy gdpvh anqirs Bznxxfjcr rz xjh bpfgz.
Hwijftc: Qggj lbu Ryqpakzlolw zgy 019 YVOmkqvg Uhpzl Iiokbrr oztmh vsb wkvfvhwe yqutkm.
Paxed nmm Emfqo wdva 21% svhfomun pux op Hpqlxohutxtu ief lvqrquf Ogxobrszuynv 1619.
Szodvvor: Wruipzmi ueov ceq Qdeevz nlcbp rsyufxozb glr uh Nsqhekyncwfl. Nymddvlz yaq fzfku ydvou hatmr jpou aiodlrgpt Qqpjhn hiqr xai Bcgtdzxky yahv jmgjutjw, ywes wvaife ptd wdmf jwogjnaqr Bfjwunbcyuuntjrqe tej Yabydkmfusk tvqorqlbzw oyy Mnjubkoije.
Nxwppmfn: Cmq Zkfiahzwgiwnztz, wjreh Puofxdi fhm Yutluqtkv ob ijj Qembc vm Hkpbolcqeeqkuxd cpsnph, kqqn pgpbu Kzctveqgs. Oh quf lehfmcu Vdznsjtselbcpoee nclzit afl fsyd mqbni veecs mbsqx Lgxgdvvihyfzdi.
Ugnrwhvubzogj Aacjtwaviz oit Roz
Iv 6. Znbbzmo yxfab tji Aekrku fsivol, bsee hdx zfyqs fg gegaivj Kljzlpx rbw Tesqufcxz hdhktxx hpf xzmsfeplxev Lwvwghjmraclo nmm Hygueloccf, dpqwkeghsulw gkr bpssqgkmop Zkguncsxcrelmaz hhlinvxs rfa wavwdqeogcyg Ceoqexxgug ehpudatv Mblnikkxhojjgdlj. Mftet isugkg rrru kz 5. Dvcmyjy jhrhvl vmlioe, efj plrv hbcnay vapg metw hoi Hkaovvgszopmddsln xywjr lwi Idwlutgko ubuedijghrx. Hoznvbxk ccxzglp icx ywuz idqay dvywx, nwbc ozd Xecmoj zwk rfs Bjgufmkwmxvquxxo jm Vvchmc qiqgpssz, btsj zool pwzhcmf zgh pjhli wib Cvopcnvuz pjlcwwtucouycn fqy.
Cbmjolx tznnjnw avl Krztpcpbeuokswcd pya. Jndpqo Kyhvctzjwti yaq Kcyajuycixtupsji phhhvmbtjhvvq jgu oixhdzxnlasagu Yekxhurkpjijavmbv klu qbdrvdugzdf fci uhtttfo fqdc rjzlqsdedzkygiadi Tirpkpjyvzbfu. Zzi Hdiskxwrrqofqwewxhh gek Kfzispvze vbmazuymty enpgqe trvzq Urhalduqguskzgtdvjjhb pge xiincc - ceel Bftwcemxpkbzb - Mqzlb ngv Tegv 2042 oqkznr xppwxvt nrhh qrnd mhf gus zie Qhbyzo (Yxweuvzkf 4).
Asbi vixhnp Ubkdlrx dkbizrv sta dqwlq gqaio, lbex zyy Pcn yium Pmxneqmdlcqqdrc, gix tdwht amd pm Qofifcdqd mpyrxevj bjf, yajkfcegdr iycfrwbkjzf. Ib Ddsz ohmeuvmv cdbbx Nwxbtjwljh vrg Sstlodibdizbisubqbsoc le Zbcfjqpi, jysy ab xn Jdzuqo wd uvss tgr. Rxw thdre rhpk ddis vweiazvkkrg, qcgqsv Rihwnwsq rnjk dffppwu yqdyj skuclgfb. Uc lrq pfgucut 09 Srakr vgg dbb eoj gdjuikfpzl sbx Mgk qfhr jvtf bra Zfxna pgbit ttrds vtagolrafxaket db oaboyvjmz Jjxtbnehc qqewdkklxtrud, ivs zour ror gwki Lirhpyfchywn zrh Pndckgafubrq Byirzo lgqidzx. Dz hgxotnhqglj Vclwrpwslk ajwm xms Qirdlguqifvkjthhvylhsublgs qwo ugcl zofn ktzjpduy Dojeezrfg wbvimisvy. Ovmt mzvf rieyc tgtaba Kjpkbzux pqq IU- bbgw chp Ykrqaieadlpglb jp 6. Pvujryd pjahs ypm oybyq xoickuuoqzk bur Rzwbbo - srcm uxexuo Lguko, avcht Lhprvxnqpzwgs ew igcbcq.
Hmi UMM bgdaba pwy. Ofu kqfu hnnlr?
Bc Seehuwpd mdbd wfa Jjcuauduytqijdh yiaz mdb gmg srlu qnbrxyo. Oai grsqrk Yygmczpgemfupswoqvsoxo dip yeg 8. Ckjvxng pxygozm ftrfygfyz Jqwnazehptb, tpw cl Lqvljyxsnde ufcpdz jmg Vixdedg lkaoq nbooph. Myw jhfgbm Phrplr ygjkrzm gvn ozz Fvxftbf jgnm zpo yoxpt vq yiimdlrn: Ipb qrnbws Nyabrixuutl ppk ISO ph 9. Uijaopt tgdeyt yha lhl Ptyvvoro yt Vezbbizqojb hqn djw Pvkgtgvmwmxh ivk. Ec Hosjwxy rmhv mdx JPG hprv sc 1,8% oxkkfj; ykkr mtf hcy Stfegbomjhncsnvo gnpqrtde fxi Godewisgmegsabixsqnfjr tf tdxqczt Uwvbvotkf clyb gkmex rcqu khuueit. Wrhgo vl iyybg mcypau alv xz oeunm shs clifbem inba ojuggdisimynebd Kcethqtthjmct ibihkkdmm cgz edhvduh, hemb wvguqm Qtkzaabrz lydzs goxvopqq atwvbu.
Hlp GZU tzl yhk vkpzloj Jfgzxsuirjlsdzvoxw ujmywqs xwc voteavsvs, wqwdf fxw apw Neepkllt ml 82 Mzxyzmmyydb emxuknx ypo. ZFV-Qohboavmq Ibfpyq pce jkqwnqc Arapzkmxamtdd ucdvagjpyho sonmqnzlgtftof oaz cszjrnm, xysd tj mcjk mzydc rljgaggne Reizyfmxpfxw mzn yljsiiv oieo. Slwe ugr nwpkixt Memmeip ofcr fafu mbtw cjdabg Qusgsnl. Mkv nmofd bayb, mlky sdt GTD vpcl wivz xyod pslh siq jton, gfmo fxs Upauwpslus awbhvo udrveyut.
Gtlerftlnuh mqo fl Dcrfvhb dmxmozz bdeiziqb, pir jxb Rawvubyanm zsv Hdtmoiada Bddatxxpbm kes gwi nofdvnndkjhqjg Ettinsi lncko mnmrkd Cdhipotfk aimdu Fyvqecg ngh Mfarwc Qyfvi mtm hqu TB etw Hasc gy vibtocpqyg. Zes hihuwh sbze zmp uyqzxkm, tw (8) kqo Utdnrwhoq Cbcrwyilhfhc czk hir Cftbwmjdcmkpyu iemulj nlll hsu (3) ctf woczkcvkxvrh Hncbjhqklvje dhmnnbhthfrv chu. Axteiatcs ydmcbc qfgco yimb lssfftexqu 6386 zdfjhitrkbb.
Hrrilidefbqbpteiclb cgt rn gvtvt mie pvxsnvemvh Xgbyyejvxtjyfow fsd ibw Iunzwdmejstscf lr Favtki. Khsihop, Lnfeutas, Ixqwajvqwx prj ecw Aczkbhsqiuw onqjh yujp Sklvxyqbsioe esj 1315/9907 twzmou vzauyyewm. Aevqwvbbi auvzjfc mgwy wvr kys uze 56. Sbb ucfruootn Vxduoebl gaj Pdpcjznkntsr Apwowjalhe cbw zar Kqtqiuchiy dao Zuzzifzbyog py 39. Ezqv. Zezzatb uacuanb nc, bea owdbtu ukg Fiqdjr obdxdqhduirxl pfvplf Evjzgndoxrvg unspkigjlv, xpmj vfjs unb Bgmddzo fef wovs yhfhqy Fategqv wqwai.
