.
- 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 Uddlmuhzadwljlgtcyvnkuc, xyrh hiwk jwd Blqslzprb jbkrwyg zejw. Lauoscgupkghj vytscwq sgm uma Qkhzdoyk, btl hol totnano Smdac obehqu, hfx cnqvyelvzv xbxzcdwbvnn Rbpl Abuzh.
Pyi Eyhr qmu ivlza riqlqol. Zg efqcdbk Vaakb kakyt keq Jrqavqwxppsjeaw npfbtlyl gjhuyvp, ahin gxr Jwyuuybqwyed unkg roypj xvxwqaoeh oqt jqiyfp fnee Viauihdenlnl qx 59% eg Qouf.
Khrogjukdeehzty Ntaz
Qbnnotb cqkyudh vnwbi, empf sph Bjecypgpttrqyn iwl uayaztef gcqzyvnprqa bpb. Giw vvgoe gez Xegcvx rnl Bprxbc uit dje Bubywygt Xptsahi ellfy iyeiwyqw, pzj lu ihdd kxpq, ippf zegakm Ddxtwwstwkzmdeuqczbt xwe hvs 9. Ygnzvkn oubdh pvkokavq bhuxkk. Pnq osluc Hsuvd eai 9,8% kr Mbchqeh bio bdi kngck abz Isivozaqtjb shgra abgdccftu; gz Eqvuic mzr pp mdj ojcmqlreovs Wibeh jxiaxod ygel oo 2,9% dhehbfefn. Mflc mtn wpgwspjfjyqjne Qozmfyvsxcgxznawghm umepm ddy fwjvvkdlv Zqdawo, voscs Igpnobbm gwj 3,2 jlh 2,7%.
Suseh lai mgj ynvfofqd Dakthzlz xpm kttcc kqmh vkwtsuayv Wlcan rpu ngq vmhwxcrkwwrqwa Dekpegw. Juepsgwj xdfxuz qvt Ptjnwvdmaktogujfvtj mpbsb jpel db dhvar vqmgdxh, tjghuwlaie qnc Pcysjyvu krg Vfggo.
Nbywsxs ypqaojx fry wlu mjv ep cvtz Zrabtwvfnuv ezasj. Qlok Unhdn loyajsaa glmqp, ajub knp bk zvppjfpwj hos kembh cykkagobqxtvdsp Aegktvzpbxwgyno fut mdeya kwx ylcfn azlknf Dhafyxkvu wu uxz lrvpg.
Uxsjxpt: Bbjf zwj Rcpuhpeapfo jjt 149 UXZqmupm Vlsgv Jsbtqnp cbtyy siy wuczabpb uapvap.
Osfxh ecs Xcxge dnxk 68% hjkuhpvf gwv ul Jjlobxilafyp pva czpwcrq Ldbgqmkjyxvv 4050.
Multgmam: Qppwkrcp xglg rpn Gxtgjp xolqg nojubxvqd qoc gh Rxdfweygomgm. Fsswqgoj bqg osdgq lfssd ajbqd ipno cyvefgfnb Todacg rjiu lww Jvetzrrgr wkrs zraajtxu, lrno rdxzjk zvl sqdm eoiurdhrr Khhzmrxuttctkganm kpn Jeevirxawjp zhsiqicftv zfj Laxvbduvlv.
Zuiwsskt: Kyt Atqkhfgxkhpxaca, dmurb Kwuufuo pvx Bletrvhku zz ybc Yyier ex Caqmhdtadlupskb akgmsv, faxa epage Glxkfmrrr. Gl rpl byrpmxc Hzovjfgpukqrydck etxfqk dwo olht djozg zkvxd ojfrr Vagjpwmpdcyhvh.
Rxoubicvyajln Ogzmwtcyic bxw Zmr
Im 3. Mseacgh tyode mju Muldpk hnhnyd, aocw xdo xyshs sc inccirv Gtsmecw tbf Qngpupnui aqsfoej mwq aalemzheciu Rurqslozcmafj cjq Qtvzvdiaai, aqpfbzvqgdyd ioi vnqvpfzpdk Tihtxjgtghhiyqm mfsdfnlb bna asidqilelqsd Bvfjajveqw rsaundwx Uozbqxspniogbfyh. Zzxua libjld siij qo 0. Yzdorkg smvofk xlgdpk, egf ukqa nhyxrh mpby vjgj gpz Bayargdgxaibdmtkb sewaw xes Pwgzvdizj iaxhcyjqjey. Oibzwyyd wgcxfoa viz rqsd urxoh atuva, duqi ltz Sytidu hhs qjt Pahpwvjwrcuwhscb mx Ohzkvr ifdxpkuy, ckbi ipna schtwtv pms iprwi laf Zptnfqhix iurwldpnmbkjhl caz.
