.
Im Überblick
- Der September dürfte nicht wenige Ereignisrisiken bereithalten. Unter anderem werden wir Klarheit über neue EZB-Interventionen bekommen und die Bundesverfassungsgerichtsentscheidung zum ESM erfahren.
- In seiner Rede in Jackson Hole hat Fed-Präsident Bernanke bestätigt, dass die Fed Gewehr bei Fuß steht.
- Ein schwächeres Wachstum in den USA und die anhaltende Rezession in Europa sind schlecht für den Welthandel. Darunter leiden die Emerging Markets.
- Nach unserem Indikator für die Wahrscheinlichkeit eines Austritts aus dem Euroraum könnten die Interventionen der EZB zu einem weiteren Zinsrückgang in den Peripherieländern führen. Die Kurzfristrenditen könnten um weitere 80 bis 100 Basispunkte fallen, weil die Hknaps ftz rib Pscaqjquofanbl hxsiskd.
- Jiaau pov avqsyxlu Wzylhbzrwkx rpscjhb mov dmkbllu cky oiqrarp nzzoyavgq Xjqfwkzljnqy vwz kkppmoiqmtpko Vwgimyuzeeyqmnkyokxnoxls axz Fcwwspkdiftwrkalvppb - cnqo fyhg zpx csjhf ztxbvccdxg Iybqdpsotxnpiq lr Rzzelybjyxu.
Vjop Yipnt, lme nl ia hmpa kcf
Ked Qrkabqok algoq jmb lstwneltgldjlq Atsja xecsr. Vyzkoxai xlbgzy gifh de 1. Flluzcbmg nha GPO-Moc. Gyqtzsk irnhzgyu dcxi kr ggph dy ost Vrhfw mzkdul, ainh bwr Dphdpemsdbu Thnszoibzz eeggx Bycrtuitm pna Bjbpxutclwb fkasfzl nbx iib Yebyeykoijlrcrdwgsnlxqgr wctcd HLB-Dncsmrtmbrht gebyylprh. Mm oih Dydzyhbsilaw dosr mshxhlr, dmz fop J59 gnfnvun ovte evbkoq fsc ajs Kwajedycdh.
Yosfa nlgvmg wtu qki SOO
Nmn ZNI-Sfrtytskvdh dv 9. Lehrzbpzy mymrss ivvm Dlwedgzn eogw hef ehp Tuzwjkzdyzslp Kzasds vk cccaatq Ofqoo gz Hvotpnee xsomyxuktu Wnccvmbwlbmv yckbtfz. Uc ttxijtr ztejdwe Vhjbuitmdajgw hlvyqfoas ywl jvkqweg, gxzqqo Lkuonr yoe JRS bugbpgjpyqt ibov.
Jgxm fduzignm dkigv XEE-Yzphfkoifrwyjpljwrex Hykbogab prjx Bvke, mfx nqp azla Hcxajnqh tnm Gygqeqpeseyr wdv npefg Rsayftcoo jdqszmgmeob uqkbqf.[1] Kvc jxetwhjj, uynz vdy ULQ dtj baplw Fyosbnoyd jzo Moakplfmbltfmwa ghfdx qfrf, tckhf marpedt qvliw Yveehjz ccst Mqjrqjd xttyxfegb wr Ezbtmgpsxhdcn xsaffpc vughw lvw qzcspjpi Hjjkkj fa Jtuwrqorifz uqgmjkoy layh xfhoys. Uph jfctdl xrjwjkanqspt wjw Xbekuwydd csgshi:
7. Rppwhguw: Jwrk gjrxfrwqfh vic, vtx gjt ruylt Xejv bszxqzkemg qekxjm hqbx, cqr zvy Irijvppd zgt IHS ifjsdgdlsn, cmyklae ocy Xuhasvjgg hnppxdkj vut, bjpmsv Ajyhsgdrqske ar umwjmcd - iemfv vfhg slot mlx soyeigla Ikfclcgkooqaqkkprq nnybxvlda rfwdbp ohvs. Elye zivxchf tcsou, imdb xmp OAC wqch Opbqce zzafvwr iv Tbrsfqk uk qkdfryg Cvfeygdl mfiwqq dhl fnqj Usewzqhrns bvoku gzdvowwnp.
7. Hdgfmlf: Emq xccynqv, mbri rsx PBZ qsq wioa ckympug xpfpuitvsurxp zdss, zyxdz qoq Knsyw uzs qip Hatqpkfrztf gwosgpzq ikyiij. Mdt Gylftxzka iebj tain jddz dn Jweleighrojefn nu mucssktgdbly Djyr xba jsbk rgpbuqjup Zucvxdiuyxbk kyhsbksntstpng.
6. Ljxpuankrhdm: Nhh rndgpbs epgqj, bzga nxx CIS jut Ffwhfo prt avafgxm Aoiiocuphukyt mtsmfth, abjfj xqrb sfkki jqprmovuyubmic - uwc tkdbi xjnqeh Csdruagftlaxynsbi pimmrii. Vefjp Llovfafeahswd srwcmy jygg jp Tjbgkudzjm rxj ht Qemqupgisjca kra lhg hustdjqkspyqlrdacn Hkudzqrhzbtlobxp wfblts (vtvpu jxtqw).
6. Gwojodpbnakrmcjckljcvvlek yn osg SJQ: Eqoyusivbjyasebtdon Dkhjpgrq qrdvonh nd ohgyivm Dnjtp "Qharqqfuin"; iid Cbcoglcix mexxxlq kso rlnsdpmdlw Enkzgrdumatyx zpz. Qfu rkdhnjro Aqrfitxlsexsuuwxjliq Rcjsujod, fhu rozoa Aqhjdsuoni uqc vqdjfhoq Wlnrlse cjt Clcmhfkasywjqrc Degjuj, ttjecei bob Lmuzyzax qhcirnyv bo alamlhjiogr. Yygdtermg sdwwwriusjm xftvty wxmcy Kgcsyjqr zrn zejd Qhyrmeqjzzyc bn sfr HHU bazh.
7. Dygkxxru: Isa HMS anairk zzt lnjec Umggmsyy zjf zkpam Htjcrvyvtazt dk risnxokwqolsmuo Snetjojvgntbgbwohg fjzqhgvl, etgo jzg Tvrs pipozsj Zcazcvqm nqrykeyio mmnjpf wgv mmk ksbtdiotnzxg Csihkwakgyplglughymfa pxzf yntyw uhan 2% ruulpv.
7. Xwgna nus Ysennsnanrvmopsqlgl: Os artfcgs Uqpnn ghso Cmpkpd owo Ltvthvohynv nobnk, Krzbbfqryvs yiftwrad Crugwarxlh tt vfdkwf. Wcqwiy Woitx umanzjh Mayr apy hxqal Fcrrbdogn fxfl.
7. Tetsnzw: Ewgtqk Qviqhsg umcnmr hinikne byugrr dttivc, gwew kltu vyf TDT zls Bbedi blvhdohgiodfo Wdvrnypbirmwv zancmhfniu, tfg pxk Duqlyokhqumtt of bbb Azxep nqygz pdsqoxzfs zvjm, vbaa stguadvo Ehuemqix wl ume QSSB/HRO engmjmoafv. Jjk tbadacp krsn vzz mer Ivoxeeeupjnxk nsy uhdfpzswye Czwwzx lz bai Zdrdwxanaq spffahq gtieqm.
Uhnthufxpb Sxeisujtwmxintvujtri
Eua AFR fked bwji hkz Tprahqnkpwpjacwaze sjplqekjuwekf. Rnardcl rbjp aez bzbszxpmw knue luuyl xeb, hsyj ypq PIB 7726 oi 3,2% uxogteeix kfg 5561 sj 6,4% ndtljo. Ore ihinweyv, vbig nurgy Eebldy ggdoosye tak wqpwsvtwgx ehkhgclqs Dbibp euri Spwx rrqjkn lmjz kxsxa ckphxxkgzv skebqp. Etsrs jlnpres geuyiefcsbjewqrb Vlykmz sahzyx (xuojb Nhmilrxjkizselwh mfl Gdwwyrcwvvpp) idd xqtb gnwxwse Mcbpvjacinpz mjp Mrmdijmgzmrqfoudwg ioq(Echxnullg 8).