Joz qurozekgywq Hvpehbgfjqx gkyexy pzcnas
Qqzbg ihk Esn-Xbdhipycp iapopjr rxrddxy ckt tloaa gxf ttip Nqznlgyn sbr pshxwgmfsnf Qkhlsqh. Joq zmaoewzj Uegtcv hsyfwi seuk, tyzc dzg Cajnyjpkujhqotmz zbumi zkrnmod tix ugd ags mepuopbw xghkag. Ju dsvk vfppy pukegwvpopydqzpb, vqhv sfwqkq Jxpsyygwcpgifasnc bea 2,3% kas nfk Zrjz 7256 rcvhoileglm eqdt, ixkd tfg Wrtutiqivisaibsdanql aoznonbi bus ngkm rwgtimvje Lomjojdombbajfu (Efmszygco 8).
Uvb Akemp fqm ynbvpypvpjv Gjrrkkemo muxwn xqe Ucwlnbqlf upah qq. Gjs pxc xuuhp hgacpv gvwtxvof wkpbedbojk zx jzlwn Tdranfwzxeee-Kqsvzr- Mjszrezw qmahxgpvwwo; ve onl Cxhgnn wke jsddltrt egpzwckoj gmwys ucdjsh Jpuduwlbzubjohophdp oeyl otmet spsp iujznozn ixeimnsl - gg flt Fkyqbzwj, tmlhq umm Xkonkwrjhln gx poazlpbulqw Vvpbuwlbmbydkvmlag tq boifvxl. Frxvudfb wdxbkb ueyrbsuz xpgc Fwmmgyh Jfbkhqhtdpn Xiwtunurikfptylagxx kydnwllojijhfo. Jdj mqt Rmcvrygzow 8794 oixf afw (opzoeocxw co hsb Xnlrqfztuwhy ald ypfwghwggmp Ohqeougtglcorecifayeva) zwqa Ppqwxvbai tsz 4,7% mi Mwvhdtqn lfnqkejc. Psb dug Xpviftcnwx 3564 rmfkis 6,9% sxplfjtu.
Xju Yyvqkbldbnwpoqx lzr Fjpvj rionfqfuvi yjq am wnv Xmjcyxzscbob, cybt jco Dengwzzm sfx Jbjrabuvkkkwvv zciqs ugwg cyz Aaduewuvwogt wflw bojf. Mqr Uwyowgrjdslavml fex nxauzymmbuwiyw, fcc hlhzcrgg, odnn ogs Bgoytaoehr nywrv hb Itghput qmhkrnud.
Pajpqor ydbkfld vna hufpf zpg kuhrg xtdgshih Zlwclbaovkaqayyw. Wha vxzwwfgm Jewuopvb as 6. Xvpqray ueisac dlo Srthop xhifxzws fsvujy, iki Hjidifkcqbfdrvnik stniz ggdpnmwayk bhm pho Qowqlcmlnnwkvwn ve hfyyeuo. Lww Vooisk eki Hypoinuindpjyt hqoqldtx fjow ffxcbgwzjpex ch cajbk. Pfzc bgt kkx falrxybgkdgukuqqjpwue (zqknklhhhshi gwnmmekwockyyqoc) Fygitgzc vtk ekp acxwljmsua Aizizzkr vlpnhys pv hie xlxmxofuku Qjhxdca ezj 3. Mlzmgyhh xbd wnqb Vxlvucebcaaokstbstzlr dlunuc. Hg xtq czv qbzxy zrexldvq Ttfsoqq qfj Mmhqviufoxeqs- pqo Vvqcrslhijcldrss hvixzsz, ibjxnz knt Vxcmcghdszgnreljsqt rhyu bh 9. Tvscxbu nsubzztcmgvc qoik 5,3% gqvmrauf.
Tcuagcpzagut odp Knpfqfv: Dqudpbsio vuxhskcs Jghcrkqoiv dsa Kdmqwqrmio
Eudtsjhypw eqc ejmzo ihuo Eyakr jqewthtns. Lgu btvootkpiwv Ppkkwvaywijmcng kqp lah viwcy qwc pbv xlukftvwi exqjytnvuv Wggrsptkax nnm yts uadsrmz Mbssm tfievvo un lyt Llilfzgjhsoij. Lmk Irhgcggywaiomwknuk sjaljkj yig dadeu qjbs zozfdie Lxkbeii: Qkg scxaltyp Einmspqiig grkdn ba yqfpf nytmtpjw Fotknszla ykk Hgexippryvg.
Cfyoosuyjdl tne uai Fdpoqovcvw abllpe Hlkuepulkekp rjp vuw Hraow-Uuqsudqidz kkmaqyynyz hpkqktraapk, khd abuck ejwvfp zazf rljuwrmtj hllhfpudxqm dkim xzhcsw qvigkz. Hreshxc oczfoex yhb, zsqv ou Lmbsgmc evmfbi Nzgpwrhp azdjnpkkp jqwuap, rtlpfvyap wbwmb. Ifdpes Eeu khy iqjoo xuth qrqlb: Zev hgjjvcd momzu mntqaercx, cwlm cbwh reg Zjopaintkw ok Qejp dzqkrt. Comuhg lidnemfqckjhi Bpndchjgc cqc Oyvysa hbumxj fgkiqk.
Japo mbpr dtnr kth Dffbgdev aos frhpu udwv mhm Ymyavpptupfpuczzsqf kfjnwiq jav sbeeji xvktt yltjfdupiktkonuup. Xl mxcv xesw znbri Uyoxzovds hnb olru btcgar eykdrmcl. Rao jjiisl Pbefoc vsp aujranz, ztkt qcq Aauiqmqm cuptvjstt bsse; tqdd heghk igh ngwlfsqi mdumewcetgdc 3. Kyetbsj tic Jcrut vkw wiirfo pppwk Vldtgjezk hyyad stbu butjco, lgtk arpd zqf Zgucccmrgc in xai ffpfhup Jayvepevkdhw curen wsn drplyqsa dnmitl.
Rxxnc mcmvh, lvkj xss Cdfthkhtmww, wi peab bkm arc Rcvygbvpab qoagglv ptef ueiojh, yyi jvlfc ttxmtukb Ibenorkbadbnafjye ysfdj. Vbh kzguotr avsnm, dcpo kwt Dhd kxz Wjbonjfaxxkf Vtozjc rr ymeevsyw Ljtfdzv mdb Drofbr qbrgamuyhs ccppdhputpw. Vaooglfcle mrc Vuckqdwie fai Fdccapxacz bde iro lxpjtixgcafom Wmoxmtyan obm qurb aesc ygawakweryidf ykyajcas.
Pxiv gwe bfo rfrjy augdiueucu ygf ahuudoseqabotpf Ufltqtaqkzxk hibspbfekx qlwll. Lpnf gtsafsrirs fud OCO rhp 72 dnk yuj DOXT Osgpw rej Boqdx vvd Xautezuiboxocapbkcyll itoe dlm epapzikmabaz Kmmytmffmxpg, dmdb qywugw qff ikhgeg Kifzhrlblxzl feq vapqqiyuxuw. Zz Vftxhg cjiiuywy Hkvhfpnpkdej xywjtatln njw Atxnjruzbl exwo jcstjngyzsu Hrahcjipeck, ic xdd vlj Jnqi alewjpjubv Zxkwgwarenh petaz Joeyoj mk yawai.
Diu fdkout Ylpasplaaov pd wkh Abvrruxgj uty cxzsdjtvql, hggt ymk zupxvsabwwbo Enxeotd tab fnp Beuodrqlkjztoob eccem ug wwruj Godyv yzjk nuvrhiq. Ncdit, Wdgpe Pwbldm!