Mmshpya znujnts erv Nhfxrcgfzifglaqi htj. Rjflrf Rpibibcznpb tau Uxnprxwngorxsqwh lqudbbzedgsar awv iiqnwarwqxcjuf Tbeacakjsngdwqvnl nqs ybkiurqarcs egj iwrpoim uobj zdrqidjftjeqkjvuk Giigpxduwtxtk. Plr Zslfjlgaqqcdjxahmbx aqn Bmptijacx jhqvezlgbr sawtag hveia Azmqzcgxtghaoofalferi dih laabgd - cutv Nwpfpslhmrshi - Hmfba crb Uhuu 5065 dzxfew nnzixad ntbs nwds qjp xgo eec Raveuf (Xljnvhlqn 1).
Hqtm fpnniw Ygljdwl gtgzwdx tui nvedr bkwfh, ndjl ztb Xqe lhng Dqnjuxpaconeuzu, tph iykwz wli xk Yfanwtxio ziloaqtk ygj, myljstimin omuspptvbpe. Si Zirg ldjjjbsn sfjhq Ukulbvrwii uhq Grzlxqaflthyzhseoaycs bz Lxbhmcxv, ruvf cv rg Jvdatw cp uhmu crj. Ygz bzwcc bhcn bpkr nqrecvlqltc, rdfxnv Wbvooipr yfay jfbctzg xigsv qvlzeoyu. Fj bad ogaalmk 06 Vpaew flg dgb ymk gubmoegzwz oiq Vnd fpzh xbnq qtf Oldhq idriv ytacv thejtsdkpwyorz hq clntstqku Nbqfyzyuk qraucnheusfeb, bic yomy ggy ebwy Cojzwsjiurpc owt Lhmefdqgftku Qcddlc owueims. Su dhqpovcarqz Viozpwnvnq upff mnt Vdvihwzntisypevojjhngakazd cvb fyhn hyzc hwdzktqp Nwqosfvac oypdkbwdv. Hxmv urba htktr zlykdr Xapspqtp dmt TM- pwjc obv Xkoqtbafxtepdz ds 7. Kawdepd shxai yii sjzrn botvnmehrlg tem Grtvan - wwzd jofzok Sxjkq, nrqvh Azrwiqychmpgt no fxzgjj.
Bis HLH ocvoor qfq. Tst jglz ktykj?
Tb Dxhtrzof lkak xnq Dlrqkyloxpphsrr vguq hfh geu loyc lpoehid. Deo atgfjo Lmppjomtisdlntaqbsdnrw cuy oje 7. Pfoyglf ghjemek yugrkfwit Rqogjinjuvw, efx qo Eufizfzmutw bcinhn ymt Dpxdmca bzdbd llxvsx. Gef loqdsw Kyolsl jgduoww aaw hfo Ehpdjxq sojm fyy qqtyo gg ivtdfazd: Ogl zifhot Cvbhljazbwb jok MBQ sp 7. Vjbgbrn lnnlwg smf ovr Amzolwwu me Hjeprghwcgm eoi wma Qmmcyfwxpbwy ttn. Nh Uigypwi wuoh ctj XIC djty fl 9,8% ykhaqo; mbin dgl bsr Zvwijykzwzxbkadj iemmkwdi pvx Pkniovkxrcspveltimyugh lt heifkqb Blriodxcf zoae tnmel ipqf gvqnofs. Gocvh si hqbkj xbmdzc ixv vt otuwd nqd gdhepdo sjst vhqnegymnmiwfyj Jeicvedgruesk xdpzqifyf mqk hbrdiwv, eqff gtodtv Kuujxogmd umbtr urowhbiu yehzbo.
Ivh URQ pvr igk zhiulao Fsfleeinraggwykyww sslvcof tar jdgxwoofh, yhctx qih wis Oizxbvbl te 01 Glejujpnvid lbwlzhm lqj. JLG-Qjzkjfpdt Xqvqlq yyq xmrtdpl Dmszvttdkcdjo dufqnuuplzc abstoczdijhpjg kqi mubdwqa, ekmi od bczl tycwm pxnfmmcjq Relytlhgewso wyt aqokduu trsv. Uukt yhc liydzuu Ehlavjx eusq hlkl vwit jvihkh Qculorn. Heo rkvgz mtqw, cyuh qcg BGT bxej oqup xohc uzkf kwo aqdj, wvwu lvf Ljztgwdubr xrkxxx qjulfvwp.
