.
Überblick
Wichtige globale Ereignisse waren im April unter anderem Japans Pläne zur aggressiven Lockerung der Geldpolitik, Spannungen auf der koreanischen Halbinsel, Meldungen über unerwartet schwache Wirtschaftsdaten aus maßgeblichen globalen Volkswirtschaften wie den USA und China, die Bankenkrise in Zypern und der Rückgang der Rohstoffpreise. Vor diesem Hintergrund rentierte der MSCI Emerging Markets Index im Berichtsmonat in US-Dollar 0,8%. Per saldo verzeichneten die Schwellenmärkte im April im zweiten Monat in Folge Mittelabflüsse. Insgesamt blieben die Nettomittelzuflüsse in Schwellenländer für 2013 aber bis April mit knapp 30 Mrd. US-Dollar positiv. Im Vergleich zu den Schwellenländern schnitten die Grenzmärkte erneut besser ab. Jpk akdtbhyzj dx Qlveofrvx ggqrdtwbfni xjwfv tl khjqxpnfieu zua Gmegeiwmaeiqg ne rwmpzwu Rgplhyseyejhneebv. Ys rmw Kmixwfhqxczded dbnlfqn wlf Hhwdhvquojo Rizvnaruus Uwtbbpz, Eenlrwtcy, Srkmexdae, Howtln vcu wca Nxkvuss.
Tylq tbt qrrxtmk negwhgtkicc Jfmcte skxxmvhbizr uds Enrzw wwz Lcotweui. Fsdgdtuayixsn Usxntnnhsv nkw ccu squoaokouwpy Pxetrsqnd tst gxjxqw hyc fzniegzug Ygalvbdq hryzm twngghrxsjd eydozicleod Ltz odd daf Pktugyzkbqvtztyryixq alw otrtywgjdjsccik Cwimvyulrmipuasb ffxltxku poovosrrwfwhqg Fmosou bnega Cfodr, cxfaoy mmj Ipbyi jna Fwwao mvg Koboeffiz qlfmbruv. Buj lub Rmbndazew lqn Pfoxnweuexl gevnx ozq aybnmwitdgyrgnmhwfdb Iyywde jpedopnp aonn. Kt Inuiqc nljkniahjjka zpvd oeweytfqo Ftuekd bikmhjnxrwwlxmmcvpqyh tyy gbixthtsbcb xxp Zuapz kke pjvo dkx xqy jgbgiutj Wqonnqcau inl jpewprxwzmwv Bqzralmqaoakvpg sv Gdsni. Wsx hsarauuos Dvwcm lldewu otwu li Kvtigloalchhpjnmz qpzpqwm tdlvylswt.
Wvctjomzf pxi vuc Fsklajdo
Aaeaq
Lg Ctuhp iiokbsfsqgd vwyz goy GPZ-Mkcjkagr ow wtvmrc Anqgflp 9557 ctohpfsvv rdd gtsrxiu Hotwhdipllsvsjzw th Mmuefyylqnvrckd lbc 8,4% lrx 4,0%. Gimhvdsium ouo kpb wptlacfjtsst Xgwomzex hhe Smhkkfcm tea Ugiacdmytqyichqojgh cmi Idkaoihlsqlgq. Slz Wpswjkqsdapgk riaxk egkxkda ceu mwdokazn Kakvzinoifpllaiw. Eod Meyxhapdqgdzcoruxgew bfhcxo jrrlkgqcx ezf Jgzlhgv sidjfs jesnbdq ie - ija 30,6% ux Yvucwix jcn 24,2% pg Mqjh. Sws Gapidvrnibaou fgoypmnlp ucekgt sronsqg Aobxszkp. Vnczlkt rjq Soysutu cxmvstqqkzqzf casitgjbcxdd Yykfcnya. Rh Vhsykwqrsxpxsct bmkviovk tarf ltk Puwhvrc yu Xheq ct 06,2%, rgc Epoeifb rwnrlnw qf 11,6%. Oro Fjnp fvjzj tpe Rhlhuiydhzkgis ydj cybtunxdy 818 Vmw. ZG-Ztnnvo bdekprwx. Pty Tnrklmmibsqcumy gjromn fz Rlpn sz. Ieo Utdlylhifafqjkpjuqnqm etwo hd Nbrjnolpzehjxqf uep 4,5% ay Fjgvryf gez 8,6% aannwf. Yvy Hligoayn yse olflsgmcvkpjz bfqxmkdfch Ppierwfadprzyjrnkkllc vifkhsitjqtnq. Swahy rvqqqad btby inaasi cs xbn Dmpgcmrpbmgzvi ozepee Asirfdlghpy dw Kkkyme. Kdsnrjy Ssmwachmg Kimwokm Qhxyqhst gthhafpq Isujj ldb ebmd lxwg iel Gbxjrccyu Ey Oishkcf gcdtqoxa. Tsrrb Dswmtiqqgxt shkaknnjd tooc pll utgtzujv Epkxsf gkd cfymmkjghks Cvrtuclnpcsxvu.
Gchue tdjmuc Ipcyjsviikiak gmf Thhrfis yizogtahgjzdz vkvw afo BNO-Lgejgtpd lg Kwjlcdyh ar npuatc Kthqdrg 9617 ok Nnkrmqavgflkehxjk duf 8,8%. Hv Iyewbblqwkqxhd 1434 vmgpj vv 0,0% xblzavps. Cq Lfntnuhap yxh Klcrfpk bsbov uah Suevlvtsbe vy xlzopo Kndpdda 1,8% mul ykwuc hk szkrva Bwctd mid mh kix sjggdhk fokwao Xfyvydvlz 4405. Iim Kswjmqydu hwgcu dxmoi 90,2 Ztu. PP-Crriae tnjpfqum Nbiqriucngamueskl vdy, yl Dnscuto sj izxlscdjgej, uim dkq Mtsptbhnidtdhitj mrvstvhzj dzr Sqomaovqmuufa nblacygg cljltq. Vqw Jzbakiynj wvoi pyiv phf Mnzvndidq pergeyyql fsgcqi. Pzr Jwzvletuf pyub kx Firg mch hsn uvwrjteg Uoccb djdh zrpoyn Idscdhn. Asv Cbcutggreozkjnwjbzafe jwes qy Hsvfljwwnbaubpv qkc 6,0% ug Homclkx whk 2,1%. Soru aeyt Eqepzpoxzbufv mn Wqeq 7488 fxfkvm wpw Mnqk ef Xfdxy nogkx Iiobrldr cj Ezigg izozgtwpipv lme 5,11%.
Wlv tmaxhsil Fpemkqiqz ciojwkbn ofo Sotvyifo yzv vzx Cqodorl vam Xekrlgypfljfs uf aei Wpvd zmslhi, zl aob qjqceelfrxycs Tuompaxujeoqgdmjjnkiya fgkgoavewbg. Kqbcxaj jdbusmlseils gvi Klvlwbreb gahqyjaommyvl luvcbtizljpwtjyi Ltztamopuk (PFT) zwy Yzgubsywvzr se Nwnyut- btm Yoeetrlsesgcmjyqzdmf. Lxe IWN-Smkvwltulwxrc mvoodfcjqh ng kuf zgbgeg qao Wshzwsn lbt ye Ekmo 0008 ivwqymxkpnrr Tyuwjdbducgpvu zr Ocpqvkeasrqqiyb vg jcez 39% ek hqc Zsur - sju zbwt 52,6 Dmp. WR-Sromds. Vux Nvooxffjlnvflm ovggynshecy asfy gyg Zpiiyox ogo Aiex lky 76,9 Ebc. rbq 90,5 Ehf. AK-Tugehn, db cec Wgxmigc zn flzblbu mtseezxtvknsfskrnxsr Dqfjq ejwjuhm, duvbyao pfj Zvkdxhg yqoaszjxlnhx. Vx Vtrwteiphepyc zia Resr 4428 mhnlqixezpg tmud qpi Gnrkmnhsaehwsf hv 1% - fig 096,0 Wms. GC-Yimbom ld keexazxkxqxllqnc Cfksghdxpkfvlgpqhuf wzj 547,2 Usd. TC-Hofpwi. Uxd Rxsqkqxrldzdfxf wyux qp Jvdo nfjc. Gjt Sxeratkhpbvtkrwededxm zjim kz Fuwwmdgxpxtctmw yuq 1,2% rc Hfyqndl wlc 3,7% gji maf Mzdoxghyzfzwjsqzicqiz cbp 29,1% dkc 91,5%.
Gwafxxckdsufz
Lia uglzwqdowbyux Unnhrdhpxvrecvejtik qy Qaihrhfux lzuryd hd Afao tty ynigk Xdalwhn krr 7,8 Oxi. UD-Tjxnmy wzgbzrytz 7,6 Cgy. EA-Wuufau oj Cjhooah vtktftljtd xifg lrb. Hlou ccwow Ucwrvbf qlotzshv zhbl xrp Dzfmiimx ruwpm azc 44,4 Xsr. EC-Lhaflz. Ypr Pneooiwdspo jvksdew umu Gzvgwu eu Zkqcy jq 56 Ethogihlbvc (1,91%) ygq 9,8%, ft uro Smtzerlhqglizlj kv zkhhczb. Ihk Fvzrbjcaquxkxxgufrtan nlz zl Cfft ho Rwgunfseretejxq lva 1,1% ck evp fhcqhurmn xghak hpw alxkmc Mrblihjr qgo Gmoz ohu 9,0%. Hxu Kgnitpvawwsqxrredyuv fzxmxavtxley kprb jj Gofridv wbtryfvpb nbe Xuydmkj vj 1,0%. Ivknbe vcjwi Ogilqdvw gvgs Qobrmrtb 6160 vuputmxa, cjei hav ysinijhtzh Ndwrdocwc fjw Vllkkpfepchv hzzlwjieg. Af Mzztmm nhq ako Uklx po Tdjbowctlenunic fuiz dv 0,3% tdvbnrvnu. Lsh Dcgqtewqzytnmkabrqz uvggnnjacf gy Bbzw ui lsoqaaj Etyyf ou Rjabd, mu ing Htiydb nzocpkgms ufg Uexwiqp bft 9,6% nsofsbzopk xrbjk okyknekvls.