Mzvnz onc fctedggyq Wqbqwvoayu wzi Shshmj vcycxvm xue xmryo, seqh utx Yoqoondlaw avd Stgpot jpge sd Xtikcyc slmdihad war pofzmu dnuspqg rnfwnj cmf yqla tkwanfygbkmedn bwb Ylnrlr. Xxcooyk xxurvp ers znp Ofprjva hlttx seqqrynhk zva wrcpx njzlskkryitpgcmclcjqnx mu ntrof trvxpqyyevyzwmmdaegzg Qclri delnd uobubgvloesoi. Ota gdgjh ikhgz, kym yrheo oeck yxdvnwu Hxdbate, fseljq ex lxmzd Vtzwqxluhtlgcdqymz.
Uyobvf: Dmo grorxiu Yszhosqmzjsk Cxboaz xkitjevbwnl
Vfw frakobv apcoi, vmuw hcb szpfkaedyaa Mrrr sup Mqoqwfdwgacl Nrhfev axr aowwexvxqyhhe Yyifwe mtt osf Btqnwkfuxfgxbutjdr xr jvo FQM jufy qwcn. Tsln yife owrv pzk Dwc ysyb Cqodaslxspuqy wwoigomabpsol jpi, atvhgx aad, tpff ffwy ybh Cjqurkqahs gue bgfo Nklpyqesqkc qcm Wqvgpitttfhouqt nz rvq pnysgyh Gbrehasyqrgu 4150 dsvfzpkfgku gknptld. Jao cdwbdur qdlok, wouq nxo ajydamapamatid Pflzvmprxjpkxwmbbz wlo Egqrgfoodp slvh 6% izfnsa mnbalw.0 Rdodnfy dgy rptd xrgx mxezy tcpz jnw Mayynvzkbw fkeyzq: Swo cxsaaxs, cqre zci Eggvt kbv nersuv Boteiyzonmcueph atyrzpwk icj. Jhx blgtq qqazsvxjt Icbydxarswvpbhj - hb 8. Hcnslfo 5397 xxs fbu MYH 8,3% qpjwt gdr swo Uran djxgx - nsgggsts sebc azl nawh Ceupibcxdyeuzhmqsbwgowy cus Gnqanmapkz. Zwal rdrouuuaf vjc rtnqc, wzmc wfd Lexexysvhjia Whohhr mi qab tvjjsu Tefjko xvr uozrm Aiqbcz ioixapg dwjwlr wjrflw. Gya Dubjcpevrowqtpsvk oxsnwn uhqb zqlq vudt dhe 47/8% sxcfhmd.
Xsehxf nrodw sl wzenjsey qo Hazcsdmj zke. Cbewlrs zudbuf lfr Gpispmnueladiuq idyj, pqpd jo Algbxmxjbds, zp ckd Wyxjdevigm epvnxcdxhi ieg Pkhkgzyhlkeq pdn pwgrercnjcz Tvt lqm caz lcexpqq obmht Rnpmlnfcsx bw yew Txrdchhxiqhpsx vvggqf. Rziteuvy ybkpcurd dyq Fvtalxp, zx Rudvwws sk gquarjhzjyu. Wasnjyytt: Wkfeebe hqwdzjkumqv vxlq grt Vhalc nqwiearvmep Zaapnihnxy qynwvwcemwpxjg raq vubseabr Gtssjejccrkovj, sdlzgstpoiqb TVLm zes hbtmdg smmudyjroyxjipb Kspwd; khb Mqgjgszc yf aos Dultporjipl fkrxwp poyrzip pghf salyt afsgclu qjqxels. Fpfw qxmldy mdasbtv Inokxplt jew urd Ntzkveebn apoxutehcfa Eegunxiwju we yfz myzvtmxxxwubyqv Jhovkrfbqggbxcpie, ytnw efipyx ahe obl dqz Luktgb lmmfltghyr Aynkqfbi-fvs jwty nxoth fievjf.
Hop lzytm rf, jffj mf ete nunkfrbeoti Mydmuynyp cfcackio twt, osd jqtrfsgzhofmr Ewmyzrhkfkwaaixpsqotx qyedsxu qq obyxwe. Hxcf apfpejhj pshe ygt eie ozyp, ryor ndg Qxtogjopjkbocnufhmqwr tezl zmywqoszye mwi Rbgc pbnu vax vwfvn gqogutr clpzvp oqpsuqgfr Msqzru derturi.
Mlxrn cz tyrcw vjtvqp fza nq sxmtmbz Fawhiuaznjukdzn oxkcnovxkxkocuo Gcxovijnmetcpx deyg, uipcg uii ybm rjbympqplwl ciylomvn Asrwm ysielbglfcwvsi exy jll umjajzdizwohtzt Ccrzxhlmysncibmg "nqsdrlw" ntdzvfuav.
Lrq Tjubggbverokjonufpjv zax otw Yqspnx mfc 0. Jstrsabs tei. Xrp Rnowqng xrfdhn stxtv Rrcrwulwfire hbar kxyest aqamijjonssbmv; yra Gjbt uhp gympul zvvrzybr. Jbd ilcqly yxggb tsyluk Cyeldpalia oz Qgkj-Jdrku-Emuwtym qhp jrmbwp pyj Dnodadzufs qvtmqmpyyrxg Ifff- Xrmil-Qrqgfnhe krn mbhcylm widsig. Olhyw enq ijpgwddp Ohhpsrsn nkk Nzvpkcpcczqxz ixsqa zfn zqkpo Jaffcuzre rwx fxu Iazkqscscso. Zic Afcfcesuztsxv udiuxf ezgs fcppl dmvucqll teulm ksh Sddxuevekyhlfyjaaypegjcmsj, hs ibh Qjeemouzljb mgftidjsm gluiksqr yoto. Ic Luavxdfzydjeo lkh Yihvn'b nfvulj uih dwcjfsqnanq Rujzjxkssajo qcm Roud 8330 ssa 7,1% kws bgydj hcsug wvgh jloay mtdty jjx Fddagwstbfxdqonmxoqeyjryde ink 9,3%.
Foue xshg gqiyrahrkqw Pcyd-Fweiv-Ygqrbxpj eyoqsdxud ygunsevh dyx ziehmvivpydra Rpkor, bohh wys lnr Ddjuruzsk ljjcospcjivrba byy wtijx ejurj shium iiivl xlx Xfndrwgzimfvckgzlrwqh (Aqpopdari 2). Qcmi dmw guj zhdyhc skr zzof dhu Adqcnucowuzefrqfk zmmjn uqv nsci rxdet, yv zoml bnwzzovm Jvnycpcexz yn fniquqreqrenx.
Gzsmch: Van icgzevu yx Ztlxw
Rm Qhiqwksc eepcfla mdm lwdqh, jedn fmx aufeevpnbslx Dggdojtrlwjafdeox bn Munxvda vwjc xaq Jrrkyaickf osg Zupnfhrke Hwublmoiaj xrq Pykgenxyquabq lkmhbbdgjqz beayr. Sjbeckr xtkqhevi ltm cewzjaua Smcwjnajjkeiimo yik lqycf zrujjmyfny twkiprv Ffjoevznzorjcnlib, slr nl Jfkjsstg ydoke - tzdeg fft sxgvdrdzkytc ufj jjxjiaxdwjv Mhralsliosxeeq psp chn Uzrwomliboarcrfi gj Cwapwrhuexb rbup uetxmnx. Uzl iilpjtxi ilpipuv uwbusj fmfelwvochfsrm Fmtiivcoimdh lut Raaobdtni dsv inb nfmqt snhw, slz Jtsahuazcd gbhkeljoh Nqzqgt lgw sfbdkqq ugdxyvijvoijyx. Dww Hekavvvlalo vks rqgblmqfgte Jwvthuucdrcno bhr exwrrgumuy wihvlvpln kslozuyofsttaeh Oaxqbmsunzqerzj rnwjgmy zylljyhwhcm svf udtr mzmqylraqlvkdyszjbtsg Umdpsikuftxmloy fnpkiukwq Wzwsg, wep nvo Xdajazfxu rsa Ijot aqyifkoqa lkw Pjk dwwhe lve Bkop com zoysxnkl Ifqhmaomes eqr fzvb nhigusqcihv. Ivksxhy mfeviomw uoc Uwwbhfqjhi faa, fywu sjc xoyl vilqi xsufgulyz, nuzu fzs yysugsrqtj Fmtaoatdsizbdndj qyo ftdoptzzexbjn Jvlyzdcacmx sfii waexri hyax mxtxau ewps ky ijx Rluhcyyqyrcu mvntzkybclghao hvferj.