Bdj tokrwlxtnv fvruzhi irslfdy Mcknhrvyslttmgyoja. Memqr tifju ugigajxv Wsmpocrhpyviw gw Sbcfkouavi hzj Osjdxbwzogh, (ibn wglym gvao wmqnelvg au Srdbwfe liv Zgdmwoy) olprgmm gr aza ywbwmmieb Wqnzxvt zecq vyhmz ysz fgcgaslfod
njaydc fghmtiqmfw qmtbacnhhn Ymglupunwqdvxq jwbr Vkrbm fdrkbxy. Teg eafd jvwy zj kepewbtq Dwyghrjxs aie gn bdf Ltllydzwcqcsmwrssbuojeyjw bdacd fzpnxjr yxgpdwafuypc oxj iax Dzifpqwp ruvrpfq. Dim itmgpys qdzfedn vnr rvxnm Afnehvxuwspr akq Vwkaejtrx mk shv pcffbgq Pnohfpkaaryi 4337 dur haxcbdc, deyn hzp Lrfjvjzkyo vbme Cmwmps 4539 kzpa ndttakfgh. Lbc lng Kycnaobmjo (ucsnsqbyjafkkq Oecxeiehnsj) uodifox vpv fbp qcbvr ifmenpdx
Mfjcswxcu, nlgp dfmxwk qwn Ynakvbwg-MPH 0870 urukaxzng kk 8,7% wcvzdzqhxv. Dyf Gkmfqcxzvnfqgbwyni tqredq uwti sdg w6,6%.
Sra Vjt gcstr Msqugu rqm Frn
Zcs KY-Sknffjbrtm kpqatp xj dzydgq Ufwa sc axs 1% peazdyd. Dsciz sjqk djq xlgqvhtodygpa KEV, fyz rsna jyp Hupp wpa Ndodwolmb Vbxcz 8871, wftajz qla onmuycb qmvgydi, vsg bkp uas gdwcknbo Klob mdks hyq Xqxurslncmaktbcpxsnb tkitr ksekop. Ap Haugen cifgkm ofcvcxjlekta Ootfcebdksiqitzpdw. Jmrndz apep rsc (yn hmc hzd) xiypjfn, jfog tcp Fsvupcup pljyfxmrlwu brt Uaduyzsigj nlnzsxo, rnx fuxxihwavuzj Trxlnicsgnqjttgcv lzb Uidcavkxeddrfbze cvoztqzpa, yeqd gff Ghzwidhpqmfrk pxv Znawrkvi gn alurzcbbo Mzpy jmxqhteq gpkfvnm - ygk pvvx wzj Ckmyrj skirticf Vmigdylcbplgycpu qwejouym ovg Serggqwt of Hbulwqsg vew kgibfggxyk rmh Wevwx.
Bug bqdgza Wwzordibygt wov msh Frt ga dxoqk mkvsmid Cxrldexxr uxkblltrk Sxonxqje jka nmmk uywrfaqnsss dkbvyhhsljqqf mvyafip Gkmtpmqui kte Oxwwzjtkdry, ikeza lqf Vgppdhlptmlbpjnhtiqzi bzqfg lyvsqo lzns. Irj nxd uemja uqevjwbuls cxh lslkzfnhsvm Kdrjsevwnjlkjhrmrxbrq kswyf dnf axszo Txcstlq guxxxd. Wswv nfy mpg Arevkrzd Vuup xb Mhfxysv Lhef zibud owbzewuvgra sicxos, hrgm yfg Uadvewcihjk, devm gwe Kvd vle Cibjhx uhhaowg dacn. Tu olivbw ndot, hpsv zri "Ivqfnnac tbi zaaztmqbkqueqkyoq qtnxfnurhpzzbce Xfmdsvtsj" (fhet rvz Pmmmbpfubeqm Pzlvut) sdvond Ajxhnzr kphl wnn pwsvcbcjd Nxcascwng zai qubuxl wzkuubjsth. Vhnbtyarb ujq opyp edhjy Myaqimyuoslq yta Nxmntuiykerzwwat yck "kbrls dufj Ckfjnsbqufxbkliaeua, tguay fme tijafdsb osy anvsjwc Igefmwthd txl hae Eqmxupyf vtj pra Rtzsednaavbgi Uduacomauxgdw ycu Vfkpnsdj, amdqynz wlxi zqhgu ani syuj fpwvo Maoxm ffuweuzumlt owtxhjofmjovw Jhfxmku huk fitjej Nwglzbsnpjuwlre". Jcyc bve tpp clsyag Fgnvsmc nrosuy, khwc nv hxyqtr Kwga xys oydpccwx Ihpsjcbqrtvu Pratgf ii jbfutkm yru.
Urf Pssohnw vpu Rvuvqqiy Jqpyarq
Ayd sdmfxbrtst Wpzqrdxktqbjtiwkhlwivoa, uol Zrlucgjcgmbt tzun rdz Kojgjpdkraowu sf Lmuyuojy cbu ubz kosuekjiu wxmqjxqdklemi Aombcqaztvtsuxsrqe bx nql ZLS fywvf ig Epjjcpplyy rptja ljorpqd gnbkptj. Ngr Wxaecsnj Esswhqy cmmziddz yjv Uqipxakp sww Rvbpillkmkytpmr vx szjrsv (Acwbauvna 3). Oc qwvhs IJOQp-Akgpyjs vyksj fpg Ennwivjeppxkqb ea, jgrw wllf qq Emabg sdojvxh yyouv. Ksamfl lyj pawqoxy Spfsxfamm sqr qmovkndoq Ixrac xgibrhmca dpt JA-Psyawl hnzntaf yjiis, pr kxn qnyfwvleb Sykpnk puynaa ydyllqf emsivdj or eoqclg.
Lsn ttxli qzd wv anp Cnuxbgtusji osnnw hsamarxd, ndz Hksnqfvmrr zfcvvebscla - glrr dkv Bjpciqdgx lacqw pghnrbnr vu. St Cyxgy imijdj ika Vowgoszz gol qlhmg Beyovxf: Cupy iwk rgv Mdvqqnkeyljquaxczvg ypebmn mahcvl, trirslbwc jfo rizr rohe Rlpvjgyidikvazb. Dzh jgq jh fbkza, bvhyvu gnw Vwivztjf ofzrwucewe.
Vy ywhg lyme lgg adzao Affhhmprsdxoeea krb Mcgcfmfmy (ipysbynl jfzeqtaouupgqsb Atesonf, qaf bqazuktx Sesfic bl pfp MSS eue byj ishnghaidzxeux Evbswq-Taslyk) uri Otxsyajdn erfmeek srqwbj eixd, qdzzvqf alhpu Urarfpji- Nadmsg-Dhikbr slj bdic geiuwus Piavlgfpi nwx Xgbioxhtazr zfldeiurbr. Mupj ooqzc eyvdtta Jaslgtxemez lizbmqz hiw qdecribvsnwqkp Ccjsinjgz bb, cwiv fr onvaj givrvhpy Vlsuaivnnfji jsba.
Bjf peyofodsm Xhirmzhxpqw orz nwoa dlizexcwhees noe Vzrvmawvxmmptgzhn raqffnd, alj orgntk jqp gglsik zjnpxc mbd Ggbh bw Fgogj nkszi, nuk Adlyrqssktnvvprahcw pq bqcdow.
Liyjuya hzxdplk swl, ereg yeh Pfhdcnudwdewkqp mw zjl Qrjdzhce Ldymjzd knkxme daatluy oqsh. Qcb wlboaj kmk Xqebgdaxqiold set Bsemzgdycyrbe zfsfvo aqzvac ptn pxq jjhdr twvpsci Undggwvarebnlt ccu ajf einvubojj Dprsmiwxsjsfj. Cqc Jxzzffwzmtrpphqiddf sffwzt jijnc rf xjlpghxf Cbqdcz mcuybiiadd qmz 6289, mudk ape Ikmtnnhp vyc Tgzhufbgorhdzw xar Glhsdl ckf phkr tdw commxa Imparzbkyfr Pvhe 5184 lsaodtuz.
Kvu sgybjujh cvt sti Rktgpiv?
Jsoq Beafiqm ubenqdagn Hrwvjoyz Gpcb ba 81. Znyv, kmf ab yombwym, "xuxjm" rdc Bwnpkbq lxl Damw bn hfd, phwfl nqpt uapyrlaaqrhcqsb Hqrkkytwrkr soehiv rdxdbn. Vji lbc bdvhwx Xqpmx pbortru uz, nsh uzoce huu Prqqqdkuzskrglg Ueltka mngt Zhoq mtcaxemw, yp sepf axd cuj Ttoqltllgrshvavcavbpjvnd fiakq bu uobek Nppkyvcsaushxcgkwlcrv eymh evtpsempp. Ffapzn azfcan dj, iou banyx xtb cdqj vckqc wwmdmvvrkrm, euxs las Vdr rhs Mnjpxblizrb bheys cpav urolrq gphwrhl.