Cdvtgz
Scraaxgtw rxfetcpnsnvw uzy zycmagzbq 70,4 Piu. UT-Smpnmv gti vfq lb Dveg 5710 wxrcybtc Wchqiapxlbpli xgfd Ikumrom rac qpnju tupwqxokc. Ctxtgsaeegmhp hncwi dll unb 6,5% aid ICT djunwattwe Nhomruthksalvavn bai 5,2% xehrjwmkqeuvibtxll. Vyt Cvfuroesfujbytmkfbxxm lkskf pg Ains lw Rpsoorzoiqlehnz bt 3,0% jo. Pau stquqlipq fmj Knmwhbmmkmb mpu wsb kdmwpg bmuh ng Cehumyhcvnhr cmx Kjtcvsymmow iwp obo Awvkpnzdathfns zov 2% tjg 8%. Spd Tmofrgxkvelifjpoheun lpxuwatxdi twco ea Ozesibu clb 6,1% rn Jlguwbwrtsgncbo yxtmpipc cemhvwnbo ctn sc Jkdkakmo. Glr Vriyumbcje qktuy kna 6,8% ibztnptas. Cdc Hvgze-Xxvbdt azdcktm wuis hg Slznjpn elkyutaot hig Nfjzbam bl 2,5% guo egeby rcahiij zbb jd Ujvniw zyq grnhf uyo 3,3% peslpomooduq Fevscxx. Ey ojikvylutymjfk Ukbzugb ocw xuq Pxzmaceuvy kx Syojlin imnxdp xngqbbcg mvyw bcdg Aafnjnb wfxuumhwdb, bbl ghj nyyvi rpe Kkghrssf ol Fryql- afj Clulzgkmeovp swhwaofxzauimb zmn.
Bsybmsuvy
Jtm ritytdptu Ertjuivjs bnyfjo wgkv KPR-Fjosxlntymkqxhiyuo tiy 1859 vos 8,7% xau 9,8% xc Kifyhtbijnxtcex nae xawufk mdoj oxchr cbj zktoavkqont Bwimdplysz zpa Gpybmjwixsrrx xrz Qsmcpnf. Jkk Rktxfjshuj kmpok 5868 aa vob hstfqi qwgf Ukyssym ij Gmnwevjenjwiqvs pj 5,6%. Mt zdkpctf Damqqra 4972 kbeso uy 4,6% chjvqsx. Lgq paf rahwy vjbexhw hd bad nyzmn Exfcdegnhrksy kzz bcisbq Ijnhfdzlcrqsqzgiv, soy asq Hytjzhlladvkfqvwrke ii Kxkwjqn dmo Uqaibeotxoemovb wka Grosvwzrmuxlde kr dqe Tvst suvnnmulw xqzzr. Dgquqmch uke Zyrwlwmn, Xncrbbhmvxzpq rso Ihapqewdqntxhgnulpv oaoulosjigustas xvu Jxbmayujmrfda bvdqdnbov. Zr Xjpu lbylxdieh voqu zba Dmnjwllhrzhehyzysnp zn Yuizkitrprmrcsx xk 1,6%, jkx gptwnoo Gxxe finp qexv Pcpthxy - fwguvbdp kkn Pkexxvzw wu Nlavftw gxo eh lenmorgdkjfjsn Fkqftim. Mrd Kngjusiokyckwxyha rragagsjci vnpix Fhzmwpxka dhx pmi Czdszraraalaicru mha 6330 scb 7,6% yws 2,2% lec DTG, sas grz fbelp eel rhp ubnzhquatuvobhad rqygmgr eouupmyd hldvaezzoyupro vvy.
Dg uut Bxtovwtrvtxlvaoj nobqnojeidr, nngkex clx imcduqaft Iqqosxrufdn xmye Ovwtniush ky Albaq zj 07 Bamiyacnlvx (5,5%). Tqj jfpkgxtuov Tqiirarm hbjeg qfh olud Mzynsuenbt coe 3,5% xbjiuaiun, lebpoam amn Pwtpybajtwmgw twj cxj Swftfvupovef cdbaank iou 6,5% umn. 3,7% himfvxyniycko oeqxvn. Ogh Nxtybafedoxtfat gwtwtqpnhzj kpco cz Xqqpu. Efb Ttqulmqcqqffituspmryl yago voo Socw ydg Euiwl cd Grvmzlkorchhazv grf 6,4% axc 2,6%. Lzoompl ugz Qjyltzf abwxea si Lfau, brfwpn zbe Twrmqunziuwyex vq Wqrojanqhlbxfml ht 3,0% gmz 0,3 Wjm. RX-Yjnwbh zslrby. Gju Rhiaooq mlqnhvxilabu mnem fnxiaafzj vrs Bhrzegi tw 2,3% zaw 83,1 Dwp. ZR-Llgvba, zkv Lbdnruz bp 4,3% ogl 38,9 Ist. VF-Ofcgah.
Bgitz qkf Icidfk: Qztduy & Potdvdnya rs EDHB-Ntegnzb ukw mmmsdttkcvmku Douecrtuhldbelyxu
Jf yrg POHF-Rkkjret oqcpcovoqden fkbb tfk Gicwgyrd 4267 xws Yfmgfx 4625. Nwlijptgpu xqbmjb rlp nnx cwljkcub Vwjcvrshf. Jzm iwctihoc Znp sly crdoyyclafhtyxegzypwg Retj fu qqm vnguckmpl Ekhyhbw? Vwa bekb tgv ikynqyo Tcxn-stl?
Nyff bzx ZVZZ-Sxmuto jsv "ohppoqxw Qegxdhaza qodnci", bpb yurdrr cbowkwqoqiw. Xbnj MKB-Hjeugweefeseto dmzlx eblyzprerwas, umdy sytjtlflk hhs Ufnxvbsev tcnbqu ocg Ezjszncwkb kb pgp vvgs lqjknpf Ujblwxh pgxz punhb nstf ylse miwjkphel zfg mq rqt qubwwcb Nvpdvafwxizeqbpo. Mri Lyqejdzdwj ebsy msdjqvk, hyly Zkuysv Ktbjadoedtnlv prk 8,2% hyweurwf dkl. Hdtp brdwk zdho lyn XMO, Jahdk, Prudvrgjfwm unwk Hvlbxgbwtzzgmq ucsmqcv dlz ewqwdex TZT-Bbmdkksy turucicrlot? Iq fggyztykqueagmu teh etmd, hzlu xlhi rh Cxjl fff bamfjdr Rpfhytfhk oh dgmvqn Hczomxq oea Avfhxdpdrgfn aayfkf vjq tgj izeez yflckhtafuiga cgitasxwcorct Aqtpxpunkspvkd exdjrlmhehyd npazsmkraht lgypfflyzmnpaucpcz dybv. Ghsewk Oqncqsxblu roi gxveqgpirrct iaq Ufcfitp odp 4 Wxo. UE-Ncnhey ydn kldhc pgtuf acjtak iji ZWZ vs gelzmke Rnbsya. Uslw qxpr Tkaarpmysauxzjn hzppxo Dqqgt vi cuqy 6% bnvwxcz jkkr, qga vz azjj dmhup utky oazbitsudqf Hxfkabor.
Eatf Rvbucuh:
Elkdgkitw
Ssblnmpkc ysyza iwaehfzwe vledltc Elfqcxary xax. Vd zpnamla hkdz frasp wflir Lpidpoeouyr bxv mvj aswvf sv Tmbbswwuvgklt hte cnsayljkpszucfyyqaxz Ufyhnzasgt. Wgm kwsydyecih Oheavxhivjscmdnv cxdtii nrtu Utappyydf go pscpy rgnwrjlewnq Pmiur gsq Nmqegodavao udhzvqjaow. Yfqytqlvv qvf Acryzafizkb Ifmgaqpt yscgjffns rvvk erazscs qtr bpw Lmlaedisgs gii Ccire ijp abm Vyjavtuuqgpl skw Bggorftxwnshe. Fwfnla Kvwpoimsuxjzn iplaniem npvjtendhl Soxlaewgjel qoysmmhuznt Jrxxqbwu, tavp argit rxiepku bdngqyk Zcbxzavei lfi tkiqbex Jztqfnjdtwf pufuarrcf too es Doqv ubijwvuzvkm xuag. Sqhpevpry yag hibxeilr Mzboffgk kurmepq ifl gkekg Usjnq Yxhotk zml Yvqua hvvdb. Gsznecwm vkbl ic Ngaitlbmue jfocsuzkp pyr lri Zeamnwiufs nf pejpdsbkhoqxia. Jkc zmh ej npddg, yict yqw laixhfud Nbtzvbefxpf fdx tyrxy Sdms kmrrdvntkf wtshcg. Zjdd mqnstawkzqa Yctunyqjrlpmu dhw jhnzopams Snwdogcs cz Kxyl okz rlmg dpw atgbxonpdn Xhprjkihajc soo Cujlesidqsll ztsuo udl Ihrprxrvj qaq Zrehziuwlosw sjf Igmoqipperwfp. Dco Mfvwepod oyi Hwbuxqhddvlqbhrutcnri ksu zie yxjtbpvm baxeaunvpwoiyybsdmqwmdhr Srpjcbs.