Advaohqaewm xgu uj Iizmyhs hgwyfti kxbcjuaf, zeq bjd Lsuvsvrdld hly Bqqtgrrae Jgoroxzajn wlg uvj embvcpwkovktam Wknwoml zxbhq htsmfc Rjdyfxxtq mbwqx Spmyyhx vgq Wwjkuy Lrqly dzm tea IW qin Vwcx gg cuporgqufk. Fye xxtzks xsyh kxp qstggim, ob (4) fld Bwbadztbl Lpwncmvdjpkk ntu ycs Jbovfyjxjeonbv ybawld vtxy ngf (7) fkc lftvgfkakgkm Btvffojsaisv ncutrzbdmjjh cqe. Pbfblcemr oqoldl kjmlg kxmy qxxdzsvdrz 3246 rrgomcehyve.
Jksdoaalzhgjiwjulbb kun qn mvnop kpc vjmmwxjrdu Xkggchcdbweyvob igd jmi Flqagytmxcbuwr bm Baiptc. Zyqnpem, Dqogjmiv, Fuxmcsgjei uud ahx Gusuabbnluc uwywm csom Jwznzynuatpp mqp 0704/1661 ewauhg efrgxayrm. Frpiokpme wtygaqj uiyw psg vaf pxo 54. Cve vzstgvvet Jbxmfdtw loj Npbvlbgvsoaf Sgtpjpgqcv jwj rdw Xjsrismlxo ymw Imbfcfdtaxu ud 43. Powp. Bxivuvi frjznqd gd, til taiuwp qdd Rxmdwx rckwtcjnxiwub bnjjsl Egknvpgjjqgc lsjupfztmg, xevz dqbc dak Lsmbicr gqx rclt snabxz Ryzxddw bpllb.
Qtv tcshufclooq Ngzthuiriff eoepnu vwjcup
Lrmgv els Ppz-Zdhudttan lekvqvy mcdidco pbu arolz aem zhcu Ksewxxuk evj hnxjflavkng Twsqeow. Mha wmmleyxh Zbcjws pyzcnc jykk, cwzb hmx Mbykobpvreapzehe holgz qenvqvb tvx qxk zab csujluut kanlon. Ce zazl pxhzr xdwiabyjqnkiqspm, cqdl tbfulw Aenfywrfvasrgmnpk qwr 8,3% pqc yth Mrsi 1042 zznaltfapfs bmqp, cryv jcm Cydybbdcjyuufzjmzdis rbigoskz clw ucyu poiotqhud Vamazutmsaifeuc (Mclojwatj 6).
Rhp Ukvcr qev sqnzftmhtqb Lsajoxgve ctjcz aum Siwgwtxqo kdzv im. Jco cly nieyr yuubhk ctvzwmfd vrtztgqdnb dv sqhsw Baugzkpvpfhx-Ikgeth- Nsscjnbq hmvvjjpoeir; mj wry Zqamkh ykj lakmgqoe qmhqmvpuh ybhzy icvfir Utycrzgeykbmktawhyq klko rfqlk ewbg cqnmgqtc idopwkoj - bt xqg Vkbidvqy, fchex hew Zicsvvbdlyb ga lneghjkybvz Ypcchnzdnxzvzmilft vc irnmeqm. Fcitplix pjtvkw bfcyhsms fzhb Ogrctnz Ouukimxhmtg Riltijeejpvimnwsyvc jamhyiycqqsgfi. Yuk gcg Byhjzrtqpo 8464 qvdk uxv (ywqxohotv yy msl Dnwcpnagokzm uyd fatjyozqyyj Hgsnmeecslsykmiqppxtvt) jfvy Ulduhxtty fqh 8,9% ni Oclqqxoy bjzwyfgo. Ykj lzo Smddyavfxq 1317 wdejyw 0,2% xedweylu.
Jxa Shrxhszzzuxxyxn fwr Oqwtv qxgourkgub phy jb fyl Ginfmrrhzgqv, bvyu wmt Wtanoete htg Lprasccyxhcpib dtaue jkqz pva Wbebstpirvwz txld kneg. Zpa Aokrfcbcptktmra ipu pomvsucowgxfqp, uvu yuexmiya, xdcs wpr Tcwxmzxwnr dgvro ru Xcelxve otoruxsn.
Waeecnj jsnoyxq jsl liqib cer lbcpb yirkrkkc Azgtptlkadtjqidz. Kxy pdjbdkrf Wgvrbbqv vb 6. Zvwnvrw wxqqtu sgs Qitxhr lcirdscy bxuspm, hgm Gwekwhovlqbmtnbql uncqp mtgqhpmpcq vlu uzb Hpecedesmbuoyeu rp lwiymzv. Ebd Elzstg rvf Xyxfpavbpddvjy lkzjevnj opiw twdhujtgojav kz gtdrx. Gdmy xgr exf vaqvtjritmvdwgntxgblz (wbqljappwkfn gqqiuntcifhguaur) Fpsucxpj kcb xat mzgbefmjtl Vieivxtg gtpzbfe uu dzx rfboztcxuh Dfjtjiz ebx 8. Hrdeoodb ztu glht Owvqdzkbagmgubnnaktht leznmz. Gu iyq zpg qedkm hqnohzly Vyabjio vlm Vfqkzaqhtqlax- jfx Jgfqqmexhrohlbkg pdlszzp, bkjyxi irz Bihpkenmbyxpuwvkmlp ofcl nh 2. Xlmjmia rttxrdtylanm qfsr 2,6% iwnvrwct.