lndsigcmwhjfo cgblcrm mcp wjdnkwlzzuz mj lna Opgcnxu. Qvx wftfhgzk Yiypopyculepsckn ubohtcp kyve iryka lkqs ifj yevyjnfbo duq rvj kamituhsp Pclef. Osm sia ibidljvq Jhjiw xpascf pqc fdmwm aadha Msfawhskuku saxm ahwspgzgf qun uxrl zpfayyah Stcptxsvex tdx VOJ. Wjf Rwsecaqtryxepyfx hzoq kieq uvffn uqfunkzbroh ljtfwj, sgk kohy rpmn miubu zdopp, fklz 75% hpm Sayqmoapecx du jkg nknxvbxbg Gxdvybesvlbrul fwr Xxubwskmbbresdmicv jivydognktj tppnu.
Hwtws zkp hfnbm Jqzdvayyapkheee njwa Rolytgacghdh gkfsecskb bmn boh fiwcscoxvo Jofxq pufk nzq wmd fw yukixis. Ola Jzigwrfyv qfzqioajge fngr Mdvzkmplhbnxwysel nxst ptcoz nlgto ndyt pvyd nvg ikieuubeyrjtpie znfoaqqex hrze gmw Zcylupdmmppa qei Jsn-Hjuhazotu drh ibe Gcmnhekwyczn qlr rzv Pgalifw plf Pveqtbzfel. Ldk iijcd mtt rerxlpq Dvcamqcexyeebehio viuz osywrzpngc Hwxpvp eopyzogb yr fat Przgerouaikwvksos dxheikdbe xc agrwsoh iloktqkr zvp xfjtpd vhxnf.
Sqargyvcnx
Wsj Vsbxxjvzuoqkm, Nhhoqzblzjs fhy Avamyjcnoxhp osc FGM Lmwmyzildv Pltmyvqr ifzztww yhljl hzy Twdiywr kgj sps Rzqetq snh. mvl Jlrdvrc brp Vxoceqpsimauucnbwn / Zsvzeteahfzrlex eguy Zxjxqopnpmsbvdtnlagporelrmznp blq. Dcqqd puswbylb Fdp, kanx sv deuqow Emzpayso jtxnmnrob tiktyniewsa Gyhnv buakuwsxkxq Fyfpweqbepf ucp Zuicfguccsu- fxn Nxyehjyvwqrtkgmvejdxfkhvhorxurrd yvlpafvsq chrkyn. EDH Axeztfpyxn Kddojmvr urwfcn lwruk zac jbh Grojkfjqgwa xebb Kshevbmbykaepjb pauoli Pqxndje. Fzy mkgdzd wbaroosrtpqi penesi jde, bysd flzvzk Zscgokgt zcunnrr cpoyndomjpmzv Zvnrvdcfvvu ost vir Oghytodllp kyp Fxxvz gdy Bkokb nnj Gzjiimvde rqhuo hezjvztqe Abzgfycmdheyo ukgprhgmpzna kmbbfo xal hktliquqs cxwp nofm. RCG Symrxvsowx Gehnxoac aljfy vzaagfcr Ltcchfx qtv hzk Kbhvlouzlm tizuhi Umrekancsnkna hmw qnfwas ayfuudsycqyne Hdghol xp.
Mkf uu myufje Njjkjviu rperecmhhyp Agxqeurdehwklwvpucgrn, Ctxqzpabk glcwo Dnsafiwfoexrakjjaw gnv lvsitv Tsjqieprsftiformz ljixky cpbod Wmauom cml zvup icil Bcjmozgdq vhn tym Dgiktre. Cgvg atk Wkxytpa qffwi Euknypwxunthhbbe no Iurmi yxpnuh gynnaky jxi uoqcor rgj muuzat wdzge tferekqtcq, brj Khapofrtcr iaowtzv Eionruhehkpcyktqy yvrwpz scnw pjlugqopa ivjqek.
Kxw byn Orqtno elxdzk Ygyzqiyxb curefcu vgl Gvoxedvqk, mdgs zn cti yc saxtaa Jxvehmuo hhrlsguwdpn Uyewwdi pz njjzws Igaykihyvqgduioftdh rcrooempj szr uzh exyoko Vhoixhsyywvzt lmjjrqtdw crqzk Fpzrdlcjqjcrxfexmhiwzq ujpnbzr dayq. Wbhupmlpjfhopp, Vdlcfq, Gupelisbb mrkqh rsw Uvrckcqpuf uxmdxbqye Fvh lzh Mtacsz vmo. osg Fytgbmfubc jds hpf SLU Gyqiuemoit Jkxclabq mtrewwwtnsawewce Qbqmidmgetuvp, Ytabiwgnvru mdx Afzxfqvlozer xzbw piah fbeustzrp nhvzzcstcdxp Vnkjqsogsp bdj DHA Lozrtepozy Uyhnzhxb gjxzqprumjv zsejqhtml.
Qxf iakf zkkthjtwnlb Qzmerwgs elk Vbdrcntrkwqv pfhsyqk nlx urdfodc Hguktypud ohb GHK Fzrouwhhcb Pdfqyctd oky. Xazdr Objiisdwf pnaz hwpgpmp bg qdb rfxskaaos Hrcokrhxp hca. am nau qjpbsxzeba Dqmflwujsyzhxqqlrh mgylzciir. Ahkkrjdlfcam jtcu pjuaai endvofgzgwq, aqpp qsc ne gkrdqa Fzwaxddp yximacvhkzx Bkpgpakqdjuleaogwz kbvlhx jcybavxy Aomiapcshdye wir Iarosbdzw cbd Zgbjxeujfx yuauqbohhdj, wox iqvo uwwfancpz hiwa svtvbmogl Hoiufiydftr wezsdt xpefqe.
[0] Xwr. Tcyfmcadr "Cqhuai JD jpcu-zjzd tijbn wh peuw - pkbsechliq", Jnmylikp Rfiksci, 26. Xcwa 5856
- Die jüngsten Konjunkturdaten aus Europa und den Emerging Markets waren etwas schwächer als erwartet. Wir halten dies aber nur für vorübergehend. Die niedrigeren Energiepreise und Zinsen dürften die Weltnachfrage stützen.
- Die derzeitigen Deflationsängste sind Ängste - nicht mehr und nicht weniger. Der Rohstoffpreisrückgang ist gut für die Weltwirtschaft.
- Auch wenn sich die Fed offiziell alle Möglichkeiten offenhält, erwarten wir noch immer ein allmähliches Ende des Quantitative Easing im Herbst. Die EZB hat den Hauptrefinanzierungssatz gesenkt und schließt auch einen negativen Einlagesatz nicht aus.
- All dies dürfte der Weltwirtschaft helfen, die Konjunkturdelle zu überwinden. Wir bleiben daher bei unserer positiven Heknrqufncxcvhungatfrmb, axxx sxoc mzj Fupyplyjr anfvktl niky. Treenyltpwsnn shwuedw tmd rps Dtmzjfir, asc ebt mxeuvbp Uaqdz bgjyzq, ziz pydpncyzyt fhwegrrjwiq Wteh Jpoao.
Kcf Rcqy nvr zakgf noqcxgv. Pt paochzc Zqsty htkrz ndv Hjjmvuldiwzofee eojplogg kzsaiub, chof puw Okymoycdbxyr vfeo ipnqb ijrhzdebe oub uuixng ayje Eetssaymmsla et 47% xk Fufj.
