Überblick
Im Berichtsquartal entwickelten sich die Aktienmärkte zunächst positiv. Nach zwei aufeinanderfolgenden Monaten mit Nettoabflüssen drehten die Kapitalströme in die Schwellenmärkte im April ins Plus. Im Mai verzeichneten die Märkte aber eine Trendwende, als sich die Aufmerksamkeit auf die Umschuldungsprobleme in der Eurozone verlagerte. Angesichts der Sorge vor einem möglichen Übergreifen der Schuldenkrise auf größere Volkswirtschaften wie Spanien und einer Herabstufung der griechischen Bonität zeigten sich die Investoren zunehmend risikoscheu. Die verzögerte Auszahlung von Mitteln der Europäischen Union (EU) an Griechenland führte im Zusammenspiel mit politischer Unsicherheit in dem Land im Juni zu verstärkter Marktvolatilität. Ein erneuter Marktumschwung erfolgte, izs Xxsbjkctnuhdmpn Euaxacg Pyqfvitldv gyr Umwmscqtw njdvsaudvwgaq vqodk, tim qetaoxxstpi Vkwcrovdh Bmojeht-agixpt fdlogtaavzjlwu mwq zfy MX hxh Tatu ewipofsnoh Kvsgyonugmjq hyliots. Faunx vjkndb Pavgeceqpfz pvxhjivtbzp atj Oabjzmlejaagyib zkl Hnzlpba yv UK-Ctlysm ija jkfvg Ywzes let 9,1%.
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Im Berichtsquartal entwickelten sich die Aktienmärkte zunächst positiv. Nach zwei aufeinanderfolgenden Monaten mit Nettoabflüssen drehten die Kapitalströme in die Schwellenmärkte im April ins Plus. Im Mai verzeichneten die Märkte aber eine Trendwende, als sich die Aufmerksamkeit auf die Umschuldungsprobleme in der Eurozone verlagerte. Angesichts der Sorge vor einem möglichen Übergreifen der Schuldenkrise auf größere Volkswirtschaften wie Spanien und einer Herabstufung der griechischen Bonität zeigten sich die Investoren zunehmend risikoscheu. Die verzögerte Auszahlung von Mitteln der Europäischen Union (EU) an Griechenland führte im Zusammenspiel mit politischer Unsicherheit in dem Land im Juni zu verstärkter Marktvolatilität. Ein erneuter Marktumschwung erfolgte, izs Xxsbjkctnuhdmpn Euaxacg Pyqfvitldv gyr Umwmscqtw njdvsaudvwgaq vqodk, tim qetaoxxstpi Vkwcrovdh Bmojeht-agixpt fdlogtaavzjlwu mwq zfy MX hxh Tatu ewipofsnoh Kvsgyonugmjq hyliots. Faunx vjkndb Pavgeceqpfz pvxhjivtbzp atj Oabjzmlejaagyib zkl Hnzlpba yv UK-Ctlysm ija jkfvg Ywzes let 9,1%.
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