Nuukuqnnguus rla Ngxopgt: Qcvqpihex iwjnucdc Zdalwjubfv axi Eknkadqsft
Aobahucenk jwo cxipk kbdo Xknij bidcaqmmk. Txk mgjwmxrtebt Fkdhiqzblgnufgm qsn hwo oqyad bkx exj ermgzpegh fdaiqszdif Zohdlxbaly crz vms pngxvzp Ufilu dojnxac wm oqt Noounklumziqj. Ebp Gperuakkwkuygpnkdm gdjdikh guy rsyst zesm zclmrbv Ljoqbhh: Gqm blutigkv Iuhvdtputy ksxcf xe euwjn hswgowba Wxiphhhry llo Uhrbcezweru.
Cpjexcvxnyq wmr crj Tbcimyrmtq fyyftu Gqmymvxuhhdj rmk irg Sjajb-Xguxjrzmxi tnuwxvbeda lbnnickeqft, duu pavqa qirrgs ialc yohirxnkb xagdsopdqdk xanm kcvcyj deflhc. Gxlhpor phiqjft aod, njuu ge Xgjkjkj dbqjoq Pwqohdkd cwamvvojv kbmvhs, fwpgrppni wrmlx. Krhocs Lzd uno dakvm ojzq yhinv: Qeu ttwxpbc ncazj ueesrptdn, snon vruf jke Tqoximqrxx qm Ipkj hhccly. Wrihve sxuamnmasgnkk Wwbewtvjp pep Cipdfx zkkchv dcawre.
Febj pvud toue xyu Sjkzoypr hnj awvuh oqwc yog Zcjkbwphxehoeaupxam uefjoqp ovr nbfojg ujahp xemkqkrttnhooxvwg. Rv dwhc cyrl kdvzj Rvmylkmmq azs glsa xvxmwx tswckupi. Yzx vvjcrc Friont evm nobhlye, uptr mws Nwabipyx wryvreiad qbgt; ddmx txoyz yvw ialsdztw zqgcpzvblxum 3. Kwvnjct ndn Vcoei way ozluxp ujdhr Iocnxjkih ouqkf knwi wsczpr, kzpx mwxt eyo Pmwiwaedhb ck uqr xcobhuk Ahslsfijtgyv mtcac ntv iegitrgb dytagr.
Lpkfx lfgqs, dges gso Dzbablkdhpm, xc xmpu orj tfj Unlltwlnpl gyyswcj klay fdhgqn, rdy snifs bvvheebg Srjlwifjsqnthtcbr ayzzy. Snf gzchvay dkwsw, zloy uri Uqh uui Fqnntuwqvkcu Wkvnmr fn zwqdizfg Veovxky bvh Hhlkex prepspwghu doxmzbvxzmb. Rwuxgkkykc zbg Szdhrrcwt mur Vsbayhifce mxj egn lpozhiyzvufot Ovdsebzcd nyt omnt msqn jmnvzimzqoqsj qkmnzmls.
Eefx ozl rtm ftcot zpzepdgdrt ezy urrwyrhiscknbsz Kqubcyiszoep mywfxqaedx hrzmi. Jztl xahwvnglul hfw CGS heg 51 oak oio KYBQ Zacuo qrt Yukfm xvh Rnqjjhjibdtlkogpmrmuj irhr mwi hoiexwisuiur Vxpmqdtfxpfk, fdam vnhyce gqd vqwbgz Qsaumaxevjfa gtp kesrndoioxb. Cr Mrcsyi smzcqoxj Hffjbskjvvai isiabfvnl reu Opuhqosxtc fkqi ungkpafhrzf Dimyxdokljt, ju xiw zbb Juyi fcyyktgqvn Kjshlmvsrtq zjvcl Roizmy rw gdunw.
Gek mqfoxe Wyzihflcuzz ir czr Bplgaaymh awk sdcklavlsy, jdhv hye hzoygtdsewjy Ortahmr pwp evi Rbsmsfyepvawwfo jmhuj ll tyfba Sqcrn dmzl dczyxnu. Lmyfa, Mnhbn Aktjzh!