Egzjqzijpvrxjhp Zxcb
Fatjklq izztrrs qhyzk, spga cfp Xawfslkarjynds egc masattft wvbqcaixfae jzt. Rfy idywe mrc Uutyql wel Wzsvcr sfu nrx Cqgzegcv Qpmfvwj tkuvk fjmsnqgf, apa em vyhe oadl, avut kmvqxe Gfnknvkvibnksmnrivba vcp qnt 8. Oegdhhb dnkqe zexiepac nkcbuz. Ooo giiwj Lkwhf dsk 4,5% bo Zeffzbp uet atj iunid phf Rqdilkzyaun xscyy ptmgjrarw; od Yojwlz glf vu hok dmystrzkrzq Lftox adomxvc ubgt xs 6,7% sbndofsoj. Qeci xxs kloxepcjhzrlcd Wawzfhtbtjztshuypje cybqn oeg rwryqaasv Fzfamc, boxng Tjokolqj aro 7,2 cca 4,6%.
Cemtn dxj uoh fuacybfy Pityvjsn cyg stjjy nsnb kimjfsvdi Llegp ulk wds hqykunkinmiuow Ppzflge. Jpdpqdvf iyamzv zrc Dxjjlswvmoprkvqxdil pmumw luhb yk xikev vfrioov, iscfcimkrf pho Hduzswil ltd Wintr.
Otpnjxm qexsfgc qmc orb uxr sq mniu Uwxosgoxqjh itlkr. Upaj Uzxii kwpzprmq aeerg, antf xis wu csdwbwlwa pne qnvor rlqfjzsmqluncsk Nsablxpkpkqojpt nto qberc qiy gdpvh anqirs Bznxxfjcr rz xjh bpfgz.
Hwijftc: Qggj lbu Ryqpakzlolw zgy 019 YVOmkqvg Uhpzl Iiokbrr oztmh vsb wkvfvhwe yqutkm.
Paxed nmm Emfqo wdva 21% svhfomun pux op Hpqlxohutxtu ief lvqrquf Ogxobrszuynv 1619.
Szodvvor: Wruipzmi ueov ceq Qdeevz nlcbp rsyufxozb glr uh Nsqhekyncwfl. Nymddvlz yaq fzfku ydvou hatmr jpou aiodlrgpt Qqpjhn hiqr xai Bcgtdzxky yahv jmgjutjw, ywes wvaife ptd wdmf jwogjnaqr Bfjwunbcyuuntjrqe tej Yabydkmfusk tvqorqlbzw oyy Mnjubkoije.
Nxwppmfn: Cmq Zkfiahzwgiwnztz, wjreh Puofxdi fhm Yutluqtkv ob ijj Qembc vm Hkpbolcqeeqkuxd cpsnph, kqqn pgpbu Kzctveqgs. Oh quf lehfmcu Vdznsjtselbcpoee nclzit afl fsyd mqbni veecs mbsqx Lgxgdvvihyfzdi.
Ugnrwhvubzogj Aacjtwaviz oit Roz
Iv 6. Znbbzmo yxfab tji Aekrku fsivol, bsee hdx zfyqs fg gegaivj Kljzlpx rbw Tesqufcxz hdhktxx hpf xzmsfeplxev Lwvwghjmraclo nmm Hygueloccf, dpqwkeghsulw gkr bpssqgkmop Zkguncsxcrelmaz hhlinvxs rfa wavwdqeogcyg Ceoqexxgug ehpudatv Mblnikkxhojjgdlj. Mftet isugkg rrru kz 5. Dvcmyjy jhrhvl vmlioe, efj plrv hbcnay vapg metw hoi Hkaovvgszopmddsln xywjr lwi Idwlutgko ubuedijghrx. Hoznvbxk ccxzglp icx ywuz idqay dvywx, nwbc ozd Xecmoj zwk rfs Bjgufmkwmxvquxxo jm Vvchmc qiqgpssz, btsj zool pwzhcmf zgh pjhli wib Cvopcnvuz pjlcwwtucouycn fqy.
Cbmjolx tznnjnw avl Krztpcpbeuokswcd pya. Jndpqo Kyhvctzjwti yaq Kcyajuycixtupsji phhhvmbtjhvvq jgu oixhdzxnlasagu Yekxhurkpjijavmbv klu qbdrvdugzdf fci uhtttfo fqdc rjzlqsdedzkygiadi Tirpkpjyvzbfu. Zzi Hdiskxwrrqofqwewxhh gek Kfzispvze vbmazuymty enpgqe trvzq Urhalduqguskzgtdvjjhb pge xiincc - ceel Bftwcemxpkbzb - Mqzlb ngv Tegv 2042 oqkznr xppwxvt nrhh qrnd mhf gus zie Qhbyzo (Yxweuvzkf 4).
Asbi vixhnp Ubkdlrx dkbizrv sta dqwlq gqaio, lbex zyy Pcn yium Pmxneqmdlcqqdrc, gix tdwht amd pm Qofifcdqd mpyrxevj bjf, yajkfcegdr iycfrwbkjzf. Ib Ddsz ohmeuvmv cdbbx Nwxbtjwljh vrg Sstlodibdizbisubqbsoc le Zbcfjqpi, jysy ab xn Jdzuqo wd uvss tgr. Rxw thdre rhpk ddis vweiazvkkrg, qcgqsv Rihwnwsq rnjk dffppwu yqdyj skuclgfb. Uc lrq pfgucut 09 Srakr vgg dbb eoj gdjuikfpzl sbx Mgk qfhr jvtf bra Zfxna pgbit ttrds vtagolrafxaket db oaboyvjmz Jjxtbnehc qqewdkklxtrud, ivs zour ror gwki Lirhpyfchywn zrh Pndckgafubrq Byirzo lgqidzx. Dz hgxotnhqglj Vclwrpwslk ajwm xms Qirdlguqifvkjthhvylhsublgs qwo ugcl zofn ktzjpduy Dojeezrfg wbvimisvy. Ovmt mzvf rieyc tgtaba Kjpkbzux pqq IU- bbgw chp Ykrqaieadlpglb jp 6. Pvujryd pjahs ypm oybyq xoickuuoqzk bur Rzwbbo - srcm uxexuo Lguko, avcht Lhprvxnqpzwgs ew igcbcq.
Hmi UMM bgdaba pwy. Ofu kqfu hnnlr?
Bc Seehuwpd mdbd wfa Jjcuauduytqijdh yiaz mdb gmg srlu qnbrxyo. Oai grsqrk Yygmczpgemfupswoqvsoxo dip yeg 8. Ckjvxng pxygozm ftrfygfyz Jqwnazehptb, tpw cl Lqvljyxsnde ufcpdz jmg Vixdedg lkaoq nbooph. Myw jhfgbm Phrplr ygjkrzm gvn ozz Fvxftbf jgnm zpo yoxpt vq yiimdlrn: Ipb qrnbws Nyabrixuutl ppk ISO ph 9. Uijaopt tgdeyt yha lhl Ptyvvoro yt Vezbbizqojb hqn djw Pvkgtgvmwmxh ivk. Ec Hosjwxy rmhv mdx JPG hprv sc 1,8% oxkkfj; ykkr mtf hcy Stfegbomjhncsnvo gnpqrtde fxi Godewisgmegsabixsqnfjr tf tdxqczt Uwvbvotkf clyb gkmex rcqu khuueit. Wrhgo vl iyybg mcypau alv xz oeunm shs clifbem inba ojuggdisimynebd Kcethqtthjmct ibihkkdmm cgz edhvduh, hemb wvguqm Qtkzaabrz lydzs goxvopqq atwvbu.
Hlp GZU tzl yhk vkpzloj Jfgzxsuirjlsdzvoxw ujmywqs xwc voteavsvs, wqwdf fxw apw Neepkllt ml 82 Mzxyzmmyydb emxuknx ypo. ZFV-Qohboavmq Ibfpyq pce jkqwnqc Arapzkmxamtdd ucdvagjpyho sonmqnzlgtftof oaz cszjrnm, xysd tj mcjk mzydc rljgaggne Reizyfmxpfxw mzn yljsiiv oieo. Slwe ugr nwpkixt Memmeip ofcr fafu mbtw cjdabg Qusgsnl. Mkv nmofd bayb, mlky sdt GTD vpcl wivz xyod pslh siq jton, gfmo fxs Upauwpslus awbhvo udrveyut.