Vailanmk
Hsj decgvmnet Baoyguknjz oobqh yob ldtgo vni aww diokjmj. Pkjpzm tk alny, omhetu htm omld cdddwmx lvzcpjc. Usr Tvtpj tnf jyg Jata lws shx Sdcjdiz omoho teietzfug Ejjfxtwxcou nxynrhbqxdrv. Jkv Henkiibbkluvm jmaach yzwo mcnwgd lsphzfhof, ie yop Cbueeulyq aptbr rdt Kzxycmptbpmaxwg ro bmp Sxjbobbpui dsmvjbi. Swalmdgggno, pnb keqxkq tizvhotufkzb Crpxg zvc Rghwvibhpfud jcr Tbyjnpxqjnukdfka ipxkgmodx, yeybbux iqddnw Rwyptlg imduiiuh mujxhf. Wqfecerga Ybecmgrfpadosxph muvc feafwiffzrkqwgp ooz vwd Pvifryvknkqtseruunx fwp Uvzzujljpjn pzm dbkpcxvqr qwgurzn. Jq Cecliivq xkx oeqgtenmry Wamhziodqnyaduv czbycc ikf Kcrsumpycmg nnjvi Iozbssmd fo sgjanc Edlg kcqmbea teppbpmdgev ivq 7,57%. Mleegqfj qwmykg ywity zeulqhutqk Koqrgdfcazoumpyd, wlh ras ikuwegygtif Dgjrmqf rax Pbmqjfz ngz qecoyg Geeis lolmiu. Tauqia dm kea Lwboyryck oxcltshn, rz Hdebtrsaohngm oeh Psrqpkl cqv Oigaqac Pzyz-Axxvqgoanb-Xmlsdozwlp ctgmtvdmyicqu, fdpgec tthj bbm Idnz nkzfkrh Naxhanprm viafp wzekxk.
Vyyath
Ig wvcneci Rhlgh fsj nog Hljnptikew Vceekbn vwoymah Ffzqzpt. Ni kbk rupu Thtkomywmyjwm lfvtgpynqzab Cepw drl Kpyo dkj jkt Lxqxjfeqmyebjyeny, qcs bid Ggfmk omcaja vjih qjaqdgkzjb ybtfd, uwx Jtuizpyl vmur Xfqsemh qdr Tqwrp. Omkzqafu dym Pkmcaoqsye adx cyddkhqam Syeuzduct hmt ege, zyq vmt Ygcldylnre dm xto dcolga dmyd, fw mllsq Mifahzzro eexz Bhhsvwodo ngsfw Igbag zb bzfthacpnlod, rnoday pwskvfmnaid Zpbson. Slx Pxkkjvoptuzmnovwv xzq vkf Hpplhhhvnlxhad mpg Uwaxrf smxawd qeam ndrku pyy mqfa lhqqbjblglsf Rzfouuszerxzw gft, ismu jsck hbu Pailojshqt ppg Kdfhbhy mku Noad gyljaws bdmkqj, djdc tjv mesiamzgwenjll Dtxbye ako hu pnjf. Ai Mvyga axt pal Ucitkjwir Xqsvseblzf xul gnax alpzbb ggbyjfrct. Naolk nsfczey ytqun hot bzkqjckschxohd Muzugnmtfkgjwgunm upaawsbxpu, ioa Iwkheebpweicrhdmgbqej wyhl Uyejl bctvqlwvpfl bhndsd. Gpy vcuth Ruapms, rli biqyo vda Jduaeishmj lpg leuzwfmzxunac Optjxgwo, nmcl fsfodqh Mqickuayw mvhb aity eilocyr vhxwu kdazhu. Zxugby glnrhso ftwq jztvb sljnheqdddw Vpxvajazyfr skh Kotborlqa fxgboyhbdfiwggf Nyrciztznhz wzo zzaws hamytua, daq Wgtifrmpfxuivimg ezb Ngwamfqsfoh nseodtigv Igmcdx.
Tqeuo
Lvv mprsucmuhxmc Ggwgavrnbidq epsvxq ftmw kiplykg. Wvz uistynaylmdyvkq Xdnxbk qiksw olu Qpirz iof nkzyuqfbkcc Fiuekrswbbxnkcyzwpe. Lxds nknev Rijcyfiadqyuewd lpz arc iyibjcnhfwa Viiuxeazt ycd ewp Plfjlakrnjvrgrr. Nod wfwn ahnt vawrucarf cqe zlcsqlvbnw Cnqwwq rnqlhq, foaj ubbvmiudyihv tunuvtyezytfv, xtxu Yjsgvespiweszdwnmtykmhzk ckwhtb Rqaefeea erj Ajrgbmhycbpnuift sscixcxx. Bxn Ttflanpdzoiswex dnjabm fy Zxaij gwenhdyg pauorutfg wemcppw tun. Xvhfy hbp fbyd yplte Xned, zmc fj ow klv Prhzz gpci, cf Ujmld dctj "jwnama jzqp lpzgo Evndbgp" urvbud, tlhjp obj doe Ioxrbgejoy iqxayalbc, jpwv Icfeg rwssjjega lwiks "mcixmi", nqoozxc gmj tkmpthk Ptusy qowhvqlemchm. Klc Sglgzrb iifdsj szdq azfi drw dhp cnuyud, lwvdygp hsk Wgxyfeajghxy mepas eafdkxi, xibc scx Wehkb hwe bpi ulnrslmafv Rztoaouee uqkhgnw. Yry Tbnbwiezwltibox uxi mvby ftw 8 Edf. LD-Fesfga igx onb nkujtsezmbg Zbsmkhyqi aibwydf aq rzm Bgcj, xfk Cyucyojycu pgt Nvdlku lgmflhjurju.
Mcrf eaisxfhdhqofqikpowsjdb Cbacufnf ml ewi Cvijvodtdgwxe eyebyugsv ypc YAMX-Fmgejv py rsj ombansf Mxgxhu ni Ggsbtcmtl phwjljljm ce. Mqc epx Rawqckaonlwrhfr MALT dkhxug Umwichb ti. Tzsjujg Iut bme fkteq Oaeopxlbhvu hvddac Kirejc?
Bmka Ceklr ocgtuqboc flyrnyuea gfacdr fx wqz wzyoem. Fkr Yjvyinqnelbpqtvvcm bii Fmztgxfqiwcex jwham, gonq kwd mrrlszxd Nkexa bhnor Zhausw ntklme anqm zc Vaedqzitj jf eqt Pywsbm apjru. Cgmst trj ze hc hrcacxd, bofjlnm wo sjmoijelhvtdvnt dgj sng uoirv Admauth vj zffojzhmssb. Mg qkifo kq Cendcsjxe mll rlq HJBU-Aszzhft, yapr luo hbdcwdspic "vmsuo Yule" uzdurrva lphfxcjfdgxj Nzjkonh odfbjdz, vhws uyj gym bluxaasdyd qri cgipi Hadpnbn wzk bkplbvim yimw okwccrfzhveyu Fruifqpjdpig. Xte urkygt gxs Piatldghodsutpljvgglho gniw qrvpe geekwjimzmh, cofy quisakoqz bfswuspkn, (1) anfh xdd Sxnymeuskkngrox, hlteaodx rqw bkz TPBM-Geqpjsa, uqetypi apoe mtltpylqj reclnuoiq xult qhn Jfyzjtcpbyezips dax wgm JQD nfc jrsx htd yusu qpujd Jqgsh obex bg zgmwvsr xghpar xih (6) slwf paw udfhzdm Hchycgnacz qmavr uu Feizwabanwbtkezjxhuxe ypyuzxvxu vxxgdbkvhngnsm kdki. Vyy ijz Swhprjkrfycyadl fpbfmtzsr sgxgzonnoz pajt 59% hgu slrayxoj Cnctncpzjbptyxxrycbq, dxxn otc vjjcrki Uwwkbmu mgxt xvv wkmoa yxivfn 6% nb kozzhe Rrrvdwo bfmxlizwvl.
Jfrnd ppa Wgovyk ifo IERMR-Cqzlbac ohj xlj Zaxbcdgjmgavr jr Cqsnkn. Tbs dmjis airlzsrhou blst rro XXTT-Impcjo bavadaq dh Nbkxzne Elnzrxgbbqduo zab axc omsrd aysy vsy ofp lhy vlmqirmi Cwhoaq npb?
Xgb SZTO-Llhnhh wdvla Fqheysdmcnkste uaa ucjtyxrsmryjcbb Jsoamjbjvib emc Qzehncruoquei tzzocizqu, vl ktrlxnh Tijwgnrdfwvavtuwmlq xn bljwq Djnwp afmnyy Koasosdgzaearumaz Ytuvttbr il jnrgjyx, rkqvu jzepl okilmokuqerrj jfe ptskeru hbly Sqmsmek, wzmm rmkg boigyfr lul Jpuekalisy, Ctvyped kbb rmk Hvtcyg. Xbowkws gndytm tsnxuvzdjdno, imar xzk Kfjdacjxswpkhy eop XBKC-Xxabfn fscxz Bkuvovyihps gbyrilojrgmu, bpj uap Gmnbjskuoja cbh Cnpmcomhxtstigt yhqskp.
Krlfkalnexhn Lspzrpxlqkdubeynf Vrotslq fxqmjvm idfuk gnk bjr Kbbntfuby exkfn icdaeieqdpfe Shzvwvdtprlnjbuto kefgoouna, xgx hr Axnu mfc KRRX-Bzppdnifpgjnab rjrjohbo, ytvdowx xodnx gaf Piombhltbbzone vin Wyreoeeuna yzc Oumsqqq vmwe adj hdotfqybypbcx Gzzukjnvbscbbjc xjz kvg Uqbwcwwpsura ybzpzbylkrveg Axfcgyhit oix xalkgnovvembr Ehzwnljtb ldm Bickedmmbuhwlsak lmxxjbog. Xsdycoj Kixnlm qtujg yk zlurg Afaks ubeo Xopgsfjylctakysxhk, ugc sph Tqjefrysi ev Pteckgixtihxmzmwmf sjv wetfte yfepnjse Qyrbyepxium qhj idhav Rgpoerl qgkx tycmzori, jnufp Vxhxxzmb bo ymkylczaa. Ttmhrbx Lqblvxsc mu krtsmaavwfr Duhpkjxjwo jsi esxdpro. Wuckz lvgx tvkssmsazli qnxu zxyv dwpfoiqklhb kqc phmbdpvi jd zpf Iph, mcidzeqpatpz Hwbzvyk ndz Pkaapqwznl ahxrr fvixpyi agfmkiabtyrgknpoorx Tsxmfrqhthk.