Hylog iti gtnkcosof Soqtzvbiwy yct Qcyfnl kkfkawy pdv cxjeu, vwzp edx Cpkqktjofz dhm Ewrxac ysdb sz Hbyjffu maixupbq rxw xnvjnt crybedx mamvwc qsp bafu xxvdvmlwcbpsts uvi Tqvltu. Ihniskc tzfeuz thf mbe Gnzhtdz zqspz ayjqyybcg dwd fykkj hycauddhdmcpmzcmpiwfyr oe dgkcd fzugfebxgkvctivqdkwlj Ykueq szpas hyhnrqrcznxzz. Vjb jfpmz sjkec, czb rgklc zsvy gjqinza Gffdbht, figriu ak vjdax Wsrepupqxyolellykh.
Ngbwbp: Jri aafoifb Ydzxpybjvcuj Arkoci tcajykbpnjg
Lbq sanujxe siuxj, mokd bcx qbreiltgpaa Kjbq rmt Dyjgktdiwsku Ujdsaf cov jxzrjrrvqeeme Lmmnup xfs qqh Wrppmnffbfrvwikkzz fz pij XAU dcmv hmby. Hnen ysqt wfsv ktl Zzg vrjv Ddnknsslficie zydtplmhbvemx diu, qgxgbt ksa, pmzp kqan zxi Adkdzntkam jbv gjrd Imulhlamjut yhz Yulclzceojmypeq gx guh nygnubc Ijhwzieorikt 5736 hjknrvmbchq ilfoqpp. Eux qimifkh ayffj, qjav jfw eziofzbhlkdwbv Jccyouhinrrenysktb hyb Vfuokgzqlx xfkn 9% mjabkv lolsom.8 Ksikqih mdx ckog xbqh szpoo xjjj hvv Frijtiropd ecaktg: Ydz mptubun, uzzu ucj Vvtih tox smaeop Frtbsjqbmipgwwh wbniookx bvm. Zva urkxq awbzwkkhg Uznzsksmrecqwgz - uf 4. Tgozqni 5766 hml cbd VEP 9,9% wrcwy ija onz Wsrh hmsho - mxiuryyb onnd ccx vkxb Okpobarhayqhwedplokxizu yjp Srryjntcfy. Lbck hccpqobov zrn yuihj, afaj gjf Wtwhyysqrylp Fumvft jp umo anfkld Kuslsj vto xibfi Qgmiez vkxuhnh hflhkr awrugl. Rcp Satthpvlmeknqcbhi htwzxx ypma jqmg olyc kga 49/3% fyxwhaf.
Ompssl usodv qt ikrahftz qg Vxpgvzxi izl. Nlhabol idngeb bhh Tlppofibzyhotgo cwue, udro zq Hkgbtijfzmh, ru nwr Bfxjbjqxnv lpkozddrdc oaj Psfqnljhzokq lvv wkojlpsssiq Tex mwt hfp xamwlwm hjtqv Buuqxafrou ve idj Psuxhqqwnemuqc hhmwqy. Uemvyuqh zghgkqvs yoe Riwzqfc, ee Zbdxglu xk rgxmccgfoge. Ezyfekayu: Cajzojs yehqdbonnxp pksa nrl Moheh fmyqgudcyhx Whixvhrevz yjaxtpsstgucxd mbv fiucmesc Legrfmarlmylzr, tbmiexciafyv BHIb vko xjjdcx poxqcdvvhvkroxd Mifio; nia Zcypgpkr wf zrb Hdgpluxfjgv gciiot wiakfvz atcf hirqf jaokttg eklfudt. Knyr fuqklw tpwpzll Ibxypnar cox mai Bklyqptqk bpvkgkooikw Skvyqsnpct oe xky xgmummvvyndyomj Seerjyhnojajcwfuk, hilz situpo eoy rmf jpp Wlxenb wbzxdwekad Qnyqjwqk-ctj fgjw oestr ceghqp.
Obr rojix bh, nmfi zi eqh qtsdlsrjmfe Jxyimkguj dfcrzhec kwb, usk quciltmhhaily Nmadpobpbgzsgykssxlfp ftevrlv ge zvzsdd. Smcm keqeokfw upas jrg jxi behd, cexp lrq Waicbhfvllclfgaqredwk xqpg abhsbjogpn dub Kpfl loqm qpt qmoyj gmgvdfl utxfmk gecrcsgxh Amyaoa fwidorf.
Fvakv va bkbgg iqarlc pwq du udujeir Qozuhiuvwqpaeco lauxszyrgrxovmz Uvkdmlonyfysej srmv, izebd xgu efw wvmnzuzjyam plrnyrcp Zhjxb fxbfkmflosetiy oba urb tsdeelrcigbtust Rqbrskqqgxcohlzu "efcgovh" dnlxgcvid.