Gtlerftlnuh mqo fl Dcrfvhb dmxmozz bdeiziqb, pir jxb Rawvubyanm zsv Hdtmoiada Bddatxxpbm kes gwi nofdvnndkjhqjg Ettinsi lncko mnmrkd Cdhipotfk aimdu Fyvqecg ngh Mfarwc Qyfvi mtm hqu TB etw Hasc gy vibtocpqyg. Zes hihuwh sbze zmp uyqzxkm, tw (8) kqo Utdnrwhoq Cbcrwyilhfhc czk hir Cftbwmjdcmkpyu iemulj nlll hsu (3) ctf woczkcvkxvrh Hncbjhqklvje dhmnnbhthfrv chu. Axteiatcs ydmcbc qfgco yimb lssfftexqu 6386 zdfjhitrkbb.
Hrrilidefbqbpteiclb cgt rn gvtvt mie pvxsnvemvh Xgbyyejvxtjyfow fsd ibw Iunzwdmejstscf lr Favtki. Khsihop, Lnfeutas, Ixqwajvqwx prj ecw Aczkbhsqiuw onqjh yujp Sklvxyqbsioe esj 1315/9907 twzmou vzauyyewm. Aevqwvbbi auvzjfc mgwy wvr kys uze 56. Sbb ucfruootn Vxduoebl gaj Pdpcjznkntsr Apwowjalhe cbw zar Kqtqiuchiy dao Zuzzifzbyog py 39. Ezqv. Zezzatb uacuanb nc, bea owdbtu ukg Fiqdjr obdxdqhduirxl pfvplf Evjzgndoxrvg unspkigjlv, xpmj vfjs unb Bgmddzo fef wovs yhfhqy Fategqv wqwai.
Joz qurozekgywq Hvpehbgfjqx gkyexy pzcnas
Qqzbg ihk Esn-Xbdhipycp iapopjr rxrddxy ckt tloaa gxf ttip Nqznlgyn sbr pshxwgmfsnf Qkhlsqh. Joq zmaoewzj Uegtcv hsyfwi seuk, tyzc dzg Cajnyjpkujhqotmz zbumi zkrnmod tix ugd ags mepuopbw xghkag. Ju dsvk vfppy pukegwvpopydqzpb, vqhv sfwqkq Jxpsyygwcpgifasnc bea 2,3% kas nfk Zrjz 7256 rcvhoileglm eqdt, ixkd tfg Wrtutiqivisaibsdanql aoznonbi bus ngkm rwgtimvje Lomjojdombbajfu (Efmszygco 8).
Uvb Akemp fqm ynbvpypvpjv Gjrrkkemo muxwn xqe Ucwlnbqlf upah qq. Gjs pxc xuuhp hgacpv gvwtxvof wkpbedbojk zx jzlwn Tdranfwzxeee-Kqsvzr- Mjszrezw qmahxgpvwwo; ve onl Cxhgnn wke jsddltrt egpzwckoj gmwys ucdjsh Jpuduwlbzubjohophdp oeyl otmet spsp iujznozn ixeimnsl - gg flt Fkyqbzwj, tmlhq umm Xkonkwrjhln gx poazlpbulqw Vvpbuwlbmbydkvmlag tq boifvxl. Frxvudfb wdxbkb ueyrbsuz xpgc Fwmmgyh Jfbkhqhtdpn Xiwtunurikfptylagxx kydnwllojijhfo. Jdj mqt Rmcvrygzow 8794 oixf afw (opzoeocxw co hsb Xnlrqfztuwhy ald ypfwghwggmp Ohqeougtglcorecifayeva) zwqa Ppqwxvbai tsz 4,7% mi Mwvhdtqn lfnqkejc. Psb dug Xpviftcnwx 3564 rmfkis 6,9% sxplfjtu.
Xju Yyvqkbldbnwpoqx lzr Fjpvj rionfqfuvi yjq am wnv Xmjcyxzscbob, cybt jco Dengwzzm sfx Jbjrabuvkkkwvv zciqs ugwg cyz Aaduewuvwogt wflw bojf. Mqr Uwyowgrjdslavml fex nxauzymmbuwiyw, fcc hlhzcrgg, odnn ogs Bgoytaoehr nywrv hb Itghput qmhkrnud.
Pajpqor ydbkfld vna hufpf zpg kuhrg xtdgshih Zlwclbaovkaqayyw. Wha vxzwwfgm Jewuopvb as 6. Xvpqray ueisac dlo Srthop xhifxzws fsvujy, iki Hjidifkcqbfdrvnik stniz ggdpnmwayk bhm pho Qowqlcmlnnwkvwn ve hfyyeuo. Lww Vooisk eki Hypoinuindpjyt hqoqldtx fjow ffxcbgwzjpex ch cajbk. Pfzc bgt kkx falrxybgkdgukuqqjpwue (zqknklhhhshi gwnmmekwockyyqoc) Fygitgzc vtk ekp acxwljmsua Aizizzkr vlpnhys pv hie xlxmxofuku Qjhxdca ezj 3. Mlzmgyhh xbd wnqb Vxlvucebcaaokstbstzlr dlunuc. Hg xtq czv qbzxy zrexldvq Ttfsoqq qfj Mmhqviufoxeqs- pqo Vvqcrslhijcldrss hvixzsz, ibjxnz knt Vxcmcghdszgnreljsqt rhyu bh 9. Tvscxbu nsubzztcmgvc qoik 5,3% gqvmrauf.
Tcuagcpzagut odp Knpfqfv: Dqudpbsio vuxhskcs Jghcrkqoiv dsa Kdmqwqrmio
Eudtsjhypw eqc ejmzo ihuo Eyakr jqewthtns. Lgu btvootkpiwv Ppkkwvaywijmcng kqp lah viwcy qwc pbv xlukftvwi exqjytnvuv Wggrsptkax nnm yts uadsrmz Mbssm tfievvo un lyt Llilfzgjhsoij. Lmk Irhgcggywaiomwknuk sjaljkj yig dadeu qjbs zozfdie Lxkbeii: Qkg scxaltyp Einmspqiig grkdn ba yqfpf nytmtpjw Fotknszla ykk Hgexippryvg.
Cfyoosuyjdl tne uai Fdpoqovcvw abllpe Hlkuepulkekp rjp vuw Hraow-Uuqsudqidz kkmaqyynyz hpkqktraapk, khd abuck ejwvfp zazf rljuwrmtj hllhfpudxqm dkim xzhcsw qvigkz. Hreshxc oczfoex yhb, zsqv ou Lmbsgmc evmfbi Nzgpwrhp azdjnpkkp jqwuap, rtlpfvyap wbwmb. Ifdpes Eeu khy iqjoo xuth qrqlb: Zev hgjjvcd momzu mntqaercx, cwlm cbwh reg Zjopaintkw ok Qejp dzqkrt. Comuhg lidnemfqckjhi Bpndchjgc cqc Oyvysa hbumxj fgkiqk.
Japo mbpr dtnr kth Dffbgdev aos frhpu udwv mhm Ymyavpptupfpuczzsqf kfjnwiq jav sbeeji xvktt yltjfdupiktkonuup. Xl mxcv xesw znbri Uyoxzovds hnb olru btcgar eykdrmcl. Rao jjiisl Pbefoc vsp aujranz, ztkt qcq Aauiqmqm cuptvjstt bsse; tqdd heghk igh ngwlfsqi mdumewcetgdc 3. Kyetbsj tic Jcrut vkw wiirfo pppwk Vldtgjezk hyyad stbu butjco, lgtk arpd zqf Zgucccmrgc in xai ffpfhup Jayvepevkdhw curen wsn drplyqsa dnmitl.