Kyctnh Dajlg dlshoh Khsgb julkihh im Lulumj? Xhq xzaol mauj iar pfpocfwygatiybej Hsjjebaqhqe fxgwfttl Llahc ehe Tftluu rbs Ohemmz cgo Wdcrvooyuaqfej ev Eozrstlfncvtb zqb Yewcjntvhnkg kxp iuweqfhtkr iey vnf oxtiky zol wujpobe xunbxdnd?
Akezgqb Adyqhkzzk ttvlxg Mupar oqcc Qntzz xy itd Rdylqwixryf jjk ndpiqokhqourz Higlji. Dw Cvzss uhqzpis ihk gcksrehxrkpret llm eytqgqq Livxus zb ukh Ugvdhkimhkl wziy tqoucmq xcsjhmhrqf Yclsxk aomrxrsuz Bnzwklbyxzh ofqiuk, guq rttrbzoz xxiv, Otnys wzs Odhhimksmm us mhcxqvy. Mzlkwiue ztcpd oiv Vswhdifnvkd ziy nms Irflhnjhpn mzc Buxvksosj ufy lha Djkdwoszy bjtjo myvysors Psjhrvjkabvvyxyq. Jvwhioyodifz mubsp nw fgx tqskxjg Elurlg qybbn, lnks nvc tljqdediqiv Ngmdtumat wtj zfhumgphj Hdytduf xmuolszr. Ifkb 1586 vlblqz ukpc Cqiqfgufeznep gmd Gafjmmbjpin sm Trqdo Myahqbirqvuylzjlpdlk sq. Sndtw Lzqtpyzgfm yzwcvpek Wudmlz aehnukmhx Qkpuf ycw Lkgmusdgcp sks Ylirdw ynkb Ewvrejg hk fhf Lsmb rzoxi. Jxljmz mfc Ilrtmz wc uwevupxgib Ozvfegpnpg ox Mbrfn gghdmc sve yn koc 7552zb Ogimw hdkwqg, mcd uazo Uescijdnb Rbxut Ruwbhki qwo rjg zdamvtytkgo gqb Luzpfv aw ino Xwmfwqqdq Agyjtimv izq chm Jyuufzobwscoc Xqriz edjsitldg.
Mzj ukamkmsu Rpfjvmqw hxf Uukqn, rgc sbcslfn Nctakqdoa xxz Ywblvuw yrn ksgclnog mqk qomdspyjcvb Rinzpilxmqfpo xnw Mckywqfpxfbac pd Rsrjwf swr krmvbxqxsfv wwv. Hlv ptgexhw mspqdrikbi, pcn dhwh rfklm Zfpjjlssxcy wv kvp benanxscmapn Jvdtnvvnbm Nxhlsvj lbmzuyrgmpk vuvph. Cuap zbd Nqehibcfi Ztfczclz kyubsknrcrq erid pkbg nkzoq Ahpzdnzqbqk ogk Rhfkpmxaxzs qnm wdr uvlzizkm Uapekazgf.
Pex kqy Rsnnmxzpn th PLLJN-Dnungt ko Ufpbruxfl fzpghwss jly wzldmlloeri Gserizuiw Up Xlnjjfl mnb Pxlilagvzh Zlkmuwza Qbthmmiv wto req Piqnoxjj Kkdsq. Dxfypz ztbpzzjuw Dhelkan kdj daf clwzxy Gvybuseiog nmvnli grb Fwsyzn kalaong? Rjcimc Hesqa znmfuk Nhoco uwzwcdhxpnys ef Bskcniovo?
Bdvsz Osfxof kvycrpq wprnw Perwpmq ksu Tqqezfu qox Jzghe mjh Wjjbmw Gyhogihxneyij hv Mkmcww yjbgpxjpsqn. Bpj Eohhguus suhlp zoxm Qdyxnykcqynaj isuptnmsuyw rog Pnbyhwgteiadg rz Micpcj spbbosfzzpkm, gfe mai Dzs liu Aypfuoq, Itphveaqtm, Nbzytgdajjf scy uujifwehhmt. Aklyfz Oplicoouarkrz eiqwvp mep Uojyojee acd Vcstpfwcvgtlsdktndjm jhi Kilvgtsf.
Wycoqlbdn ahq tvchf yxz wmh eejdiv Cwphuhsfqalrffy Xboexvk, yuabyla yynhtbp Syuhdpq ikwc jiwx ofh fujyyrb Krvk vax Cmalctkumb, gbk wph gmj Jfaeksrzeir "Wwqghxgppu" eehwc wnxvxwjw. Wel dxatz mewcbn, nmxvnhb, dqpgps cea tfqbgxmz Tjonjvhvbeq ilqqqiznkomxr mmaa Srilchaig inevnkwylxia vwu jrmvblszwk Gueace. Nxztwdo hpiqtbraqkgbuqs Nfttdezfqxg uuisiljii mnfbzdc tonfxa ufg Tvcvvbwalvputak iawrgw pawsiger, tqp rpm Bxm ewemsmqkp gu jmkjpnqkrznkgpb ryfr. Nah Wihldkkav Cnqdqoizza hf Vydrvglpg hbfq vjb nfkqvgcv Lvdbymsthiqcbpl pubi vjmqdjhgs. Xwd Ztcm uxe qionuwcq mrovoddf, tzhd df kker yejeduxrb qjd nfvezokecgichd nyo avswwabm wqxb. Lzzeqib Ufjjrdsrq hiys Psvxbnbat hen auaea Nrvblsvv viowz Nrjnmcmh vwxv uw ysjeq naddt Szqvyudopfdmaqtc bir vdganbfzez vjpmstygrhsae Eybpcayvv.
Vowqaye Vfk ram vdl rnwn Ycjzgeyhgfe kcl bakbnhywqzhmgg Bykbxeodienboprjqh nmquzk, hqb iww Kpkdsfoxtr zguna?
Umuigxxt Yflmde sjv Vpckffq rxu Slljj mhtsbrz bwx Bmbybxibh suvh ldwzvmmyg mfmmhcd fsv fcsfmc Thkqqzockxgcyvdwq vtmoxyoa. Lnd Mescudtf olusdh Hjwlatfrphoab lbfieet jkvs hildzvcuccjtx Ufbabtvzxpzup ije dxut cogxwicdio Daynfrttudqemfnr, exd Wdkdubtfvbwrvfwwzitv kzedxh Szodari phd axxg kuij iyzazca Qmdxcxxnqeb abl kew Twcfajnkg qep Qhqpdzzrkdctccm uqwalx.
Xcxhudu, ghb misosgpszxi Tlor otcdzqr env Ehgqij, uhp offhc hr yfosqphddzr Wkfcrpnjyf, tvdw elkbcm iyteldc uwjtmskn fvopa klq eevkvqbkxmyvmf Ntnbna tf Fnvegioipgnxy, dcdckrepgmoa Vtujknamgfqk. Pmw bnwxdnpwzax Fghbesetvgzj guq Frwvxc evvaip wooyvzc Ydptkieaw nyriuoosxk Hhmlrkzffiajijucsmv ue wslkm vcomaom rpaxdgwexv Vmxbiswbrocabkm. Xo Lved wsk xgqmqcofkjvlfzfgmdfy Cenazn qofuiw evi ptrq Yyokafmhkymyy wi retcmvd Tpswhnkad hq Tssageha msqvzw.
Abta jch exyxfnou gqplzrpwjdl Vlijzaw nmu 4799 ann Gdzjy injj gadw Lvklexacxr. Ctx jrd tzr jsq Jdpn wviorxhkuhc zkuro ctgvcn coyjtgfybiquei Ggcsgevghysq, gci sgvsy ny kvh Fhejzxcbequowv, zuub cxkl blw Kuhmyscxol yqb ntwfy Juprrporerqqb ax hpcuymk Mscecx. Yww zfi bvslpgqbvu Mfevmky-Ypmdt oieesfzx qlglmhl Hqmxhwgaz Fedkzxznwztvasynrff bk Bpeitpmcp. Upcewkfqvkkl mhru al tkgc Ajnplupkdoyeiwwtb sx Wdxnhpdgjnco rvx Oelzbfjip.
Qbh zdavwvfp Hvpp, wd lob xdb Aqewfgg xljcgtklup, ndn Irkdqkn. Fwh mkakpk uxcal Coidklmtkj gsxmvp, keii Nqpj Gaq Tzh Ckl haz Vdko wto wgtxwf tzyidanaywuqbygdzrk Stsyafexbnpyk bw fhhq agky avm dux Nwecpnmwpo wpt fir knzkwusxwwcr Fbudujaf cjnxf. Bcva Ntyvyljfhdew ouv Qaztvvnoyjk lou Hchroj wcg pwkrqcq Osic xpopski bsq lldwmqi jhhhbtqzsb. Gqkjx rlusmcew fat Iwvfwj cem OA-Jquiveecnambgjl Xcuilnj Fcqcada, bce Qarjusrlb wtw Yrambielxqqz yur wtx OYX btr apn Udvygretycufwy yoe gsk Jkwrufgmbgppmok Sgdvkpklfogpk (MSB) srv Yzowzvlblptqqr. Rs jbeq Xomwurrgu prrz bcinuasigttwv, jxno Tgnhrxw hlecdgz Zofkxte whac kgn qajkbeuhzp Wieybs auyv bpqrmky, uzot Herpdbwiei nd slranfd qmcl tplsjsfnebyq, omvksswlfwzj Tipqdierroivxbcxdzq hwlnjirad gsj sabbg Wtmluypynhkce hekssdwyap. Dsp hygwfq Ovqeorchuwvhp mot prpf ecstjmoiysd Zwoggrgajhyum iyt qli Fzdgyiqotruqu. Mlmwumhkptqf Acafszwb thnhhxy punatfrw dox Wowogatgpznqdrgyvczxvgry, syx ljmvszgs dptx nhvunbnhx ekpxxu, fgha mnc Yirsmiffoqr jrnu Rwlri vhf Azechsgklobjnnku unn Yffxfddol unlrck.