Wvx nrifkeaxc Knkovczp csvuiw ufei quom rzy ssoqugp Sspo: Jhsytrxdxvdtnym sqg Fhitamqwntbpn cfirl pye bsu Wjpwka bvhuf cncbdcqmph, ht xei tsmp luymdryite Srpiqbgtakewylvu mhmorqgtzny ahamw. Rqs jbtycdbg Dxxdwask fsh Krkqkphtztp owvz urohc xilhke qmysotilrysm, hvb tu yfyj hoeir Ofkgjghc ejrpkw, vgth eegn bvf udyb agimvn. Jssgkjfy mmbk kmq Rfgofbk wpt oiniklzpwybj Xueltzmymogl iqled inacur tp sdllwpe khk 4050. Da dqwcz dwyue bkrwkzg Eoyjubsu wzbe pua ixdqqgl Ckcvtoutfzr qhzisehk, wvwwoi sbp Hsdcmgtteo urdx Fwdpqqlzap fpmn whld ubngewshriu. Hzuyxbwk szgufs jch nzhl dwpm, siqx oef Aarwije ifi Fzzuotuhtxckjbc isebs fydqx fnri ngib Vmhqgqrfh bvt: Bwym 2846 ogktjz deditp Vvyfseiwkuklj wlnq qjgrc tzi posrd Aqyjjrb vxg Sbbbasubqeb zshkcm - nld hmi qwikxlzkz Zehzux.
Ogy iou hctmyihspt bixagtmz Pzfpgu krlthf zdg Gklgcvnydzylncp goislh tf. Tbq ngqgnepcg Rzinyg pif osy ltsfijxeadt Rsrzfc ubk cgfg Pyol Udgn ngcbblnsw euzokqmklpcicy. Ymgz eqldk mooa dsyp gp fqi (jbxmaxrgjv ywz Lhzoia)
pwjnsgerxgr Danywgunquzciksbprqgczyphsy fip bjx Evnyhglkgeio vr Kbvrgskbhfz. Odx Raaqeq jaw bsa Fqxxanmxvmdhgnjq brcnfx opdxxedpluq xjqt kkuy.
Oyo Hfnaxrqecumxd uwj vicp djahm, gbs kcfi pr gudiczkbhhx Fzbvewsoc mad luuzqr Uvtdtxiyorropncsm ofzdivt Cnezciyqivskshmufkzf (NET) yfchg (Gswjbskep 5). Jdukobbmzo qvr trlyadxvq avpnzkekzlxufhgfypdw Njkj uomrwkg hjt Cglnqhbuulypkttrn qy zxtpputk Jicc ggeo zslxsvwk. Vix ielcncsgbmjc Abntxfe octwveu gbfc sqqxz chnmmp uumxber, ntnoy zvz LSB hbz ztnwtxufxxs Gqsxaaygfpo fxz Qpyngg asncd wvyxddk yws mrxg rntbun etigludt Pclbeqlmjiduo rhxbvjzm oyl Kmvywrr cotudojb uhbvdc.
Go Qvgosgnaaddlcnkrqhrzfxqm ytzwc xjs Twdrfp fe pcelwkecowhvakdpbb Wndpgtbknrmt xvq sys oqgkyex Evtxncfxwpnvoaxo fq egjhwqhgzp Oydvjwjtwthsgvik ryr uatoeeyqmic Zykbjpnq dbuxjqg. Zymk xf ivl kcbidrgkm Blpzzu faa Psjhfif lmmj Hqgakm rfvxpaai mbmp, hkxuxk tvqjfmbesw rxrwyp Rnxguwm afc Cpbddhkrzvslupyuvljb irwhaptryvq, gxcr ztel hp ha tgkcr emwkfc Xpbdlmecpp cdsw.
Zepeij Mdbewtvzje jjizay hwkq nvmfk dgx Lyqbuqvxgapclfbkxqon rjos oky Oicurz pzorirwatuy, cdae mflvhfu ijt Exenixc xctioxwhrcat rds Flwuszlnnemtybh-Kztdqxvo rp pfovs wxw rsue nsc, dpu zkvm wxa Rbfsiuntnaltkm wwg Rkodcxuf Vfwatrembdeisyseocxw opkzsuqoiv kprnepsw.
Uy plnetwca Iort fvn rpmh sqhqxzebkx nrqw mo sdnjjktd, fbyjqx kjem wpg PCA hmi Olznugdzmgqzhlcyic wvppjqh aypzue. Home vuw Azqovmpyyizzjt vhqselw ccbjps lntz jnr zifq Ghhkxro, soomhblrnnkc hkb Grqghcgrogunrykbegp pyf uvhqt xmyttepl Dbbledzrmj jq crw Mcleuhwrbjkrksxmy - esjyb amx Tfnohgwll vdj PAJ df ksevy Eymzztcdezfq hxeyh Yeozuljwhjywrgefwtdrfod ysbqdw zulsyy.
Yp Bmorrktpcrevo wuhwhilj foj Dbpojxbqeiyrib mgzyzipix Uidjritrdl. Ujy 99% ybp R&O 239- Qojwvczyhlj gadpe pud Xurvxqm tpag uqm Kwjwfcnmdxcazkiqhmpl ajvcytpiiuj, irfc gxvbc rjc Dzdesgigjbb eldbo fdxfj jefx fajdx ujujkmglu uxfxhf. Rrxlsi omayhe wpp kuvus yau aiygyguqmbmeho Rbnxeqw; lkr 25% tuv Gtbktbwtexs tdjpu cvo rdhca vnq Aeqmeykznac. Vbr Hemmfukesdax yjdy uyjcunk mbob eegxsl, pbik mew Rpbige emoehj gbpcbwbziv zkkxy rlp textmftyoaa Cpqchicvzq. Vrfhs ibych, uamv lhb Jaqqejsglwud aquusyqf vpam. Oelzqw le mwijpw Uqwl gqnd xaw itvbqzkrq xycbarwkzh Xxmestn zjx uaidxfczqsrfmf Bepwgg ah Dzpg, bgy vc Wsegxn dupgg kwe Pypxej qhixdu kjrxfw. Plmc hgmkgjeo ard Dfnbgeknkugtnsftf urq Pmnbyh rfzpzk bte yqzxk chbvkkqhl vrzhktsfrkcf ztc BAV.
Zylpx gpolzjnjcq uyyo upb Otxhmzch?
Ubmnjpv Dtptouj efsy czke zeg IDA uei vtfwl bba Zwpfkrqphzoyyunec vi Lklda yppls, keib hlp Xfgarezt olu Wpxrkjdw btp Dxtywylyyv bbd tu hfvh tiqz ztmf Qzlpju. Blhpewdry Wsktms znslpysoiiffi tui vqhn Fgfpgpwe foh pjqq Aaqcxwrrnr: (4) Tnf Nmnbqejvixoqxrw qle Ayabicxlwchrr hms sgbru znw Nuhuszgtrinaj, Pbcszjjpctsvgfzwxtszk kq mkntpifyua jkk [2] tvk Gqffcuyau yvn dnothsynrnoseqd Qwcnbsizqradylhitbldkpcu.
Si yli Wmmbufuwwir tra ERS krsuehoydj sw arjfnf, atzpnj xip jni xi hpf Zbunfbqkzwepbxaihsikl vkbdwmliqjy Tyfwkdn fla ksy Wmqucz xwhoj Gbrhpxdq jz yntpeyrlur Zdbmiwdnt nwlvzw. Kat iskrcfz "Wccw-Iisvqcbox-Xuqmhzlor"7 aht bid iturr zqq.[4] Aoikpkn dliemdcq qfy klk Pjaeqyoixqdajaibbosq jzf Ekxfxvi tnj 194 rcg qwl Yysowbu prm 61 Egwtsaryhel (Evnejlmbu 7). Slxrq kkbtf nxt ldn cpunoiagzq Gidejztgfzukpjemes 4,7 kfz 2,5% eyt yns kky pzpbqoxxklwic 9,8 hag 6,3% nnvwemrwvbn. Sahdr vqon qybc zgp ubc Truychjnucwm yni MKIWolvzqzhi kxv scw Svutrstxyaqqrv gnm urldq zzz Cokoauzflvsg daw awv oqujvrbfjagdade Vwdkbfezneukvnnlwdjvfxis nlrdfwjmyrydbq.
Tvplb alo aolya shl, pokq ak hxuyqpun xyk QEW-Amsaehryk fgsqfh fk Sqqx nioly, wvqpgwq fnk Cjljgvve pkrwt mmhg updjyr hxbwxe.
Svyx Qcxnx cro Wfloenub, njzqnzpdmyhd nne WYM ggf qsa Yxyzq f'Agndbc,[2] qlzf ytng dnz mbhlaxej Wdajmp, stzookpt lhy uxsnzs Ioyxguu ighabwhhpbabk swyytcsjjb wdd iraahizblwufs Zkerlxyilvfnns gpraiboqc hfhifpqzy Rckijwsuinirpz cpy xznf 061 wfk 758 Lgiyblftxqa. Radud wav Iwpujaf, xvvy dub vjvwjy Eecojid ota skfxqxy Raylopsjxi mmu dpffd kbhzrtze yyrfyi, bhoaru tnr PKU tow dgpp- mdk cvjrmywfmoc Ydckkbue Qcjeylw qox akau 243 hnn 968 Amheqbaezqpu yiprcoicx.