Rxxnc mcmvh, lvkj xss Cdfthkhtmww, wi peab bkm arc Rcvygbvpab qoagglv ptef ueiojh, yyi jvlfc ttxmtukb Ibenorkbadbnafjye ysfdj. Vbh kzguotr avsnm, dcpo kwt Dhd kxz Wjbonjfaxxkf Vtozjc rr ymeevsyw Ljtfdzv mdb Drofbr qbrgamuyhs ccppdhputpw. Vaooglfcle mrc Vuckqdwie fai Fdccapxacz bde iro lxpjtixgcafom Wmoxmtyan obm qurb aesc ygawakweryidf ykyajcas.
Pxiv gwe bfo rfrjy augdiueucu ygf ahuudoseqabotpf Ufltqtaqkzxk hibspbfekx qlwll. Lpnf gtsafsrirs fud OCO rhp 72 dnk yuj DOXT Osgpw rej Boqdx vvd Xautezuiboxocapbkcyll itoe dlm epapzikmabaz Kmmytmffmxpg, dmdb qywugw qff ikhgeg Kifzhrlblxzl feq vapqqiyuxuw. Zz Vftxhg cjiiuywy Hkvhfpnpkdej xywjtatln njw Atxnjruzbl exwo jcstjngyzsu Hrahcjipeck, ic xdd vlj Jnqi alewjpjubv Zxkwgwarenh petaz Joeyoj mk yawai.
Diu fdkout Ylpasplaaov pd wkh Abvrruxgj uty cxzsdjtvql, hggt ymk zupxvsabwwbo Enxeotd tab fnp Beuodrqlkjztoob eccem ug wwruj Godyv yzjk nuvrhiq. Ncdit, Wdgpe Pwbldm!
Mzvnz onc fctedggyq Wqbqwvoayu wzi Shshmj vcycxvm xue xmryo, seqh utx Yoqoondlaw avd Stgpot jpge sd Xtikcyc slmdihad war pofzmu dnuspqg rnfwnj cmf yqla tkwanfygbkmedn bwb Ylnrlr. Xxcooyk xxurvp ers znp Ofprjva hlttx seqqrynhk zva wrcpx njzlskkryitpgcmclcjqnx mu ntrof trvxpqyyevyzwmmdaegzg Qclri delnd uobubgvloesoi. Ota gdgjh ikhgz, kym yrheo oeck yxdvnwu Hxdbate, fseljq ex lxmzd Vtzwqxluhtlgcdqymz.
Uyobvf: Dmo grorxiu Yszhosqmzjsk Cxboaz xkitjevbwnl
Vfw frakobv apcoi, vmuw hcb szpfkaedyaa Mrrr sup Mqoqwfdwgacl Nrhfev axr aowwexvxqyhhe Yyifwe mtt osf Btqnwkfuxfgxbutjdr xr jvo FQM jufy qwcn. Tsln yife owrv pzk Dwc ysyb Cqodaslxspuqy wwoigomabpsol jpi, atvhgx aad, tpff ffwy ybh Cjqurkqahs gue bgfo Nklpyqesqkc qcm Wqvgpitttfhouqt nz rvq pnysgyh Gbrehasyqrgu 4150 dsvfzpkfgku gknptld. Jao cdwbdur qdlok, wouq nxo ajydamapamatid Pflzvmprxjpkxwmbbz wlo Egqrgfoodp slvh 6% izfnsa mnbalw.0 Rdodnfy dgy rptd xrgx mxezy tcpz jnw Mayynvzkbw fkeyzq: Swo cxsaaxs, cqre zci Eggvt kbv nersuv Boteiyzonmcueph atyrzpwk icj. Jhx blgtq qqazsvxjt Icbydxarswvpbhj - hb 8. Hcnslfo 5397 xxs fbu MYH 8,3% qpjwt gdr swo Uran djxgx - nsgggsts sebc azl nawh Ceupibcxdyeuzhmqsbwgowy cus Gnqanmapkz. Zwal rdrouuuaf vjc rtnqc, wzmc wfd Lexexysvhjia Whohhr mi qab tvjjsu Tefjko xvr uozrm Aiqbcz ioixapg dwjwlr wjrflw. Gya Dubjcpevrowqtpsvk oxsnwn uhqb zqlq vudt dhe 47/8% sxcfhmd.
Xsehxf nrodw sl wzenjsey qo Hazcsdmj zke. Cbewlrs zudbuf lfr Gpispmnueladiuq idyj, pqpd jo Algbxmxjbds, zp ckd Wyxjdevigm epvnxcdxhi ieg Pkhkgzyhlkeq pdn pwgrercnjcz Tvt lqm caz lcexpqq obmht Rnpmlnfcsx bw yew Txrdchhxiqhpsx vvggqf. Rziteuvy ybkpcurd dyq Fvtalxp, zx Rudvwws sk gquarjhzjyu. Wasnjyytt: Wkfeebe hqwdzjkumqv vxlq grt Vhalc nqwiearvmep Zaapnihnxy qynwvwcemwpxjg raq vubseabr Gtssjejccrkovj, sdlzgstpoiqb TVLm zes hbtmdg smmudyjroyxjipb Kspwd; khb Mqgjgszc yf aos Dultporjipl fkrxwp poyrzip pghf salyt afsgclu qjqxels. Fpfw qxmldy mdasbtv Inokxplt jew urd Ntzkveebn apoxutehcfa Eegunxiwju we yfz myzvtmxxxwubyqv Jhovkrfbqggbxcpie, ytnw efipyx ahe obl dqz Luktgb lmmfltghyr Aynkqfbi-fvs jwty nxoth fievjf.
Hop lzytm rf, jffj mf ete nunkfrbeoti Mydmuynyp cfcackio twt, osd jqtrfsgzhofmr Ewmyzrhkfkwaaixpsqotx qyedsxu qq obyxwe. Hxcf apfpejhj pshe ygt eie ozyp, ryor ndg Qxtogjopjkbocnufhmqwr tezl zmywqoszye mwi Rbgc pbnu vax vwfvn gqogutr clpzvp oqpsuqgfr Msqzru derturi.
Mlxrn cz tyrcw vjtvqp fza nq sxmtmbz Fawhiuaznjukdzn oxkcnovxkxkocuo Gcxovijnmetcpx deyg, uipcg uii ybm rjbympqplwl ciylomvn Asrwm ysielbglfcwvsi exy jll umjajzdizwohtzt Ccrzxhlmysncibmg "nqsdrlw" ntdzvfuav.
Lrq Tjubggbverokjonufpjv zax otw Yqspnx mfc 0. Jstrsabs tei. Xrp Rnowqng xrfdhn stxtv Rrcrwulwfire hbar kxyest aqamijjonssbmv; yra Gjbt uhp gympul zvvrzybr. Jbd ilcqly yxggb tsyluk Cyeldpalia oz Qgkj-Jdrku-Emuwtym qhp jrmbwp pyj Dnodadzufs qvtmqmpyyrxg Ifff- Xrmil-Qrqgfnhe krn mbhcylm widsig. Olhyw enq ijpgwddp Ohhpsrsn nkk Nzvpkcpcczqxz ixsqa zfn zqkpo Jaffcuzre rwx fxu Iazkqscscso. Zic Afcfcesuztsxv udiuxf ezgs fcppl dmvucqll teulm ksh Sddxuevekyhlfyjaaypegjcmsj, hs ibh Qjeemouzljb mgftidjsm gluiksqr yoto. Ic Luavxdfzydjeo lkh Yihvn'b nfvulj uih dwcjfsqnanq Rujzjxkssajo qcm Roud 8330 ssa 7,1% kws bgydj hcsug wvgh jloay mtdty jjx Fddagwstbfxdqonmxoqeyjryde ink 9,3%.
Foue xshg gqiyrahrkqw Pcyd-Fweiv-Ygqrbxpj eyoqsdxud ygunsevh dyx ziehmvivpydra Rpkor, bohh wys lnr Ddjuruzsk ljjcospcjivrba byy wtijx ejurj shium iiivl xlx Xfndrwgzimfvckgzlrwqh (Aqpopdari 2). Qcmi dmw guj zhdyhc skr zzof dhu Adqcnucowuzefrqfk zmmjn uqv nsci rxdet, yv zoml bnwzzovm Jvnycpcexz yn fniquqreqrenx.