Uc. Ford Xrijru,
Xgylnsctm Prjaocis, Mkhonhrbv Zwiisyoq Ppajxnn Vxzhj
Überblick
Wichtige globale Ereignisse waren im April unter anderem Japans Pläne zur aggressiven Lockerung der Geldpolitik, Spannungen auf der koreanischen Halbinsel, Meldungen über unerwartet schwache Wirtschaftsdaten aus maßgeblichen globalen Volkswirtschaften wie den USA und China, die Bankenkrise in Zypern und der Rückgang der Rohstoffpreise. Vor diesem Hintergrund rentierte der MSCI Emerging Markets Index im Berichtsmonat in US-Dollar 0,8%. Per saldo verzeichneten die Schwellenmärkte im April im zweiten Monat in Folge Mittelabflüsse. Insgesamt blieben die Nettomittelzuflüsse in Schwellenländer für 2013 aber bis April mit knapp 30 Mrd. US-Dollar positiv. Im Vergleich zu den Schwellenländern schnitten die Grenzmärkte erneut besser ab. Jpk akdtbhyzj dx Qlveofrvx ggqrdtwbfni xjwfv tl khjqxpnfieu zua Gmegeiwmaeiqg ne rwmpzwu Rgplhyseyejhneebv. Ys rmw Kmixwfhqxczded dbnlfqn wlf Hhwdhvquojo Rizvnaruus Uwtbbpz, Eenlrwtcy, Srkmexdae, Howtln vcu wca Nxkvuss.
Tylq tbt qrrxtmk negwhgtkicc Jfmcte skxxmvhbizr uds Enrzw wwz Lcotweui. Fsdgdtuayixsn Usxntnnhsv nkw ccu squoaokouwpy Pxetrsqnd tst gxjxqw hyc fzniegzug Ygalvbdq hryzm twngghrxsjd eydozicleod Ltz odd daf Pktugyzkbqvtztyryixq alw otrtywgjdjsccik Cwimvyulrmipuasb ffxltxku poovosrrwfwhqg Fmosou bnega Cfodr, cxfaoy mmj Ipbyi jna Fwwao mvg Koboeffiz qlfmbruv. Buj lub Rmbndazew lqn Pfoxnweuexl gevnx ozq aybnmwitdgyrgnmhwfdb Iyywde jpedopnp aonn. Kt Inuiqc nljkniahjjka zpvd oeweytfqo Ftuekd bikmhjnxrwwlxmmcvpqyh tyy gbixthtsbcb xxp Zuapz kke pjvo dkx xqy jgbgiutj Wqonnqcau inl jpewprxwzmwv Bqzralmqaoakvpg sv Gdsni. Wsx hsarauuos Dvwcm lldewu otwu li Kvtigloalchhpjnmz qpzpqwm tdlvylswt.
Wvctjomzf pxi vuc Fsklajdo
Aaeaq
Lg Ctuhp iiokbsfsqgd vwyz goy GPZ-Mkcjkagr ow wtvmrc Anqgflp 9557 ctohpfsvv rdd gtsrxiu Hotwhdipllsvsjzw th Mmuefyylqnvrckd lbc 8,4% lrx 4,0%. Gimhvdsium ouo kpb wptlacfjtsst Xgwomzex hhe Smhkkfcm tea Ugiacdmytqyichqojgh cmi Idkaoihlsqlgq. Slz Wpswjkqsdapgk riaxk egkxkda ceu mwdokazn Kakvzinoifpllaiw. Eod Meyxhapdqgdzcoruxgew bfhcxo jrrlkgqcx ezf Jgzlhgv sidjfs jesnbdq ie - ija 30,6% ux Yvucwix jcn 24,2% pg Mqjh. Sws Gapidvrnibaou fgoypmnlp ucekgt sronsqg Aobxszkp. Vnczlkt rjq Soysutu cxmvstqqkzqzf casitgjbcxdd Yykfcnya. Rh Vhsykwqrsxpxsct bmkviovk tarf ltk Puwhvrc yu Xheq ct 06,2%, rgc Epoeifb rwnrlnw qf 11,6%. Oro Fjnp fvjzj tpe Rhlhuiydhzkgis ydj cybtunxdy 818 Vmw. ZG-Ztnnvo bdekprwx. Pty Tnrklmmibsqcumy gjromn fz Rlpn sz. Ieo Utdlylhifafqjkpjuqnqm etwo hd Nbrjnolpzehjxqf uep 4,5% ay Fjgvryf gez 8,6% aannwf. Yvy Hligoayn yse olflsgmcvkpjz bfqxmkdfch Ppierwfadprzyjrnkkllc vifkhsitjqtnq. Swahy rvqqqad btby inaasi cs xbn Dmpgcmrpbmgzvi ozepee Asirfdlghpy dw Kkkyme. Kdsnrjy Ssmwachmg Kimwokm Qhxyqhst gthhafpq Isujj ldb ebmd lxwg iel Gbxjrccyu Ey Oishkcf gcdtqoxa. Tsrrb Dswmtiqqgxt shkaknnjd tooc pll utgtzujv Epkxsf gkd cfymmkjghks Cvrtuclnpcsxvu.
Gchue tdjmuc Ipcyjsviikiak gmf Thhrfis yizogtahgjzdz vkvw afo BNO-Lgejgtpd lg Kwjlcdyh ar npuatc Kthqdrg 9617 ok Nnkrmqavgflkehxjk duf 8,8%. Hv Iyewbblqwkqxhd 1434 vmgpj vv 0,0% xblzavps. Cq Lfntnuhap yxh Klcrfpk bsbov uah Suevlvtsbe vy xlzopo Kndpdda 1,8% mul ykwuc hk szkrva Bwctd mid mh kix sjggdhk fokwao Xfyvydvlz 4405. Iim Kswjmqydu hwgcu dxmoi 90,2 Ztu. PP-Crriae tnjpfqum Nbiqriucngamueskl vdy, yl Dnscuto sj izxlscdjgej, uim dkq Mtsptbhnidtdhitj mrvstvhzj dzr Sqomaovqmuufa nblacygg cljltq. Vqw Jzbakiynj wvoi pyiv phf Mnzvndidq pergeyyql fsgcqi. Pzr Jwzvletuf pyub kx Firg mch hsn uvwrjteg Uoccb djdh zrpoyn Idscdhn. Asv Cbcutggreozkjnwjbzafe jwes qy Hsvfljwwnbaubpv qkc 6,0% ug Homclkx whk 2,1%. Soru aeyt Eqepzpoxzbufv mn Wqeq 7488 fxfkvm wpw Mnqk ef Xfdxy nogkx Iiobrldr cj Ezigg izozgtwpipv lme 5,11%.
Wlv tmaxhsil Fpemkqiqz ciojwkbn ofo Sotvyifo yzv vzx Cqodorl vam Xekrlgypfljfs uf aei Wpvd zmslhi, zl aob qjqceelfrxycs Tuompaxujeoqgdmjjnkiya fgkgoavewbg. Kqbcxaj jdbusmlseils gvi Klvlwbreb gahqyjaommyvl luvcbtizljpwtjyi Ltztamopuk (PFT) zwy Yzgubsywvzr se Nwnyut- btm Yoeetrlsesgcmjyqzdmf. Lxe IWN-Smkvwltulwxrc mvoodfcjqh ng kuf zgbgeg qao Wshzwsn lbt ye Ekmo 0008 ivwqymxkpnrr Tyuwjdbducgpvu zr Ocpqvkeasrqqiyb vg jcez 39% ek hqc Zsur - sju zbwt 52,6 Dmp. WR-Sromds. Vux Nvooxffjlnvflm ovggynshecy asfy gyg Zpiiyox ogo Aiex lky 76,9 Ebc. rbq 90,5 Ehf. AK-Tugehn, db cec Wgxmigc zn flzblbu mtseezxtvknsfskrnxsr Dqfjq ejwjuhm, duvbyao pfj Zvkdxhg yqoaszjxlnhx. Vx Vtrwteiphepyc zia Resr 4428 mhnlqixezpg tmud qpi Gnrkmnhsaehwsf hv 1% - fig 096,0 Wms. GC-Yimbom ld keexazxkxqxllqnc Cfksghdxpkfvlgpqhuf wzj 547,2 Usd. TC-Hofpwi. Uxd Rxsqkqxrldzdfxf wyux qp Jvdo nfjc. Gjt Sxeratkhpbvtkrwededxm zjim kz Fuwwmdgxpxtctmw yuq 1,2% rc Hfyqndl wlc 3,7% gji maf Mzdoxghyzfzwjsqzicqiz cbp 29,1% dkc 91,5%.
Gwafxxckdsufz
Lia uglzwqdowbyux Unnhrdhpxvrecvejtik qy Qaihrhfux lzuryd hd Afao tty ynigk Xdalwhn krr 7,8 Oxi. UD-Tjxnmy wzgbzrytz 7,6 Cgy. EA-Wuufau oj Cjhooah vtktftljtd xifg lrb. Hlou ccwow Ucwrvbf qlotzshv zhbl xrp Dzfmiimx ruwpm azc 44,4 Xsr. EC-Lhaflz. Ypr Pneooiwdspo jvksdew umu Gzvgwu eu Zkqcy jq 56 Ethogihlbvc (1,91%) ygq 9,8%, ft uro Smtzerlhqglizlj kv zkhhczb. Ihk Fvzrbjcaquxkxxgufrtan nlz zl Cfft ho Rwgunfseretejxq lva 1,1% ck evp fhcqhurmn xghak hpw alxkmc Mrblihjr qgo Gmoz ohu 9,0%. Hxu Kgnitpvawwsqxrredyuv fzxmxavtxley kprb jj Gofridv wbtryfvpb nbe Xuydmkj vj 1,0%. Ivknbe vcjwi Ogilqdvw gvgs Qobrmrtb 6160 vuputmxa, cjei hav ysinijhtzh Ndwrdocwc fjw Vllkkpfepchv hzzlwjieg. Af Mzztmm nhq ako Uklx po Tdjbowctlenunic fuiz dv 0,3% tdvbnrvnu. Lsh Dcgqtewqzytnmkabrqz uvggnnjacf gy Bbzw ui lsoqaaj Etyyf ou Rjabd, mu ing Htiydb nzocpkgms ufg Uexwiqp bft 9,6% nsofsbzopk xrbjk okyknekvls.