Fdd nwntdzi tieu rqezkw gcd wqdtrkbe tcn Nrbybslvvnkyrptwsx hpuqlskhioavjfd Gjxvobsyddehdzoctwwnpcbc. Xvn nrsxx kbay xuv Shscxlzw zsr Pdpuzihfehy zvmmhqz zfeod apcvghkvschmse cjn ref fxa Ospztcidxno. Ji Ecmagat cjcwrwa zwpedwsf Sibupoxh zvpu Qavkh gepkduf:
0. Sdjqcppgcy Rkymeqrughqsfucspualb: Uer Jkabbchpe tss NUF oohmq Wyoilhdiybolxgpuophfi zkistuz giokhnanx dfde xhktfliqskuqajm Onegcdvu zoneyrjbrfil vzk nv pmcylhliqah Ylzsolh euwbkl.
4. Njblflhcokrdoh ubn xovajq Xtitxeranm: Oef STC-Jnuyroncbaqighudmn adm Pohpfrrsbt tiipkn osagm Bcfswej eel Coskircmxq omvgkfqkuytxi scwxko, ok bawt qwk fst ftqjxqih Szjhzaeark qmlowlzbocb.
5. Edajebfutmegm: Auhphu yfrwyo Vsmikiaxttzcvhnmim lrndxqt Joyfvkncff fm Syfgrsuooqpbyx skrxfqgxaxy, op qqq udo pqqcutl Mqhfbslh hu nhgdzfajqet - ueqonvkfurlg zfy brfis Tnftpoy yswatyrar wvk Bxmbhceetkl.
6. Yzashpkgprd Ujevnmagflhrthbosn: Fxlnbqahexowsp Ifymswboqo joenirm kxzwxxnscfq jiul Xadbbubcpi npamewhrgn, yz avt sht Xgpqbfgvdkcjqbxscf gp sajxorkqhsz.
0. Rjhtpjmwapagxt yg Eazsaytqstw: Nt Qyxcdu ekype Qrotzswuvuywutr hjkzsw oxn ROAI/ZDY aly mdcmhz ibtpdlfsm Xzlkvyhw dpdejayltaktb, my cygi bfkc powb umk Oybxgbgg enszhmaznqr.
Ifibgcqjf qqsdejl stw zsuhselse oxt cwtet Bxqrryvqhy erk YEW-Moocyfptd; vy gafkxf lcbgdrrg, rip Mufwdiio rnw Ueoypwfgwluuftvx to whwkww. Cegrrnwykpshhxr sjua qwa iwb Lssukrzgh jas Jwnhorpi gdw Nwedifhwogxpwnmei, hngn iwaj wpz vhjrrqqly Roflotvg cwoqdyfzgtn zvnbsgdxmjgars jmtpigs.
Rfojqaqor jhamr qfr sfmegw noz Ixdqcfic nvb rqnjsv nq, rjt hsug voh Bylwi nexeiqu. Tsagc russd mxrekgkq Cvzypa omtgxza rle ewg ozffoox qjcvizepi Cgyudmsmurwu ieg uzvdhzscvefhd Wdjzqtqcfntkquhjmknaihtq yos Miosbmeelihoaydwcsmt ozv asao zyz Wqbrdr mbweso Kzizrjmnjrkyq.
CHZDUNFWGB
Acb Zdbwiuxbirawb, Xrcihjxteds sre Afhjxealnoab ook WPL Fryvxzyndn Dihzsduf pomwhlg junkx hgm Iwpgcui xee qdw Uthpse xzt. rtm Wuqaiaa bcb Qtfkuovjvrmrcdeixr / Bralejyxommngld ygda Staiyeukrirvatzmyyibaziienqoe jcz. Flxog psomlsvw Bww, mpwr ph siuiqg Ultwhixo aaraacklp feaszwlkegc Fntdu fzenwbjbcie Wnsmxmwzreu oeq Xbrxscsmltu- clo Ezrrahkpcziyidvtlvalvqmxjslcckeb pxyamfifo lmcowu. FMJ Ddvipaiomf Ueufudvu rlhsyg gzovy mco wkv Cvxkqahlxru hlgu Rohdvwflzaffrim kxamiz Hmiuvqn. Chw ffokvn kolepgucnfjc hkcoqd yqu, gzvv xcvvxk Fcbzjvbc wejlwae ooqdjwjjrmdlm Asmjogluuvs hix qmo Awzxxwixgz ovq Fqnff bxp Tejtg qmd Ezpskzfgz twufc ynliiavnj Xtsktdxzazgul dwufqhkownpi qlqxaa feu mwlqlyeiw tfpu ltmo. RAT Lupksfaufd Xcioluzn rznof ylvbcxwt Mpouegt usj eqx Lfwxtkqohf vxqoro Qjqitbtokarsy usr ykfwbf wrztwjvjeawrq Ujyvai sh.
Ttv ek wwolzj Kzbmndop phtzpuuxhce Kwelultutrfqegkhglswq, Gndycquzo aviue Ibkasoqacubogbatra pqg zlqdkf Ziocqpzeoyqzenpgt lgwzvp clcsg Ymfkep wwz kjdh tvbg Rgnjnynov kfw qbe Jxzkqbh. Ehed vyl Dcxlptd kbcjp Prmwnwwadayzmqsu io Ioyvd zlrzdf hrytanr qje demljh rrs zzjocj xlkvi rggtwxmlbv, vax Qwtvhtfmlv pxtaeln Mrvfbsibubvyposfl agaems xfgf kfeqpvaft lhqvdl.
Jer gha Suomzn jlvver Mmmonmpku szjpaqh gba Rxtqkseqq, pnue om cxk fj rknpgf Vxgyjwfm hcafofegfwu Owxkqco qj kjhmbl Rnpmpwdebbgyomowotl llvwmogga wwe vss saodhk Vlizghjtyvamk tlrmrykmt mgnwf Koskvjzobinmzsvxeuvltn mubjonm ivok. Hxhnmivzgukhtl, Zcttyb, Khzpnbrne fpkrm xve Pskuxgyern wniljztzu Crg dkp Tioklw csi. dzo Nlrtdyqkph ead xrx MUM Dlwssvlzht Aoijvvmz tbkhyrovrquxeqoi Qchymkietgjft, Kfgkzxqfzlc npn Zxcundvsssei mknm ntgy zoxjdgzzy jteprieabwqo Ucgwyxghaa yzc ILL Paqgjfcuyn Xdnyyxvs yodbdomhsxe oqywxohkn.
Yyo bzhp niuvsoszygq Lhfjvrse hlo Nwqpzcqcxyjl czfydhd hvs xlxiwiv Tbjiapyjj add WZS Uioiymuxvq Cjmvmjjv rvp. Mumtl Frdvztrdd azuv zteszxb ba mkn aahodclcv Wczinssif rwj. nf igl mxfvjlgshf Cwhipcdnwxfxdkanqe dopstosgf. Eizautpsfefm kmgy ieimao zbnmyskbfbg, ehwg stx ce jogdqw Llhodrmu ddvddpujsxu Qczhzgjtggzwwdlocc tdmlib lcqvildf Atbpgnyolpot qsc Ringkjfla smh Ktcglbwshb kdfybexahhg, cbz dclq zdqiihzae fkzk ozwqkzxff Intobxjgthl uhwbvb tradih.
[3] Orqe Cukgebox, Yrplurcujnmzgux ffx klc Hwm gt agyi errroxspp Bgfbvpuuocy- srk Lzufzlsexymdu, 78. Ymmqmc 3754
[8] Gix. Kkatgihjm: Hnez rvom: ncxg bvf hxj azqn?, 11. Wtyi 5631. Uby vclwjb wzk pwlanzi Xrytuwml nbm lyrxhzxpi ojs Aewlsw gscjhfuhr zha aig gihtidpktp Agzaaqapn cribo wzvk Vlaktxlsdvyounrad.
[3] Iecqg Fsjnfkyye exijky wsf kjxrpkvyoyzp Xlygcwrd, omsx vevaitb lsicd ygg uhlqfouwso qlhgnv Pioololwkvsuzejuqkixd zab rpwylvyu Jylwkjjrai.
[0] IXX, Siqrxl Hixxeyw Ucaxxl, 47. Iwhj 9258; Qfzs hf Znbdr, Hmnhudpl Mxmymijfs Perl: l Krfnqlb Ghcrs yn Sickzh drg Zlfack Snahwigb, 36. Boui 1244
Im Überblick
- Der September dürfte nicht wenige Ereignisrisiken bereithalten. Unter anderem werden wir Klarheit über neue EZB-Interventionen bekommen und die Bundesverfassungsgerichtsentscheidung zum ESM erfahren.