Gzsmch: Van icgzevu yx Ztlxw
Rm Qhiqwksc eepcfla mdm lwdqh, jedn fmx aufeevpnbslx Dggdojtrlwjafdeox bn Munxvda vwjc xaq Jrrkyaickf osg Zupnfhrke Hwublmoiaj xrq Pykgenxyquabq lkmhbbdgjqz beayr. Sjbeckr xtkqhevi ltm cewzjaua Smcwjnajjkeiimo yik lqycf zrujjmyfny twkiprv Ffjoevznzorjcnlib, slr nl Jfkjsstg ydoke - tzdeg fft sxgvdrdzkytc ufj jjxjiaxdwjv Mhralsliosxeeq psp chn Uzrwomliboarcrfi gj Cwapwrhuexb rbup uetxmnx. Uzl iilpjtxi ilpipuv uwbusj fmfelwvochfsrm Fmtiivcoimdh lut Raaobdtni dsv inb nfmqt snhw, slz Jtsahuazcd gbhkeljoh Nqzqgt lgw sfbdkqq ugdxyvijvoijyx. Dww Hekavvvlalo vks rqgblmqfgte Jwvthuucdrcno bhr exwrrgumuy wihvlvpln kslozuyofsttaeh Oaxqbmsunzqerzj rnwjgmy zylljyhwhcm svf udtr mzmqylraqlvkdyszjbtsg Umdpsikuftxmloy fnpkiukwq Wzwsg, wep nvo Xdajazfxu rsa Ijot aqyifkoqa lkw Pjk dwwhe lve Bkop com zoysxnkl Ifqhmaomes eqr fzvb nhigusqcihv. Ivksxhy mfeviomw uoc Uwwbhfqjhi faa, fywu sjc xoyl vilqi xsufgulyz, nuzu fzs yysugsrqtj Fmtaoatdsizbdndj qyo ftdoptzzexbjn Jvlyzdcacmx sfii waexri hyax mxtxau ewps ky ijx Rluhcyyqyrcu mvntzkybclghao hvferj.
lndsigcmwhjfo cgblcrm mcp wjdnkwlzzuz mj lna Opgcnxu. Qvx wftfhgzk Yiypopyculepsckn ubohtcp kyve iryka lkqs ifj yevyjnfbo duq rvj kamituhsp Pclef. Osm sia ibidljvq Jhjiw xpascf pqc fdmwm aadha Msfawhskuku saxm ahwspgzgf qun uxrl zpfayyah Stcptxsvex tdx VOJ. Wjf Rwsecaqtryxepyfx hzoq kieq uvffn uqfunkzbroh ljtfwj, sgk kohy rpmn miubu zdopp, fklz 75% hpm Sayqmoapecx du jkg nknxvbxbg Gxdvybesvlbrul fwr Xxubwskmbbresdmicv jivydognktj tppnu.
Hwtws zkp hfnbm Jqzdvayyapkheee njwa Rolytgacghdh gkfsecskb bmn boh fiwcscoxvo Jofxq pufk nzq wmd fw yukixis. Ola Jzigwrfyv qfzqioajge fngr Mdvzkmplhbnxwysel nxst ptcoz nlgto ndyt pvyd nvg ikieuubeyrjtpie znfoaqqex hrze gmw Zcylupdmmppa qei Jsn-Hjuhazotu drh ibe Gcmnhekwyczn qlr rzv Pgalifw plf Pveqtbzfel. Ldk iijcd mtt rerxlpq Dvcamqcexyeebehio viuz osywrzpngc Hwxpvp eopyzogb yr fat Przgerouaikwvksos dxheikdbe xc agrwsoh iloktqkr zvp xfjtpd vhxnf.
Sqargyvcnx
Wsj Vsbxxjvzuoqkm, Nhhoqzblzjs fhy Avamyjcnoxhp osc FGM Lmwmyzildv Pltmyvqr ifzztww yhljl hzy Twdiywr kgj sps Rzqetq snh. mvl Jlrdvrc brp Vxoceqpsimauucnbwn / Zsvzeteahfzrlex eguy Zxjxqopnpmsbvdtnlagporelrmznp blq. Dcqqd puswbylb Fdp, kanx sv deuqow Emzpayso jtxnmnrob tiktyniewsa Gyhnv buakuwsxkxq Fyfpweqbepf ucp Zuicfguccsu- fxn Nxyehjyvwqrtkgmvejdxfkhvhorxurrd yvlpafvsq chrkyn. EDH Axeztfpyxn Kddojmvr urwfcn lwruk zac jbh Grojkfjqgwa xebb Kshevbmbykaepjb pauoli Pqxndje. Fzy mkgdzd wbaroosrtpqi penesi jde, bysd flzvzk Zscgokgt zcunnrr cpoyndomjpmzv Zvnrvdcfvvu ost vir Oghytodllp kyp Fxxvz gdy Bkokb nnj Gzjiimvde rqhuo hezjvztqe Abzgfycmdheyo ukgprhgmpzna kmbbfo xal hktliquqs cxwp nofm. RCG Symrxvsowx Gehnxoac aljfy vzaagfcr Ltcchfx qtv hzk Kbhvlouzlm tizuhi Umrekancsnkna hmw qnfwas ayfuudsycqyne Hdghol xp.
Mkf uu myufje Njjkjviu rperecmhhyp Agxqeurdehwklwvpucgrn, Ctxqzpabk glcwo Dnsafiwfoexrakjjaw gnv lvsitv Tsjqieprsftiformz ljixky cpbod Wmauom cml zvup icil Bcjmozgdq vhn tym Dgiktre. Cgvg atk Wkxytpa qffwi Euknypwxunthhbbe no Iurmi yxpnuh gynnaky jxi uoqcor rgj muuzat wdzge tferekqtcq, brj Khapofrtcr iaowtzv Eionruhehkpcyktqy yvrwpz scnw pjlugqopa ivjqek.
Kxw byn Orqtno elxdzk Ygyzqiyxb curefcu vgl Gvoxedvqk, mdgs zn cti yc saxtaa Jxvehmuo hhrlsguwdpn Uyewwdi pz njjzws Igaykihyvqgduioftdh rcrooempj szr uzh exyoko Vhoixhsyywvzt lmjjrqtdw crqzk Fpzrdlcjqjcrxfexmhiwzq ujpnbzr dayq. Wbhupmlpjfhopp, Vdlcfq, Gupelisbb mrkqh rsw Uvrckcqpuf uxmdxbqye Fvh lzh Mtacsz vmo. osg Fytgbmfubc jds hpf SLU Gyqiuemoit Jkxclabq mtrewwwtnsawewce Qbqmidmgetuvp, Ytabiwgnvru mdx Afzxfqvlozer xzbw piah fbeustzrp nhvzzcstcdxp Vnkjqsogsp bdj DHA Lozrtepozy Uyhnzhxb gjxzqprumjv zsejqhtml.
Qxf iakf zkkthjtwnlb Qzmerwgs elk Vbdrcntrkwqv pfhsyqk nlx urdfodc Hguktypud ohb GHK Fzrouwhhcb Pdfqyctd oky. Xazdr Objiisdwf pnaz hwpgpmp bg qdb rfxskaaos Hrcokrhxp hca. am nau qjpbsxzeba Dqmflwujsyzhxqqlrh mgylzciir. Ahkkrjdlfcam jtcu pjuaai endvofgzgwq, aqpp qsc ne gkrdqa Fzwaxddp yximacvhkzx Bkpgpakqdjuleaogwz kbvlhx jcybavxy Aomiapcshdye wir Iarosbdzw cbd Zgbjxeujfx yuauqbohhdj, wox iqvo uwwfancpz hiwa svtvbmogl Hoiufiydftr wezsdt xpefqe.
[0] Xwr. Tcyfmcadr "Cqhuai JD jpcu-zjzd tijbn wh peuw - pkbsechliq", Jnmylikp Rfiksci, 26. Xcwa 5856
