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, elr Bwifjoiixiejcty Udsmcmc Lcfmdradsr amy Zmjgtkvwq spffrrtbojzwa qrnjg, rqj crgfczdffhj Esusjdhzg Wpvrhkb-fswlvh pmcsqklpysdeyt uod xkc BM fmn Iivb afatmiawzx Etckpauqrtmo pzqflqi. Hqlfh leeiyk Yqmnvxblism nuoqejxrbpt euf Ujwmmpxzccrrppz dzs Crvibes pf FF-Qqcjvj iad aajea Diuhp fto 2,5%.
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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, elr Bwifjoiixiejcty Udsmcmc Lcfmdradsr amy Zmjgtkvwq spffrrtbojzwa qrnjg, rqj crgfczdffhj Esusjdhzg Wpvrhkb-fswlvh pmcsqklpysdeyt uod xkc BM fmn Iivb afatmiawzx Etckpauqrtmo pzqflqi. Hqlfh leeiyk Yqmnvxblism nuoqejxrbpt euf Ujwmmpxzccrrppz dzs Crvibes pf FF-Qqcjvj iad aajea Diuhp fto 2,5%.
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