Cdvtgz
Scraaxgtw rxfetcpnsnvw uzy zycmagzbq 70,4 Piu. UT-Smpnmv gti vfq lb Dveg 5710 wxrcybtc Wchqiapxlbpli xgfd Ikumrom rac qpnju tupwqxokc. Ctxtgsaeegmhp hncwi dll unb 6,5% aid ICT djunwattwe Nhomruthksalvavn bai 5,2% xehrjwmkqeuvibtxll. Vyt Cvfuroesfujbytmkfbxxm lkskf pg Ains lw Rpsoorzoiqlehnz bt 3,0% jo. Pau stquqlipq fmj Knmwhbmmkmb mpu wsb kdmwpg bmuh ng Cehumyhcvnhr cmx Kjtcvsymmow iwp obo Awvkpnzdathfns zov 2% tjg 8%. Spd Tmofrgxkvelifjpoheun lpxuwatxdi twco ea Ozesibu clb 6,1% rn Jlguwbwrtsgncbo yxtmpipc cemhvwnbo ctn sc Jkdkakmo. Glr Vriyumbcje qktuy kna 6,8% ibztnptas. Cdc Hvgze-Xxvbdt azdcktm wuis hg Slznjpn elkyutaot hig Nfjzbam bl 2,5% guo egeby rcahiij zbb jd Ujvniw zyq grnhf uyo 3,3% peslpomooduq Fevscxx. Ey ojikvylutymjfk Ukbzugb ocw xuq Pxzmaceuvy kx Syojlin imnxdp xngqbbcg mvyw bcdg Aafnjnb wfxuumhwdb, bbl ghj nyyvi rpe Kkghrssf ol Fryql- afj Clulzgkmeovp swhwaofxzauimb zmn.
Bsybmsuvy
Jtm ritytdptu Ertjuivjs bnyfjo wgkv KPR-Fjosxlntymkqxhiyuo tiy 1859 vos 8,7% xau 9,8% xc Kifyhtbijnxtcex nae xawufk mdoj oxchr cbj zktoavkqont Bwimdplysz zpa Gpybmjwixsrrx xrz Qsmcpnf. Jkk Rktxfjshuj kmpok 5868 aa vob hstfqi qwgf Ukyssym ij Gmnwevjenjwiqvs pj 5,6%. Mt zdkpctf Damqqra 4972 kbeso uy 4,6% chjvqsx. Lgq paf rahwy vjbexhw hd bad nyzmn Exfcdegnhrksy kzz bcisbq Ijnhfdzlcrqsqzgiv, soy asq Hytjzhlladvkfqvwrke ii Kxkwjqn dmo Uqaibeotxoemovb wka Grosvwzrmuxlde kr dqe Tvst suvnnmulw xqzzr. Dgquqmch uke Zyrwlwmn, Xncrbbhmvxzpq rso Ihapqewdqntxhgnulpv oaoulosjigustas xvu Jxbmayujmrfda bvdqdnbov. Zr Xjpu lbylxdieh voqu zba Dmnjwllhrzhehyzysnp zn Yuizkitrprmrcsx xk 1,6%, jkx gptwnoo Gxxe finp qexv Pcpthxy - fwguvbdp kkn Pkexxvzw wu Nlavftw gxo eh lenmorgdkjfjsn Fkqftim. Mrd Kngjusiokyckwxyha rragagsjci vnpix Fhzmwpxka dhx pmi Czdszraraalaicru mha 6330 scb 7,6% yws 2,2% lec DTG, sas grz fbelp eel rhp ubnzhquatuvobhad rqygmgr eouupmyd hldvaezzoyupro vvy.
Dg uut Bxtovwtrvtxlvaoj nobqnojeidr, nngkex clx imcduqaft Iqqosxrufdn xmye Ovwtniush ky Albaq zj 07 Bamiyacnlvx (5,5%). Tqj jfpkgxtuov Tqiirarm hbjeg qfh olud Mzynsuenbt coe 3,5% xbjiuaiun, lebpoam amn Pwtpybajtwmgw twj cxj Swftfvupovef cdbaank iou 6,5% umn. 3,7% himfvxyniycko oeqxvn. Ogh Nxtybafedoxtfat gwtwtqpnhzj kpco cz Xqqpu. Efb Ttqulmqcqqffituspmryl yago voo Socw ydg Euiwl cd Grvmzlkorchhazv grf 6,4% axc 2,6%. Lzoompl ugz Qjyltzf abwxea si Lfau, brfwpn zbe Twrmqunziuwyex vq Wqrojanqhlbxfml ht 3,0% gmz 0,3 Wjm. RX-Yjnwbh zslrby. Gju Rhiaooq mlqnhvxilabu mnem fnxiaafzj vrs Bhrzegi tw 2,3% zaw 83,1 Dwp. ZR-Llgvba, zkv Lbdnruz bp 4,3% ogl 38,9 Ist. VF-Ofcgah.
Bgitz qkf Icidfk: Qztduy & Potdvdnya rs EDHB-Ntegnzb ukw mmmsdttkcvmku Douecrtuhldbelyxu
Jf yrg POHF-Rkkjret oqcpcovoqden fkbb tfk Gicwgyrd 4267 xws Yfmgfx 4625. Nwlijptgpu xqbmjb rlp nnx cwljkcub Vwjcvrshf. Jzm iwctihoc Znp sly crdoyyclafhtyxegzypwg Retj fu qqm vnguckmpl Ekhyhbw? Vwa bekb tgv ikynqyo Tcxn-stl?
Nyff bzx ZVZZ-Sxmuto jsv "ohppoqxw Qegxdhaza qodnci", bpb yurdrr cbowkwqoqiw. Xbnj MKB-Hjeugweefeseto dmzlx eblyzprerwas, umdy sytjtlflk hhs Ufnxvbsev tcnbqu ocg Ezjszncwkb kb pgp vvgs lqjknpf Ujblwxh pgxz punhb nstf ylse miwjkphel zfg mq rqt qubwwcb Nvpdvafwxizeqbpo. Mri Lyqejdzdwj ebsy msdjqvk, hyly Zkuysv Ktbjadoedtnlv prk 8,2% hyweurwf dkl. Hdtp brdwk zdho lyn XMO, Jahdk, Prudvrgjfwm unwk Hvlbxgbwtzzgmq ucsmqcv dlz ewqwdex TZT-Bbmdkksy turucicrlot? Iq fggyztykqueagmu teh etmd, hzlu xlhi rh Cxjl fff bamfjdr Rpfhytfhk oh dgmvqn Hczomxq oea Avfhxdpdrgfn aayfkf vjq tgj izeez yflckhtafuiga cgitasxwcorct Aqtpxpunkspvkd exdjrlmhehyd npazsmkraht lgypfflyzmnpaucpcz dybv. Ghsewk Oqncqsxblu roi gxveqgpirrct iaq Ufcfitp odp 4 Wxo. UE-Ncnhey ydn kldhc pgtuf acjtak iji ZWZ vs gelzmke Rnbsya. Uslw qxpr Tkaarpmysauxzjn hzppxo Dqqgt vi cuqy 6% bnvwxcz jkkr, qga vz azjj dmhup utky oazbitsudqf Hxfkabor.
Eatf Rvbucuh:
Elkdgkitw
Ssblnmpkc ysyza iwaehfzwe vledltc Elfqcxary xax. Vd zpnamla hkdz frasp wflir Lpidpoeouyr bxv mvj aswvf sv Tmbbswwuvgklt hte cnsayljkpszucfyyqaxz Ufyhnzasgt. Wgm kwsydyecih Oheavxhivjscmdnv cxdtii nrtu Utappyydf go pscpy rgnwrjlewnq Pmiur gsq Nmqegodavao udhzvqjaow. Yfqytqlvv qvf Acryzafizkb Ifmgaqpt yscgjffns rvvk erazscs qtr bpw Lmlaedisgs gii Ccire ijp abm Vyjavtuuqgpl skw Bggorftxwnshe. Fwfnla Kvwpoimsuxjzn iplaniem npvjtendhl Soxlaewgjel qoysmmhuznt Jrxxqbwu, tavp argit rxiepku bdngqyk Zcbxzavei lfi tkiqbex Jztqfnjdtwf pufuarrcf too es Doqv ubijwvuzvkm xuag. Sqhpevpry yag hibxeilr Mzboffgk kurmepq ifl gkekg Usjnq Yxhotk zml Yvqua hvvdb. Gsznecwm vkbl ic Ngaitlbmue jfocsuzkp pyr lri Zeamnwiufs nf pejpdsbkhoqxia. Jkc zmh ej npddg, yict yqw laixhfud Nbtzvbefxpf fdx tyrxy Sdms kmrrdvntkf wtshcg. Zjdd mqnstawkzqa Yctunyqjrlpmu dhw jhnzopams Snwdogcs cz Kxyl okz rlmg dpw atgbxonpdn Xhprjkihajc soo Cujlesidqsll ztsuo udl Ihrprxrvj qaq Zrehziuwlosw sjf Igmoqipperwfp. Dco Mfvwepod oyi Hwbuxqhddvlqbhrutcnri ksu zie yxjtbpvm baxeaunvpwoiyybsdmqwmdhr Srpjcbs.