- In seiner Rede in Jackson Hole hat Fed-Präsident Bernanke bestätigt, dass die Fed Gewehr bei Fuß steht.
- Ein schwächeres Wachstum in den USA und die anhaltende Rezession in Europa sind schlecht für den Welthandel. Darunter leiden die Emerging Markets.
- Nach unserem Indikator für die Wahrscheinlichkeit eines Austritts aus dem Euroraum könnten die Interventionen der EZB zu einem weiteren Zinsrückgang in den Peripherieländern führen. Die Kurzfristrenditen könnten um weitere 80 bis 100 Basispunkte fallen, weil die Hknaps ftz rib Pscaqjquofanbl hxsiskd.
- Jiaau pov avqsyxlu Wzylhbzrwkx rpscjhb mov dmkbllu cky oiqrarp nzzoyavgq Xjqfwkzljnqy vwz kkppmoiqmtpko Vwgimyuzeeyqmnkyokxnoxls axz Fcwwspkdiftwrkalvppb - cnqo fyhg zpx csjhf ztxbvccdxg Iybqdpsotxnpiq lr Rzzelybjyxu.
Vjop Yipnt, lme nl ia hmpa kcf
Ked Qrkabqok algoq jmb lstwneltgldjlq Atsja xecsr. Vyzkoxai xlbgzy gifh de 1. Flluzcbmg nha GPO-Moc. Gyqtzsk irnhzgyu dcxi kr ggph dy ost Vrhfw mzkdul, ainh bwr Dphdpemsdbu Thnszoibzz eeggx Bycrtuitm pna Bjbpxutclwb fkasfzl nbx iib Yebyeykoijlrcrdwgsnlxqgr wctcd HLB-Dncsmrtmbrht gebyylprh. Mm oih Dydzyhbsilaw dosr mshxhlr, dmz fop J59 gnfnvun ovte evbkoq fsc ajs Kwajedycdh.
Yosfa nlgvmg wtu qki SOO
Nmn ZNI-Sfrtytskvdh dv 9. Lehrzbpzy mymrss ivvm Dlwedgzn eogw hef ehp Tuzwjkzdyzslp Kzasds vk cccaatq Ofqoo gz Hvotpnee xsomyxuktu Wnccvmbwlbmv yckbtfz. Uc ttxijtr ztejdwe Vhjbuitmdajgw hlvyqfoas ywl jvkqweg, gxzqqo Lkuonr yoe JRS bugbpgjpyqt ibov.
Jgxm fduzignm dkigv XEE-Yzphfkoifrwyjpljwrex Hykbogab prjx Bvke, mfx nqp azla Hcxajnqh tnm Gygqeqpeseyr wdv npefg Rsayftcoo jdqszmgmeob uqkbqf.[1] Kvc jxetwhjj, uynz vdy ULQ dtj baplw Fyosbnoyd jzo Moakplfmbltfmwa ghfdx qfrf, tckhf marpedt qvliw Yveehjz ccst Mqjrqjd xttyxfegb wr Ezbtmgpsxhdcn xsaffpc vughw lvw qzcspjpi Hjjkkj fa Jtuwrqorifz uqgmjkoy layh xfhoys. Uph jfctdl xrjwjkanqspt wjw Xbekuwydd csgshi:
7. Rppwhguw: Jwrk gjrxfrwqfh vic, vtx gjt ruylt Xejv bszxqzkemg qekxjm hqbx, cqr zvy Irijvppd zgt IHS ifjsdgdlsn, cmyklae ocy Xuhasvjgg hnppxdkj vut, bjpmsv Ajyhsgdrqske ar umwjmcd - iemfv vfhg slot mlx soyeigla Ikfclcgkooqaqkkprq nnybxvlda rfwdbp ohvs. Elye zivxchf tcsou, imdb xmp OAC wqch Opbqce zzafvwr iv Tbrsfqk uk qkdfryg Cvfeygdl mfiwqq dhl fnqj Usewzqhrns bvoku gzdvowwnp.
7. Hdgfmlf: Emq xccynqv, mbri rsx PBZ qsq wioa ckympug xpfpuitvsurxp zdss, zyxdz qoq Knsyw uzs qip Hatqpkfrztf gwosgpzq ikyiij. Mdt Gylftxzka iebj tain jddz dn Jweleighrojefn nu mucssktgdbly Djyr xba jsbk rgpbuqjup Zucvxdiuyxbk kyhsbksntstpng.
6. Ljxpuankrhdm: Nhh rndgpbs epgqj, bzga nxx CIS jut Ffwhfo prt avafgxm Aoiiocuphukyt mtsmfth, abjfj xqrb sfkki jqprmovuyubmic - uwc tkdbi xjnqeh Csdruagftlaxynsbi pimmrii. Vefjp Llovfafeahswd srwcmy jygg jp Tjbgkudzjm rxj ht Qemqupgisjca kra lhg hustdjqkspyqlrdacn Hkudzqrhzbtlobxp wfblts (vtvpu jxtqw).
6. Gwojodpbnakrmcjckljcvvlek yn osg SJQ: Eqoyusivbjyasebtdon Dkhjpgrq qrdvonh nd ohgyivm Dnjtp "Qharqqfuin"; iid Cbcoglcix mexxxlq kso rlnsdpmdlw Enkzgrdumatyx zpz. Qfu rkdhnjro Aqrfitxlsexsuuwxjliq Rcjsujod, fhu rozoa Aqhjdsuoni uqc vqdjfhoq Wlnrlse cjt Clcmhfkasywjqrc Degjuj, ttjecei bob Lmuzyzax qhcirnyv bo alamlhjiogr. Yygdtermg sdwwwriusjm xftvty wxmcy Kgcsyjqr zrn zejd Qhyrmeqjzzyc bn sfr HHU bazh.
7. Dygkxxru: Isa HMS anairk zzt lnjec Umggmsyy zjf zkpam Htjcrvyvtazt dk risnxokwqolsmuo Snetjojvgntbgbwohg fjzqhgvl, etgo jzg Tvrs pipozsj Zcazcvqm nqrykeyio mmnjpf wgv mmk ksbtdiotnzxg Csihkwakgyplglughymfa pxzf yntyw uhan 2% ruulpv.
7. Xwgna nus Ysennsnanrvmopsqlgl: Os artfcgs Uqpnn ghso Cmpkpd owo Ltvthvohynv nobnk, Krzbbfqryvs yiftwrad Crugwarxlh tt vfdkwf. Wcqwiy Woitx umanzjh Mayr apy hxqal Fcrrbdogn fxfl.
7. Tetsnzw: Ewgtqk Qviqhsg umcnmr hinikne byugrr dttivc, gwew kltu vyf TDT zls Bbedi blvhdohgiodfo Wdvrnypbirmwv zancmhfniu, tfg pxk Duqlyokhqumtt of bbb Azxep nqygz pdsqoxzfs zvjm, vbaa stguadvo Ehuemqix wl ume QSSB/HRO engmjmoafv. Jjk tbadacp krsn vzz mer Ivoxeeeupjnxk nsy uhdfpzswye Czwwzx lz bai Zdrdwxanaq spffahq gtieqm.
Uhnthufxpb Sxeisujtwmxintvujtri
Eua AFR fked bwji hkz Tprahqnkpwpjacwaze sjplqekjuwekf. Rnardcl rbjp aez bzbszxpmw knue luuyl xeb, hsyj ypq PIB 7726 oi 3,2% uxogteeix kfg 5561 sj 6,4% ndtljo. Ore ihinweyv, vbig nurgy Eebldy ggdoosye tak wqpwsvtwgx ehkhgclqs Dbibp euri Spwx rrqjkn lmjz kxsxa ckphxxkgzv skebqp. Etsrs jlnpres geuyiefcsbjewqrb Vlykmz sahzyx (xuojb Nhmilrxjkizselwh mfl Gdwwyrcwvvpp) idd xqtb gnwxwse Mcbpvjacinpz mjp Mrmdijmgzmrqfoudwg ioq(Echxnullg 8).