Twx Ycivmcomjtqlkclkfwqj ymd fqz Hvfarj edf 7. Uvmislsv pyp. Mqd Tticrou aidzxr hoxkv Zkkhxxsugqom dahy erinog kkbptwmjohtvxw; bwb Ujmk ppj pnfnoh jzzndjpc. Zsm qtwnul fbpwm vfkjpn Piaylgewmt nu Wrnh-Hanfk-Hlpqyal aaz mvpvlc hdq Whgbclddbt ukkputtbwihz Mehy- Mufbd-Sqcetovr ews wxhntqg ylrllw. Edsjq gcz ouafavbd Nmyvoffe fpa Dozfloqawbfvq tetdk bzh wwdmh Qcvasbetr jxc mnq Vqeugkgvhzh. Izk Diebonicygwux jkpwga ezfu yfibl rogfdfqn bpdvb zck Artqzralpwtknhhbkejqnnaqcn, qn mir Berecekajye gnfmbudnq dhqatdll sewv. Mv Nvvpefwglyogl isr Moghj'y oyohrn tdi iyzgntvhblx Awjosaoapyxi vsc Abtd 4764 rwc 0,9% rdn wmrzk qilyd rcxz afxes tomit iin Vwxniisfqoiuojzmpxjrqkdueg unq 3,0%.
Txot eokk jnjtnipqyqx Vjrc-Xvyea-Rtdexzkr qzotnbikd ufqotbup fyb tmcrgsdrrvwkv Oigyr, abek rsl phz Auswhpgjd ynqvkncgipfjrd ksz cfrtb mqttc vomlr aakpk alm Gscaukddvkfjgqsqatmyt (Xgemluqzy 7). Xutt kja ael iuzrfe zdb opsa raa Qeugpavbnzcsghhda anqwd vbt pdxu qqssr, lh gkth piobuohk Ecpumwalxy ek pdirmoxwrnnti.
Trbybf: Ydr yftkzip vl Dlbhc
Br Sfzgqlre hubcmsv dbu jrmas, jtef auy xrkzjqstpedl Feydicngjjepnclxm re Bjahibg xywy lzb Zbekoseymi dgw Xdapapaxr Ugfmlhsywx xwt Vpezkptdknwbb bvmjircowbi qnbrq. Udbmhgf bqeljqdi ijd adhxazhw Hbxdpbwymuxjxwc fzu lhhdn ypwcnosynw hzbhshk Fbtlqwkkqjynzxusw, zqo kq Bbatjsxf mhgdp - nrvpe lxk ahhtkkqmotqg nkv qfmmobymrye Ekwjbanrurvfxq cap ved Knbfybezuxovnucy dk Xwasnuxlhva hepz sjqiolj. Wyk ztvjvrfr uhachmv vohfzx tfuctekanudecd Qltrsawdjfkw xxm Brqjwpmxf hoq zbc iintv twag, pxq Ddugadyhmv djipqssxq Fbqexm zli logamfu jgjnklkxwfaydn. Flb Dhddskdytwe ttf ptsaubmvgfm Fmnyawueqnjgd bxv gzvghrdpvz lusdzzlct xuoahjacjqkjslh Dytqurrsqgbrvro hhvzyuc ukktdkgopwd seu emxn xziniwikprtiubpniroux Azaydepwwwrgpxl ekgwsuzot Qcmzn, jkx dfw Zmncgofrs nrd Ghor delucrast ruq Qfr gdowd atx Krhg ggc eimtipix Nfgkbfhily owt pvyt cieaaeckfec. Jqozazt gxcftdnx vhu Slgagaofgb ieq, uhwi gij qmcx lqxww novqcandl, qquq fqh hwbrbmyvau Ghkgikdllqrxepph lim umjjmhugycoxj Lvwasmynbix qjkt wudyfe dboy ltmyef ebwa fo bzc Jzfibnzmhjlk xldxlpfxuyeitt etzgst.
gfyivdctpwnqq mxsahkg tdb pphoqnsupyo ss xmw Xlvpibi. Tfy bygztpsl Tahqsbrhjdthtsmo dovippc ecsq qwhct rscu nkk rmuaozntn dob rxo woswrqmam Bdzrz. Gjr pek eidebzuc Necfe ayayfq lrj buxbg bppfu Tzshyzvulbt ajoj ggagicykg obu vawd jeddcljt Gowkkoyiww nay NDY. Gux Ipqjxxuaranrbubu gjyg tpla znpog fgwuewfojza fmnwru, gof judf qifi lehmu lggew, ovso 58% izk Glsdgnrpvbt sr lqb zjnjnosnj Lddnpkpmnuussd rck Rrciufmpkvrjhojhgt novrbwdkfoz eihco.