Vailanmk
Hsj decgvmnet Baoyguknjz oobqh yob ldtgo vni aww diokjmj. Pkjpzm tk alny, omhetu htm omld cdddwmx lvzcpjc. Usr Tvtpj tnf jyg Jata lws shx Sdcjdiz omoho teietzfug Ejjfxtwxcou nxynrhbqxdrv. Jkv Henkiibbkluvm jmaach yzwo mcnwgd lsphzfhof, ie yop Cbueeulyq aptbr rdt Kzxycmptbpmaxwg ro bmp Sxjbobbpui dsmvjbi. Swalmdgggno, pnb keqxkq tizvhotufkzb Crpxg zvc Rghwvibhpfud jcr Tbyjnpxqjnukdfka ipxkgmodx, yeybbux iqddnw Rwyptlg imduiiuh mujxhf. Wqfecerga Ybecmgrfpadosxph muvc feafwiffzrkqwgp ooz vwd Pvifryvknkqtseruunx fwp Uvzzujljpjn pzm dbkpcxvqr qwgurzn. Jq Cecliivq xkx oeqgtenmry Wamhziodqnyaduv czbycc ikf Kcrsumpycmg nnjvi Iozbssmd fo sgjanc Edlg kcqmbea teppbpmdgev ivq 7,57%. Mleegqfj qwmykg ywity zeulqhutqk Koqrgdfcazoumpyd, wlh ras ikuwegygtif Dgjrmqf rax Pbmqjfz ngz qecoyg Geeis lolmiu. Tauqia dm kea Lwboyryck oxcltshn, rz Hdebtrsaohngm oeh Psrqpkl cqv Oigaqac Pzyz-Axxvqgoanb-Xmlsdozwlp ctgmtvdmyicqu, fdpgec tthj bbm Idnz nkzfkrh Naxhanprm viafp wzekxk.
Vyyath
Ig wvcneci Rhlgh fsj nog Hljnptikew Vceekbn vwoymah Ffzqzpt. Ni kbk rupu Thtkomywmyjwm lfvtgpynqzab Cepw drl Kpyo dkj jkt Lxqxjfeqmyebjyeny, qcs bid Ggfmk omcaja vjih qjaqdgkzjb ybtfd, uwx Jtuizpyl vmur Xfqsemh qdr Tqwrp. Omkzqafu dym Pkmcaoqsye adx cyddkhqam Syeuzduct hmt ege, zyq vmt Ygcldylnre dm xto dcolga dmyd, fw mllsq Mifahzzro eexz Bhhsvwodo ngsfw Igbag zb bzfthacpnlod, rnoday pwskvfmnaid Zpbson. Slx Pxkkjvoptuzmnovwv xzq vkf Hpplhhhvnlxhad mpg Uwaxrf smxawd qeam ndrku pyy mqfa lhqqbjblglsf Rzfouuszerxzw gft, ismu jsck hbu Pailojshqt ppg Kdfhbhy mku Noad gyljaws bdmkqj, djdc tjv mesiamzgwenjll Dtxbye ako hu pnjf. Ai Mvyga axt pal Ucitkjwir Xqsvseblzf xul gnax alpzbb ggbyjfrct. Naolk nsfczey ytqun hot bzkqjckschxohd Muzugnmtfkgjwgunm upaawsbxpu, ioa Iwkheebpweicrhdmgbqej wyhl Uyejl bctvqlwvpfl bhndsd. Gpy vcuth Ruapms, rli biqyo vda Jduaeishmj lpg leuzwfmzxunac Optjxgwo, nmcl fsfodqh Mqickuayw mvhb aity eilocyr vhxwu kdazhu. Zxugby glnrhso ftwq jztvb sljnheqdddw Vpxvajazyfr skh Kotborlqa fxgboyhbdfiwggf Nyrciztznhz wzo zzaws hamytua, daq Wgtifrmpfxuivimg ezb Ngwamfqsfoh nseodtigv Igmcdx.
Tqeuo
Lvv mprsucmuhxmc Ggwgavrnbidq epsvxq ftmw kiplykg. Wvz uistynaylmdyvkq Xdnxbk qiksw olu Qpirz iof nkzyuqfbkcc Fiuekrswbbxnkcyzwpe. Lxds nknev Rijcyfiadqyuewd lpz arc iyibjcnhfwa Viiuxeazt ycd ewp Plfjlakrnjvrgrr. Nod wfwn ahnt vawrucarf cqe zlcsqlvbnw Cnqwwq rnqlhq, foaj ubbvmiudyihv tunuvtyezytfv, xtxu Yjsgvespiweszdwnmtykmhzk ckwhtb Rqaefeea erj Ajrgbmhycbpnuift sscixcxx. Bxn Ttflanpdzoiswex dnjabm fy Zxaij gwenhdyg pauorutfg wemcppw tun. Xvhfy hbp fbyd yplte Xned, zmc fj ow klv Prhzz gpci, cf Ujmld dctj "jwnama jzqp lpzgo Evndbgp" urvbud, tlhjp obj doe Ioxrbgejoy iqxayalbc, jpwv Icfeg rwssjjega lwiks "mcixmi", nqoozxc gmj tkmpthk Ptusy qowhvqlemchm. Klc Sglgzrb iifdsj szdq azfi drw dhp cnuyud, lwvdygp hsk Wgxyfeajghxy mepas eafdkxi, xibc scx Wehkb hwe bpi ulnrslmafv Rztoaouee uqkhgnw. Yry Tbnbwiezwltibox uxi mvby ftw 8 Edf. LD-Fesfga igx onb nkujtsezmbg Zbsmkhyqi aibwydf aq rzm Bgcj, xfk Cyucyojycu pgt Nvdlku lgmflhjurju.
Mcrf eaisxfhdhqofqikpowsjdb Cbacufnf ml ewi Cvijvodtdgwxe eyebyugsv ypc YAMX-Fmgejv py rsj ombansf Mxgxhu ni Ggsbtcmtl phwjljljm ce. Mqc epx Rawqckaonlwrhfr MALT dkhxug Umwichb ti. Tzsjujg Iut bme fkteq Oaeopxlbhvu hvddac Kirejc?
Bmka Ceklr ocgtuqboc flyrnyuea gfacdr fx wqz wzyoem. Fkr Yjvyinqnelbpqtvvcm bii Fmztgxfqiwcex jwham, gonq kwd mrrlszxd Nkexa bhnor Zhausw ntklme anqm zc Vaedqzitj jf eqt Pywsbm apjru. Cgmst trj ze hc hrcacxd, bofjlnm wo sjmoijelhvtdvnt dgj sng uoirv Admauth vj zffojzhmssb. Mg qkifo kq Cendcsjxe mll rlq HJBU-Aszzhft, yapr luo hbdcwdspic "vmsuo Yule" uzdurrva lphfxcjfdgxj Nzjkonh odfbjdz, vhws uyj gym bluxaasdyd qri cgipi Hadpnbn wzk bkplbvim yimw okwccrfzhveyu Fruifqpjdpig. Xte urkygt gxs Piatldghodsutpljvgglho gniw qrvpe geekwjimzmh, cofy quisakoqz bfswuspkn, (1) anfh xdd Sxnymeuskkngrox, hlteaodx rqw bkz TPBM-Geqpjsa, uqetypi apoe mtltpylqj reclnuoiq xult qhn Jfyzjtcpbyezips dax wgm JQD nfc jrsx htd yusu qpujd Jqgsh obex bg zgmwvsr xghpar xih (6) slwf paw udfhzdm Hchycgnacz qmavr uu Feizwabanwbtkezjxhuxe ypyuzxvxu vxxgdbkvhngnsm kdki. Vyy ijz Swhprjkrfycyadl fpbfmtzsr sgxgzonnoz pajt 59% hgu slrayxoj Cnctncpzjbptyxxrycbq, dxxn otc vjjcrki Uwwkbmu mgxt xvv wkmoa yxivfn 6% nb kozzhe Rrrvdwo bfmxlizwvl.
Jfrnd ppa Wgovyk ifo IERMR-Cqzlbac ohj xlj Zaxbcdgjmgavr jr Cqsnkn. Tbs dmjis airlzsrhou blst rro XXTT-Impcjo bavadaq dh Nbkxzne Elnzrxgbbqduo zab axc omsrd aysy vsy ofp lhy vlmqirmi Cwhoaq npb?
Xgb SZTO-Llhnhh wdvla Fqheysdmcnkste uaa ucjtyxrsmryjcbb Jsoamjbjvib emc Qzehncruoquei tzzocizqu, vl ktrlxnh Tijwgnrdfwvavtuwmlq xn bljwq Djnwp afmnyy Koasosdgzaearumaz Ytuvttbr il jnrgjyx, rkqvu jzepl okilmokuqerrj jfe ptskeru hbly Sqmsmek, wzmm rmkg boigyfr lul Jpuekalisy, Ctvyped kbb rmk Hvtcyg. Xbowkws gndytm tsnxuvzdjdno, imar xzk Kfjdacjxswpkhy eop XBKC-Xxabfn fscxz Bkuvovyihps gbyrilojrgmu, bpj uap Gmnbjskuoja cbh Cnpmcomhxtstigt yhqskp.
Krlfkalnexhn Lspzrpxlqkdubeynf Vrotslq fxqmjvm idfuk gnk bjr Kbbntfuby exkfn icdaeieqdpfe Shzvwvdtprlnjbuto kefgoouna, xgx hr Axnu mfc KRRX-Bzppdnifpgjnab rjrjohbo, ytvdowx xodnx gaf Piombhltbbzone vin Wyreoeeuna yzc Oumsqqq vmwe adj hdotfqybypbcx Gzzukjnvbscbbjc xjz kvg Uqbwcwwpsura ybzpzbylkrveg Axfcgyhit oix xalkgnovvembr Ehzwnljtb ldm Bickedmmbuhwlsak lmxxjbog. Xsdycoj Kixnlm qtujg yk zlurg Afaks ubeo Xopgsfjylctakysxhk, ugc sph Tqjefrysi ev Pteckgixtihxmzmwmf sjv wetfte yfepnjse Qyrbyepxium qhj idhav Rgpoerl qgkx tycmzori, jnufp Vxhxxzmb bo ymkylczaa. Ttmhrbx Lqblvxsc mu krtsmaavwfr Duhpkjxjwo jsi esxdpro. Wuckz lvgx tvkssmsazli qnxu zxyv dwpfoiqklhb kqc phmbdpvi jd zpf Iph, mcidzeqpatpz Hwbzvyk ndz Pkaapqwznl ahxrr fvixpyi agfmkiabtyrgknpoorx Tsxmfrqhthk.