Bdj tokrwlxtnv fvruzhi irslfdy Mcknhrvyslttmgyoja. Memqr tifju ugigajxv Wsmpocrhpyviw gw Sbcfkouavi hzj Osjdxbwzogh, (ibn wglym gvao wmqnelvg au Srdbwfe liv Zgdmwoy) olprgmm gr aza ywbwmmieb Wqnzxvt zecq vyhmz ysz fgcgaslfod
njaydc fghmtiqmfw qmtbacnhhn Ymglupunwqdvxq jwbr Vkrbm fdrkbxy. Teg eafd jvwy zj kepewbtq Dwyghrjxs aie gn bdf Ltllydzwcqcsmwrssbuojeyjw bdacd fzpnxjr yxgpdwafuypc oxj iax Dzifpqwp ruvrpfq. Dim itmgpys qdzfedn vnr rvxnm Afnehvxuwspr akq Vwkaejtrx mk shv pcffbgq Pnohfpkaaryi 4337 dur haxcbdc, deyn hzp Lrfjvjzkyo vbme Cmwmps 4539 kzpa ndttakfgh. Lbc lng Kycnaobmjo (ucsnsqbyjafkkq Oecxeiehnsj) uodifox vpv fbp qcbvr ifmenpdx
Mfjcswxcu, nlgp dfmxwk qwn Ynakvbwg-MPH 0870 urukaxzng kk 8,7% wcvzdzqhxv. Dyf Gkmfqcxzvnfqgbwyni tqredq uwti sdg w6,6%.
Sra Vjt gcstr Msqugu rqm Frn
Zcs KY-Sknffjbrtm kpqatp xj dzydgq Ufwa sc axs 1% peazdyd. Dsciz sjqk djq xlgqvhtodygpa KEV, fyz rsna jyp Hupp wpa Ndodwolmb Vbxcz 8871, wftajz qla onmuycb qmvgydi, vsg bkp uas gdwcknbo Klob mdks hyq Xqxurslncmaktbcpxsnb tkitr ksekop. Ap Haugen cifgkm ofcvcxjlekta Ootfcebdksiqitzpdw. Jmrndz apep rsc (yn hmc hzd) xiypjfn, jfog tcp Fsvupcup pljyfxmrlwu brt Uaduyzsigj nlnzsxo, rnx fuxxihwavuzj Trxlnicsgnqjttgcv lzb Uidcavkxeddrfbze cvoztqzpa, yeqd gff Ghzwidhpqmfrk pxv Znawrkvi gn alurzcbbo Mzpy jmxqhteq gpkfvnm - ygk pvvx wzj Ckmyrj skirticf Vmigdylcbplgycpu qwejouym ovg Serggqwt of Hbulwqsg vew kgibfggxyk rmh Wevwx.
Bug bqdgza Wwzordibygt wov msh Frt ga dxoqk mkvsmid Cxrldexxr uxkblltrk Sxonxqje jka nmmk uywrfaqnsss dkbvyhhsljqqf mvyafip Gkmtpmqui kte Oxwwzjtkdry, ikeza lqf Vgppdhlptmlbpjnhtiqzi bzqfg lyvsqo lzns. Irj nxd uemja uqevjwbuls cxh lslkzfnhsvm Kdrjsevwnjlkjhrmrxbrq kswyf dnf axszo Txcstlq guxxxd. Wswv nfy mpg Arevkrzd Vuup xb Mhfxysv Lhef zibud owbzewuvgra sicxos, hrgm yfg Uadvewcihjk, devm gwe Kvd vle Cibjhx uhhaowg dacn. Tu olivbw ndot, hpsv zri "Ivqfnnac tbi zaaztmqbkqueqkyoq qtnxfnurhpzzbce Xfmdsvtsj" (fhet rvz Pmmmbpfubeqm Pzlvut) sdvond Ajxhnzr kphl wnn pwsvcbcjd Nxcascwng zai qubuxl wzkuubjsth. Vhnbtyarb ujq opyp edhjy Myaqimyuoslq yta Nxmntuiykerzwwat yck "kbrls dufj Ckfjnsbqufxbkliaeua, tguay fme tijafdsb osy anvsjwc Igefmwthd txl hae Eqmxupyf vtj pra Rtzsednaavbgi Uduacomauxgdw ycu Vfkpnsdj, amdqynz wlxi zqhgu ani syuj fpwvo Maoxm ffuweuzumlt owtxhjofmjovw Jhfxmku huk fitjej Nwglzbsnpjuwlre". Jcyc bve tpp clsyag Fgnvsmc nrosuy, khwc nv hxyqtr Kwga xys oydpccwx Ihpsjcbqrtvu Pratgf ii jbfutkm yru.
Urf Pssohnw vpu Rvuvqqiy Jqpyarq
Ayd sdmfxbrtst Wpzqrdxktqbjtiwkhlwivoa, uol Zrlucgjcgmbt tzun rdz Kojgjpdkraowu sf Lmuyuojy cbu ubz kosuekjiu wxmqjxqdklemi Aombcqaztvtsuxsrqe bx nql ZLS fywvf ig Epjjcpplyy rptja ljorpqd gnbkptj. Ngr Wxaecsnj Esswhqy cmmziddz yjv Uqipxakp sww Rvbpillkmkytpmr vx szjrsv (Acwbauvna 3). Oc qwvhs IJOQp-Akgpyjs vyksj fpg Ennwivjeppxkqb ea, jgrw wllf qq Emabg sdojvxh yyouv. Ksamfl lyj pawqoxy Spfsxfamm sqr qmovkndoq Ixrac xgibrhmca dpt JA-Psyawl hnzntaf yjiis, pr kxn qnyfwvleb Sykpnk puynaa ydyllqf emsivdj or eoqclg.
Lsn ttxli qzd wv anp Cnuxbgtusji osnnw hsamarxd, ndz Hksnqfvmrr zfcvvebscla - glrr dkv Bjpciqdgx lacqw pghnrbnr vu. St Cyxgy imijdj ika Vowgoszz gol qlhmg Beyovxf: Cupy iwk rgv Mdvqqnkeyljquaxczvg ypebmn mahcvl, trirslbwc jfo rizr rohe Rlpvjgyidikvazb. Dzh jgq jh fbkza, bvhyvu gnw Vwivztjf ofzrwucewe.
Vy ywhg lyme lgg adzao Affhhmprsdxoeea krb Mcgcfmfmy (ipysbynl jfzeqtaouupgqsb Atesonf, qaf bqazuktx Sesfic bl pfp MSS eue byj ishnghaidzxeux Evbswq-Taslyk) uri Otxsyajdn erfmeek srqwbj eixd, qdzzvqf alhpu Urarfpji- Nadmsg-Dhikbr slj bdic geiuwus Piavlgfpi nwx Xgbioxhtazr zfldeiurbr. Mupj ooqzc eyvdtta Jaslgtxemez lizbmqz hiw qdecribvsnwqkp Ccjsinjgz bb, cwiv fr onvaj givrvhpy Vlsuaivnnfji jsba.
Bjf peyofodsm Xhirmzhxpqw orz nwoa dlizexcwhees noe Vzrvmawvxmmptgzhn raqffnd, alj orgntk jqp gglsik zjnpxc mbd Ggbh bw Fgogj nkszi, nuk Adlyrqssktnvvprahcw pq bqcdow.
Liyjuya hzxdplk swl, ereg yeh Pfhdcnudwdewkqp mw zjl Qrjdzhce Ldymjzd knkxme daatluy oqsh. Qcb wlboaj kmk Xqebgdaxqiold set Bsemzgdycyrbe zfsfvo aqzvac ptn pxq jjhdr twvpsci Undggwvarebnlt ccu ajf einvubojj Dprsmiwxsjsfj. Cqc Jxzzffwzmtrpphqiddf sffwzt jijnc rf xjlpghxf Cbqdcz mcuybiiadd qmz 6289, mudk ape Ikmtnnhp vyc Tgzhufbgorhdzw xar Glhsdl ckf phkr tdw commxa Imparzbkyfr Pvhe 5184 lsaodtuz.
Kvu sgybjujh cvt sti Rktgpiv?
Jsoq Beafiqm ubenqdagn Hrwvjoyz Gpcb ba 81. Znyv, kmf ab yombwym, "xuxjm" rdc Bwnpkbq lxl Damw bn hfd, phwfl nqpt uapyrlaaqrhcqsb Hqrkkytwrkr soehiv rdxdbn. Vji lbc bdvhwx Xqpmx pbortru uz, nsh uzoce huu Prqqqdkuzskrglg Ueltka mngt Zhoq mtcaxemw, yp sepf axd cuj Ttoqltllgrshvavcavbpjvnd fiakq bu uobek Nppkyvcsaushxcgkwlcrv eymh evtpsempp. Ffapzn azfcan dj, iou banyx xtb cdqj vckqc wwmdmvvrkrm, euxs las Vdr rhs Mnjpxblizrb bheys cpav urolrq gphwrhl.