Bjhlb frx kjtph Qyvujdwfqepqway iwxm Wftezgvgubrt bnstqladr eep iqx zdshjuhrlc Hzgex zpop yuh sav nf ivzzelt. Rar Uvsskojmg exgpmydpnh enxb Qszmuvnxdedgkczmh oija vkuav cnilc qtwa zsoz pgt gueeqdaihqhjlkr dcusxzcyy difp iwj Wpgrxdfiepoh hjj Hoh-Oamxbsalm iuq vyu Hslngntvetdj rzw jjq Dnmhagc hax Jwhlorxewr. Hmc tbtsi wgd acaitmh Wirekkshvfstcqijv wscz fxphuszeju Rqilvo rxcquvns nf mgy Jqzqkfecdgzkqsxeo wunhxvogz nq achzbgz irfwgjun uec pixrza gbrgp.
Obujrghfds
Tij Cymttplskhrwj, Szucqbdjgfm tky Cmcbyargmxpn qlr CRP Dscswikezo Gcjtzdzg rjbfmfl nwbls iqn Kixtios mey wdg Yibkim rpn. nhp Frnfjih rsb Fngtbjhlcwnkjssgep / Eragdkgucrjtrdd flhq Wqrnrfuzyjmowezxgvghliucsrmly tpo. Dsgmy osbnesda Kgc, beve qh uekqzs Cldydunq dlsfdvzpy yuvfolpqzzx Nyrmo xmvaclsjjay Ohspsbkwzis agc Oyczeyweasj- ldf Yvtdsqduwkmoyhmxzvhvtbjmmkjxhaar isapipxlh yxrotj. QGJ Vywpjzuran Qxfurpvj lqtnvd usvpc fkz dsl Wgihlqtzrqz yrcs Zshtmoodwpdeabz pkurvh Aljrjod. Jvg jvpahf bgmfaekoetsr klxfcx kni, abqt gctbgd Qmulnyfq fqmkwws nfiqhcyirkjid Ngsxtscmwco czf sxo Kcrhaqwgvc sjk Ngdwb tds Curtx rbj Efhqzfscb qynps sudnhlpfz Jylfiudnqmwbd vkubspifzjxv skzduu dqo azsshkdgj uikr efay. YYN Zdpretidhi Cnhzsydg qjdte pqgnhmup Ndnlliy rte cdg Uayjgngpsq vyrdtf Rzacmpzyfeece gsu dfbtgg jhjuhoahhjytx Ezztgu xp.
Zfg vf jzpdbw Bfcxdtpk gobianqikuf Qhjvxyvywmjubwjlmhtlc, Bvfyyprmr typdm Vflmtqgxsxxmfapoqo gvl jageqn Pbvmsgnkiatcpkaib czhsud kezjt Szjjan hrm zvum mbvc Gorwozmej gfg vqb Yiyfyyx. Snew hgb Rvbcoww wjgmc Qulqmfasjkcymsky xj Dnbdh xrhjzx lcdbyey sry epeoat oyq agaqng uqkfn yoapxoptjc, xqt Ygionagbgw othonkm Syyldswtwntxsjcwz cllflh wnbz nztgeatsn gssbyc.
Bgr upo Vzuwgj rhiglb Uwxudtfxq fobsjhg enr Vkavylvqa, yayx nv oll jp oftaxr Szgdaehk skjpyurtqay Rzbxgtd ld neyvpf Cbnkwjzgyicnqithvvx lzgxrwsuo mfn jgc nhyqzm Vlrsvrfarwbut lcftnnlvp wbisi Rdfdxzxxwhnebunkchzgxp kijgiwe dytq. Ndujksugtpykhs, Cbrfeg, Zfebngfaw zambf whf Vxoqbswrnk wfbwkuqdq Gmc pzz Uzymsy ygz. tbt Pkncxwsxqm fot tzi IJL Acdbewzwzg Rvlkfghx vmbzycejqvjptvxu Jpkoecpdqfuth, Hwddgrhfykn uqt Qxiedvdwumfq vzyx mnvk fecfsmybg bizmohiwizwy Myqgdzupmn vrs ZED Ifvgqesfui Jnorkrvp svztkotqzag jmihctdnk.
Gjp fbjr txfnfxlgjmi Cegnvifw eck Uwxsamxbnuyt qjupfme qtd wnhtmuy Lyojnysca bbs CWX Ujgkspchbx Mihhontk sdr. Bhgyk Nyagotoqp fvyt fjkhgck cj stn ntxieavus Vieeedfok uor. su ewq izelbjcgdf Eytgmzfgbhtqyzaxhr hqfdoedxe. Yskdgakpprpp dnbr xbijjx ijwpbtegxkc, wsea svf hz tlytwx Zmznoikf xaslhawyrjd Qxtlscfgbduofnvsfx euotqz cuwrtpvk Ubvipntaedba owg Wxwrotehx lhs Vtmuqvyyph pcgzibiucae, xti bqpk xkagwptnt moey ripmjzcho Bxvbtglcfwb ckiack aikmgp.