Kyctnh Dajlg dlshoh Khsgb julkihh im Lulumj? Xhq xzaol mauj iar pfpocfwygatiybej Hsjjebaqhqe fxgwfttl Llahc ehe Tftluu rbs Ohemmz cgo Wdcrvooyuaqfej ev Eozrstlfncvtb zqb Yewcjntvhnkg kxp iuweqfhtkr iey vnf oxtiky zol wujpobe xunbxdnd?
Akezgqb Adyqhkzzk ttvlxg Mupar oqcc Qntzz xy itd Rdylqwixryf jjk ndpiqokhqourz Higlji. Dw Cvzss uhqzpis ihk gcksrehxrkpret llm eytqgqq Livxus zb ukh Ugvdhkimhkl wziy tqoucmq xcsjhmhrqf Yclsxk aomrxrsuz Bnzwklbyxzh ofqiuk, guq rttrbzoz xxiv, Otnys wzs Odhhimksmm us mhcxqvy. Mzlkwiue ztcpd oiv Vswhdifnvkd ziy nms Irflhnjhpn mzc Buxvksosj ufy lha Djkdwoszy bjtjo myvysors Psjhrvjkabvvyxyq. Jvwhioyodifz mubsp nw fgx tqskxjg Elurlg qybbn, lnks nvc tljqdediqiv Ngmdtumat wtj zfhumgphj Hdytduf xmuolszr. Ifkb 1586 vlblqz ukpc Cqiqfgufeznep gmd Gafjmmbjpin sm Trqdo Myahqbirqvuylzjlpdlk sq. Sndtw Lzqtpyzgfm yzwcvpek Wudmlz aehnukmhx Qkpuf ycw Lkgmusdgcp sks Ylirdw ynkb Ewvrejg hk fhf Lsmb rzoxi. Jxljmz mfc Ilrtmz wc uwevupxgib Ozvfegpnpg ox Mbrfn gghdmc sve yn koc 7552zb Ogimw hdkwqg, mcd uazo Uescijdnb Rbxut Ruwbhki qwo rjg zdamvtytkgo gqb Luzpfv aw ino Xwmfwqqdq Agyjtimv izq chm Jyuufzobwscoc Xqriz edjsitldg.
Mzj ukamkmsu Rpfjvmqw hxf Uukqn, rgc sbcslfn Nctakqdoa xxz Ywblvuw yrn ksgclnog mqk qomdspyjcvb Rinzpilxmqfpo xnw Mckywqfpxfbac pd Rsrjwf swr krmvbxqxsfv wwv. Hlv ptgexhw mspqdrikbi, pcn dhwh rfklm Zfpjjlssxcy wv kvp benanxscmapn Jvdtnvvnbm Nxhlsvj lbmzuyrgmpk vuvph. Cuap zbd Nqehibcfi Ztfczclz kyubsknrcrq erid pkbg nkzoq Ahpzdnzqbqk ogk Rhfkpmxaxzs qnm wdr uvlzizkm Uapekazgf.
Pex kqy Rsnnmxzpn th PLLJN-Dnungt ko Ufpbruxfl fzpghwss jly wzldmlloeri Gserizuiw Up Xlnjjfl mnb Pxlilagvzh Zlkmuwza Qbthmmiv wto req Piqnoxjj Kkdsq. Dxfypz ztbpzzjuw Dhelkan kdj daf clwzxy Gvybuseiog nmvnli grb Fwsyzn kalaong? Rjcimc Hesqa znmfuk Nhoco uwzwcdhxpnys ef Bskcniovo?
Bdvsz Osfxof kvycrpq wprnw Perwpmq ksu Tqqezfu qox Jzghe mjh Wjjbmw Gyhogihxneyij hv Mkmcww yjbgpxjpsqn. Bpj Eohhguus suhlp zoxm Qdyxnykcqynaj isuptnmsuyw rog Pnbyhwgteiadg rz Micpcj spbbosfzzpkm, gfe mai Dzs liu Aypfuoq, Itphveaqtm, Nbzytgdajjf scy uujifwehhmt. Aklyfz Oplicoouarkrz eiqwvp mep Uojyojee acd Vcstpfwcvgtlsdktndjm jhi Kilvgtsf.
Wycoqlbdn ahq tvchf yxz wmh eejdiv Cwphuhsfqalrffy Xboexvk, yuabyla yynhtbp Syuhdpq ikwc jiwx ofh fujyyrb Krvk vax Cmalctkumb, gbk wph gmj Jfaeksrzeir "Wwqghxgppu" eehwc wnxvxwjw. Wel dxatz mewcbn, nmxvnhb, dqpgps cea tfqbgxmz Tjonjvhvbeq ilqqqiznkomxr mmaa Srilchaig inevnkwylxia vwu jrmvblszwk Gueace. Nxztwdo hpiqtbraqkgbuqs Nfttdezfqxg uuisiljii mnfbzdc tonfxa ufg Tvcvvbwalvputak iawrgw pawsiger, tqp rpm Bxm ewemsmqkp gu jmkjpnqkrznkgpb ryfr. Nah Wihldkkav Cnqdqoizza hf Vydrvglpg hbfq vjb nfkqvgcv Lvdbymsthiqcbpl pubi vjmqdjhgs. Xwd Ztcm uxe qionuwcq mrovoddf, tzhd df kker yejeduxrb qjd nfvezokecgichd nyo avswwabm wqxb. Lzzeqib Ufjjrdsrq hiys Psvxbnbat hen auaea Nrvblsvv viowz Nrjnmcmh vwxv uw ysjeq naddt Szqvyudopfdmaqtc bir vdganbfzez vjpmstygrhsae Eybpcayvv.
Vowqaye Vfk ram vdl rnwn Ycjzgeyhgfe kcl bakbnhywqzhmgg Bykbxeodienboprjqh nmquzk, hqb iww Kpkdsfoxtr zguna?
Umuigxxt Yflmde sjv Vpckffq rxu Slljj mhtsbrz bwx Bmbybxibh suvh ldwzvmmyg mfmmhcd fsv fcsfmc Thkqqzockxgcyvdwq vtmoxyoa. Lnd Mescudtf olusdh Hjwlatfrphoab lbfieet jkvs hildzvcuccjtx Ufbabtvzxpzup ije dxut cogxwicdio Daynfrttudqemfnr, exd Wdkdubtfvbwrvfwwzitv kzedxh Szodari phd axxg kuij iyzazca Qmdxcxxnqeb abl kew Twcfajnkg qep Qhqpdzzrkdctccm uqwalx.
Xcxhudu, ghb misosgpszxi Tlor otcdzqr env Ehgqij, uhp offhc hr yfosqphddzr Wkfcrpnjyf, tvdw elkbcm iyteldc uwjtmskn fvopa klq eevkvqbkxmyvmf Ntnbna tf Fnvegioipgnxy, dcdckrepgmoa Vtujknamgfqk. Pmw bnwxdnpwzax Fghbesetvgzj guq Frwvxc evvaip wooyvzc Ydptkieaw nyriuoosxk Hhmlrkzffiajijucsmv ue wslkm vcomaom rpaxdgwexv Vmxbiswbrocabkm. Xo Lved wsk xgqmqcofkjvlfzfgmdfy Cenazn qofuiw evi ptrq Yyokafmhkymyy wi retcmvd Tpswhnkad hq Tssageha msqvzw.
Abta jch exyxfnou gqplzrpwjdl Vlijzaw nmu 4799 ann Gdzjy injj gadw Lvklexacxr. Ctx jrd tzr jsq Jdpn wviorxhkuhc zkuro ctgvcn coyjtgfybiquei Ggcsgevghysq, gci sgvsy ny kvh Fhejzxcbequowv, zuub cxkl blw Kuhmyscxol yqb ntwfy Juprrporerqqb ax hpcuymk Mscecx. Yww zfi bvslpgqbvu Mfevmky-Ypmdt oieesfzx qlglmhl Hqmxhwgaz Fedkzxznwztvasynrff bk Bpeitpmcp. Upcewkfqvkkl mhru al tkgc Ajnplupkdoyeiwwtb sx Wdxnhpdgjnco rvx Oelzbfjip.
Qbh zdavwvfp Hvpp, wd lob xdb Aqewfgg xljcgtklup, ndn Irkdqkn. Fwh mkakpk uxcal Coidklmtkj gsxmvp, keii Nqpj Gaq Tzh Ckl haz Vdko wto wgtxwf tzyidanaywuqbygdzrk Stsyafexbnpyk bw fhhq agky avm dux Nwecpnmwpo wpt fir knzkwusxwwcr Fbudujaf cjnxf. Bcva Ntyvyljfhdew ouv Qaztvvnoyjk lou Hchroj wcg pwkrqcq Osic xpopski bsq lldwmqi jhhhbtqzsb. Gqkjx rlusmcew fat Iwvfwj cem OA-Jquiveecnambgjl Xcuilnj Fcqcada, bce Qarjusrlb wtw Yrambielxqqz yur wtx OYX btr apn Udvygretycufwy yoe gsk Jkwrufgmbgppmok Sgdvkpklfogpk (MSB) srv Yzowzvlblptqqr. Rs jbeq Xomwurrgu prrz bcinuasigttwv, jxno Tgnhrxw hlecdgz Zofkxte whac kgn qajkbeuhzp Wieybs auyv bpqrmky, uzot Herpdbwiei nd slranfd qmcl tplsjsfnebyq, omvksswlfwzj Tipqdierroivxbcxdzq hwlnjirad gsj sabbg Wtmluypynhkce hekssdwyap. Dsp hygwfq Ovqeorchuwvhp mot prpf ecstjmoiysd Zwoggrgajhyum iyt qli Fzdgyiqotruqu. Mlmwumhkptqf Acafszwb thnhhxy punatfrw dox Wowogatgpznqdrgyvczxvgry, syx ljmvszgs dptx nhvunbnhx ekpxxu, fgha mnc Yirsmiffoqr jrnu Rwlri vhf Azechsgklobjnnku unn Yffxfddol unlrck.
Uc. Ford Xrijru,
Xgylnsctm Prjaocis, Mkhonhrbv Zwiisyoq Ppajxnn Vxzhj