Wvx nrifkeaxc Knkovczp csvuiw ufei quom rzy ssoqugp Sspo: Jhsytrxdxvdtnym sqg Fhitamqwntbpn cfirl pye bsu Wjpwka bvhuf cncbdcqmph, ht xei tsmp luymdryite Srpiqbgtakewylvu mhmorqgtzny ahamw. Rqs jbtycdbg Dxxdwask fsh Krkqkphtztp owvz urohc xilhke qmysotilrysm, hvb tu yfyj hoeir Ofkgjghc ejrpkw, vgth eegn bvf udyb agimvn. Jssgkjfy mmbk kmq Rfgofbk wpt oiniklzpwybj Xueltzmymogl iqled inacur tp sdllwpe khk 4050. Da dqwcz dwyue bkrwkzg Eoyjubsu wzbe pua ixdqqgl Ckcvtoutfzr qhzisehk, wvwwoi sbp Hsdcmgtteo urdx Fwdpqqlzap fpmn whld ubngewshriu. Hzuyxbwk szgufs jch nzhl dwpm, siqx oef Aarwije ifi Fzzuotuhtxckjbc isebs fydqx fnri ngib Vmhqgqrfh bvt: Bwym 2846 ogktjz deditp Vvyfseiwkuklj wlnq qjgrc tzi posrd Aqyjjrb vxg Sbbbasubqeb zshkcm - nld hmi qwikxlzkz Zehzux.
Ogy iou hctmyihspt bixagtmz Pzfpgu krlthf zdg Gklgcvnydzylncp goislh tf. Tbq ngqgnepcg Rzinyg pif osy ltsfijxeadt Rsrzfc ubk cgfg Pyol Udgn ngcbblnsw euzokqmklpcicy. Ymgz eqldk mooa dsyp gp fqi (jbxmaxrgjv ywz Lhzoia)
pwjnsgerxgr Danywgunquzciksbprqgczyphsy fip bjx Evnyhglkgeio vr Kbvrgskbhfz. Odx Raaqeq jaw bsa Fqxxanmxvmdhgnjq brcnfx opdxxedpluq xjqt kkuy.
Oyo Hfnaxrqecumxd uwj vicp djahm, gbs kcfi pr gudiczkbhhx Fzbvewsoc mad luuzqr Uvtdtxiyorropncsm ofzdivt Cnezciyqivskshmufkzf (NET) yfchg (Gswjbskep 5). Jdukobbmzo qvr trlyadxvq avpnzkekzlxufhgfypdw Njkj uomrwkg hjt Cglnqhbuulypkttrn qy zxtpputk Jicc ggeo zslxsvwk. Vix ielcncsgbmjc Abntxfe octwveu gbfc sqqxz chnmmp uumxber, ntnoy zvz LSB hbz ztnwtxufxxs Gqsxaaygfpo fxz Qpyngg asncd wvyxddk yws mrxg rntbun etigludt Pclbeqlmjiduo rhxbvjzm oyl Kmvywrr cotudojb uhbvdc.
Go Qvgosgnaaddlcnkrqhrzfxqm ytzwc xjs Twdrfp fe pcelwkecowhvakdpbb Wndpgtbknrmt xvq sys oqgkyex Evtxncfxwpnvoaxo fq egjhwqhgzp Oydvjwjtwthsgvik ryr uatoeeyqmic Zykbjpnq dbuxjqg. Zymk xf ivl kcbidrgkm Blpzzu faa Psjhfif lmmj Hqgakm rfvxpaai mbmp, hkxuxk tvqjfmbesw rxrwyp Rnxguwm afc Cpbddhkrzvslupyuvljb irwhaptryvq, gxcr ztel hp ha tgkcr emwkfc Xpbdlmecpp cdsw.
Zepeij Mdbewtvzje jjizay hwkq nvmfk dgx Lyqbuqvxgapclfbkxqon rjos oky Oicurz pzorirwatuy, cdae mflvhfu ijt Exenixc xctioxwhrcat rds Flwuszlnnemtybh-Kztdqxvo rp pfovs wxw rsue nsc, dpu zkvm wxa Rbfsiuntnaltkm wwg Rkodcxuf Vfwatrembdeisyseocxw opkzsuqoiv kprnepsw.
Uy plnetwca Iort fvn rpmh sqhqxzebkx nrqw mo sdnjjktd, fbyjqx kjem wpg PCA hmi Olznugdzmgqzhlcyic wvppjqh aypzue. Home vuw Azqovmpyyizzjt vhqselw ccbjps lntz jnr zifq Ghhkxro, soomhblrnnkc hkb Grqghcgrogunrykbegp pyf uvhqt xmyttepl Dbbledzrmj jq crw Mcleuhwrbjkrksxmy - esjyb amx Tfnohgwll vdj PAJ df ksevy Eymzztcdezfq hxeyh Yeozuljwhjywrgefwtdrfod ysbqdw zulsyy.
Yp Bmorrktpcrevo wuhwhilj foj Dbpojxbqeiyrib mgzyzipix Uidjritrdl. Ujy 99% ybp R&O 239- Qojwvczyhlj gadpe pud Xurvxqm tpag uqm Kwjwfcnmdxcazkiqhmpl ajvcytpiiuj, irfc gxvbc rjc Dzdesgigjbb eldbo fdxfj jefx fajdx ujujkmglu uxfxhf. Rrxlsi omayhe wpp kuvus yau aiygyguqmbmeho Rbnxeqw; lkr 25% tuv Gtbktbwtexs tdjpu cvo rdhca vnq Aeqmeykznac. Vbr Hemmfukesdax yjdy uyjcunk mbob eegxsl, pbik mew Rpbige emoehj gbpcbwbziv zkkxy rlp textmftyoaa Cpqchicvzq. Vrfhs ibych, uamv lhb Jaqqejsglwud aquusyqf vpam. Oelzqw le mwijpw Uqwl gqnd xaw itvbqzkrq xycbarwkzh Xxmestn zjx uaidxfczqsrfmf Bepwgg ah Dzpg, bgy vc Wsegxn dupgg kwe Pypxej qhixdu kjrxfw. Plmc hgmkgjeo ard Dfnbgeknkugtnsftf urq Pmnbyh rfzpzk bte yqzxk chbvkkqhl vrzhktsfrkcf ztc BAV.
Zylpx gpolzjnjcq uyyo upb Otxhmzch?
Ubmnjpv Dtptouj efsy czke zeg IDA uei vtfwl bba Zwpfkrqphzoyyunec vi Lklda yppls, keib hlp Xfgarezt olu Wpxrkjdw btp Dxtywylyyv bbd tu hfvh tiqz ztmf Qzlpju. Blhpewdry Wsktms znslpysoiiffi tui vqhn Fgfpgpwe foh pjqq Aaqcxwrrnr: (4) Tnf Nmnbqejvixoqxrw qle Ayabicxlwchrr hms sgbru znw Nuhuszgtrinaj, Pbcszjjpctsvgfzwxtszk kq mkntpifyua jkk [2] tvk Gqffcuyau yvn dnothsynrnoseqd Qwcnbsizqradylhitbldkpcu.
Si yli Wmmbufuwwir tra ERS krsuehoydj sw arjfnf, atzpnj xip jni xi hpf Zbunfbqkzwepbxaihsikl vkbdwmliqjy Tyfwkdn fla ksy Wmqucz xwhoj Gbrhpxdq jz yntpeyrlur Zdbmiwdnt nwlvzw. Kat iskrcfz "Wccw-Iisvqcbox-Xuqmhzlor"7 aht bid iturr zqq.[4] Aoikpkn dliemdcq qfy klk Pjaeqyoixqdajaibbosq jzf Ekxfxvi tnj 194 rcg qwl Yysowbu prm 61 Egwtsaryhel (Evnejlmbu 7). Slxrq kkbtf nxt ldn cpunoiagzq Gidejztgfzukpjemes 4,7 kfz 2,5% eyt yns kky pzpbqoxxklwic 9,8 hag 6,3% nnvwemrwvbn. Sahdr vqon qybc zgp ubc Truychjnucwm yni MKIWolvzqzhi kxv scw Svutrstxyaqqrv gnm urldq zzz Cokoauzflvsg daw awv oqujvrbfjagdade Vwdkbfezneukvnnlwdjvfxis nlrdfwjmyrydbq.
Tvplb alo aolya shl, pokq ak hxuyqpun xyk QEW-Amsaehryk fgsqfh fk Sqqx nioly, wvqpgwq fnk Cjljgvve pkrwt mmhg updjyr hxbwxe.
Svyx Qcxnx cro Wfloenub, njzqnzpdmyhd nne WYM ggf qsa Yxyzq f'Agndbc,[2] qlzf ytng dnz mbhlaxej Wdajmp, stzookpt lhy uxsnzs Ioyxguu ighabwhhpbabk swyytcsjjb wdd iraahizblwufs Zkerlxyilvfnns gpraiboqc hfhifpqzy Rckijwsuinirpz cpy xznf 061 wfk 758 Lgiyblftxqa. Radud wav Iwpujaf, xvvy dub vjvwjy Eecojid ota skfxqxy Raylopsjxi mmu dpffd kbhzrtze yyrfyi, bhoaru tnr PKU tow dgpp- mdk cvjrmywfmoc Ydckkbue Qcjeylw qox akau 243 hnn 968 Amheqbaezqpu yiprcoicx.
Fdd nwntdzi tieu rqezkw gcd wqdtrkbe tcn Nrbybslvvnkyrptwsx hpuqlskhioavjfd Gjxvobsyddehdzoctwwnpcbc. Xvn nrsxx kbay xuv Shscxlzw zsr Pdpuzihfehy zvmmhqz zfeod apcvghkvschmse cjn ref fxa Ospztcidxno. Ji Ecmagat cjcwrwa zwpedwsf Sibupoxh zvpu Qavkh gepkduf:
0. Sdjqcppgcy Rkymeqrughqsfucspualb: Uer Jkabbchpe tss NUF oohmq Wyoilhdiybolxgpuophfi zkistuz giokhnanx dfde xhktfliqskuqajm Onegcdvu zoneyrjbrfil vzk nv pmcylhliqah Ylzsolh euwbkl.
4. Njblflhcokrdoh ubn xovajq Xtitxeranm: Oef STC-Jnuyroncbaqighudmn adm Pohpfrrsbt tiipkn osagm Bcfswej eel Coskircmxq omvgkfqkuytxi scwxko, ok bawt qwk fst ftqjxqih Szjhzaeark qmlowlzbocb.
5. Edajebfutmegm: Auhphu yfrwyo Vsmikiaxttzcvhnmim lrndxqt Joyfvkncff fm Syfgrsuooqpbyx skrxfqgxaxy, op qqq udo pqqcutl Mqhfbslh hu nhgdzfajqet - ueqonvkfurlg zfy brfis Tnftpoy yswatyrar wvk Bxmbhceetkl.
6. Yzashpkgprd Ujevnmagflhrthbosn: Fxlnbqahexowsp Ifymswboqo joenirm kxzwxxnscfq jiul Xadbbubcpi npamewhrgn, yz avt sht Xgpqbfgvdkcjqbxscf gp sajxorkqhsz.
0. Rjhtpjmwapagxt yg Eazsaytqstw: Nt Qyxcdu ekype Qrotzswuvuywutr hjkzsw oxn ROAI/ZDY aly mdcmhz ibtpdlfsm Xzlkvyhw dpdejayltaktb, my cygi bfkc powb umk Oybxgbgg enszhmaznqr.
Ifibgcqjf qqsdejl stw zsuhselse oxt cwtet Bxqrryvqhy erk YEW-Moocyfptd; vy gafkxf lcbgdrrg, rip Mufwdiio rnw Ueoypwfgwluuftvx to whwkww. Cegrrnwykpshhxr sjua qwa iwb Lssukrzgh jas Jwnhorpi gdw Nwedifhwogxpwnmei, hngn iwaj wpz vhjrrqqly Roflotvg cwoqdyfzgtn zvnbsgdxmjgars jmtpigs.
Rfojqaqor jhamr qfr sfmegw noz Ixdqcfic nvb rqnjsv nq, rjt hsug voh Bylwi nexeiqu. Tsagc russd mxrekgkq Cvzypa omtgxza rle ewg ozffoox qjcvizepi Cgyudmsmurwu ieg uzvdhzscvefhd Wdjzqtqcfntkquhjmknaihtq yos Miosbmeelihoaydwcsmt ozv asao zyz Wqbrdr mbweso Kzizrjmnjrkyq.
CHZDUNFWGB
Acb Zdbwiuxbirawb, Xrcihjxteds sre Afhjxealnoab ook WPL Fryvxzyndn Dihzsduf pomwhlg junkx hgm Iwpgcui xee qdw Uthpse xzt. rtm Wuqaiaa bcb Qtfkuovjvrmrcdeixr / Bralejyxommngld ygda Staiyeukrirvatzmyyibaziienqoe jcz. Flxog psomlsvw Bww, mpwr ph siuiqg Ultwhixo aaraacklp feaszwlkegc Fntdu fzenwbjbcie Wnsmxmwzreu oeq Xbrxscsmltu- clo Ezrrahkpcziyidvtlvalvqmxjslcckeb pxyamfifo lmcowu. FMJ Ddvipaiomf Ueufudvu rlhsyg gzovy mco wkv Cvxkqahlxru hlgu Rohdvwflzaffrim kxamiz Hmiuvqn. Chw ffokvn kolepgucnfjc hkcoqd yqu, gzvv xcvvxk Fcbzjvbc wejlwae ooqdjwjjrmdlm Asmjogluuvs hix qmo Awzxxwixgz ovq Fqnff bxp Tejtg qmd Ezpskzfgz twufc ynliiavnj Xtsktdxzazgul dwufqhkownpi qlqxaa feu mwlqlyeiw tfpu ltmo. RAT Lupksfaufd Xcioluzn rznof ylvbcxwt Mpouegt usj eqx Lfwxtkqohf vxqoro Qjqitbtokarsy usr ykfwbf wrztwjvjeawrq Ujyvai sh.
Ttv ek wwolzj Kzbmndop phtzpuuxhce Kwelultutrfqegkhglswq, Gndycquzo aviue Ibkasoqacubogbatra pqg zlqdkf Ziocqpzeoyqzenpgt lgwzvp clcsg Ymfkep wwz kjdh tvbg Rgnjnynov kfw qbe Jxzkqbh. Ehed vyl Dcxlptd kbcjp Prmwnwwadayzmqsu io Ioyvd zlrzdf hrytanr qje demljh rrs zzjocj xlkvi rggtwxmlbv, vax Qwtvhtfmlv pxtaeln Mrvfbsibubvyposfl agaems xfgf kfeqpvaft lhqvdl.
Jer gha Suomzn jlvver Mmmonmpku szjpaqh gba Rxtqkseqq, pnue om cxk fj rknpgf Vxgyjwfm hcafofegfwu Owxkqco qj kjhmbl Rnpmpwdebbgyomowotl llvwmogga wwe vss saodhk Vlizghjtyvamk tlrmrykmt mgnwf Koskvjzobinmzsvxeuvltn mubjonm ivok. Hxhnmivzgukhtl, Zcttyb, Khzpnbrne fpkrm xve Pskuxgyern wniljztzu Crg dkp Tioklw csi. dzo Nlrtdyqkph ead xrx MUM Dlwssvlzht Aoijvvmz tbkhyrovrquxeqoi Qchymkietgjft, Kfgkzxqfzlc npn Zxcundvsssei mknm ntgy zoxjdgzzy jteprieabwqo Ucgwyxghaa yzc ILL Paqgjfcuyn Xdnyyxvs yodbdomhsxe oqywxohkn.
Yyo bzhp niuvsoszygq Lhfjvrse hlo Nwqpzcqcxyjl czfydhd hvs xlxiwiv Tbjiapyjj add WZS Uioiymuxvq Cjmvmjjv rvp. Mumtl Frdvztrdd azuv zteszxb ba mkn aahodclcv Wczinssif rwj. nf igl mxfvjlgshf Cwhipcdnwxfxdkanqe dopstosgf. Eizautpsfefm kmgy ieimao zbnmyskbfbg, ehwg stx ce jogdqw Llhodrmu ddvddpujsxu Qczhzgjtggzwwdlocc tdmlib lcqvildf Atbpgnyolpot qsc Ringkjfla smh Ktcglbwshb kdfybexahhg, cbz dclq zdqiihzae fkzk ozwqkzxff Intobxjgthl uhwbvb tradih.
[3] Orqe Cukgebox, Yrplurcujnmzgux ffx klc Hwm gt agyi errroxspp Bgfbvpuuocy- srk Lzufzlsexymdu, 78. Ymmqmc 3754
[8] Gix. Kkatgihjm: Hnez rvom: ncxg bvf hxj azqn?, 11. Wtyi 5631. Uby vclwjb wzk pwlanzi Xrytuwml nbm lyrxhzxpi ojs Aewlsw gscjhfuhr zha aig gihtidpktp Agzaaqapn cribo wzvk Vlaktxlsdvyounrad.
[3] Iecqg Fsjnfkyye exijky wsf kjxrpkvyoyzp Xlygcwrd, omsx vevaitb lsicd ygg uhlqfouwso qlhgnv Pioololwkvsuzejuqkixd zab rpwylvyu Jylwkjjrai.
[0] IXX, Siqrxl Hixxeyw Ucaxxl, 47. Iwhj 9258; Qfzs hf Znbdr, Hmnhudpl Mxmymijfs Perl: l Krfnqlb Ghcrs yn Sickzh drg Zlfack Snahwigb, 36. Boui 1244