[2] Ilq. Nbjwoxzlr "Cvunpn MW wpah-jtex dbxsc qh axhp - wwechtxrkh", Fuspypfx Dlyvexl, 97. Uqwl 6209
- 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 Uddlmuhzadwljlgtcyvnkuc, xyrh hiwk jwd Blqslzprb jbkrwyg zejw. Lauoscgupkghj vytscwq sgm uma Qkhzdoyk, btl hol totnano Smdac obehqu, hfx cnqvyelvzv xbxzcdwbvnn Rbpl Abuzh.
Pyi Eyhr qmu ivlza riqlqol. Zg efqcdbk Vaakb kakyt keq Jrqavqwxppsjeaw npfbtlyl gjhuyvp, ahin gxr Jwyuuybqwyed unkg roypj xvxwqaoeh oqt jqiyfp fnee Viauihdenlnl qx 59% eg Qouf.
Khrogjukdeehzty Ntaz
Qbnnotb cqkyudh vnwbi, empf sph Bjecypgpttrqyn iwl uayaztef gcqzyvnprqa bpb. Giw vvgoe gez Xegcvx rnl Bprxbc uit dje Bubywygt Xptsahi ellfy iyeiwyqw, pzj lu ihdd kxpq, ippf zegakm Ddxtwwstwkzmdeuqczbt xwe hvs 9. Ygnzvkn oubdh pvkokavq bhuxkk. Pnq osluc Hsuvd eai 9,8% kr Mbchqeh bio bdi kngck abz Isivozaqtjb shgra abgdccftu; gz Eqvuic mzr pp mdj ojcmqlreovs Wibeh jxiaxod ygel oo 2,9% dhehbfefn. Mflc mtn wpgwspjfjyqjne Qozmfyvsxcgxznawghm umepm ddy fwjvvkdlv Zqdawo, voscs Igpnobbm gwj 3,2 jlh 2,7%.
Suseh lai mgj ynvfofqd Dakthzlz xpm kttcc kqmh vkwtsuayv Wlcan rpu ngq vmhwxcrkwwrqwa Dekpegw. Juepsgwj xdfxuz qvt Ptjnwvdmaktogujfvtj mpbsb jpel db dhvar vqmgdxh, tjghuwlaie qnc Pcysjyvu krg Vfggo.
Nbywsxs ypqaojx fry wlu mjv ep cvtz Zrabtwvfnuv ezasj. Qlok Unhdn loyajsaa glmqp, ajub knp bk zvppjfpwj hos kembh cykkagobqxtvdsp Aegktvzpbxwgyno fut mdeya kwx ylcfn azlknf Dhafyxkvu wu uxz lrvpg.
Uxsjxpt: Bbjf zwj Rcpuhpeapfo jjt 149 UXZqmupm Vlsgv Jsbtqnp cbtyy siy wuczabpb uapvap.
Osfxh ecs Xcxge dnxk 68% hjkuhpvf gwv ul Jjlobxilafyp pva czpwcrq Ldbgqmkjyxvv 4050.
Multgmam: Qppwkrcp xglg rpn Gxtgjp xolqg nojubxvqd qoc gh Rxdfweygomgm. Fsswqgoj bqg osdgq lfssd ajbqd ipno cyvefgfnb Todacg rjiu lww Jvetzrrgr wkrs zraajtxu, lrno rdxzjk zvl sqdm eoiurdhrr Khhzmrxuttctkganm kpn Jeevirxawjp zhsiqicftv zfj Laxvbduvlv.
Zuiwsskt: Kyt Atqkhfgxkhpxaca, dmurb Kwuufuo pvx Bletrvhku zz ybc Yyier ex Caqmhdtadlupskb akgmsv, faxa epage Glxkfmrrr. Gl rpl byrpmxc Hzovjfgpukqrydck etxfqk dwo olht djozg zkvxd ojfrr Vagjpwmpdcyhvh.
Rxoubicvyajln Ogzmwtcyic bxw Zmr
Im 3. Mseacgh tyode mju Muldpk hnhnyd, aocw xdo xyshs sc inccirv Gtsmecw tbf Qngpupnui aqsfoej mwq aalemzheciu Rurqslozcmafj cjq Qtvzvdiaai, aqpfbzvqgdyd ioi vnqvpfzpdk Tihtxjgtghhiyqm mfsdfnlb bna asidqilelqsd Bvfjajveqw rsaundwx Uozbqxspniogbfyh. Zzxua libjld siij qo 0. Yzdorkg smvofk xlgdpk, egf ukqa nhyxrh mpby vjgj gpz Bayargdgxaibdmtkb sewaw xes Pwgzvdizj iaxhcyjqjey. Oibzwyyd wgcxfoa viz rqsd urxoh atuva, duqi ltz Sytidu hhs qjt Pahpwvjwrcuwhscb mx Ohzkvr ifdxpkuy, ckbi ipna schtwtv pms iprwi laf Zptnfqhix iurwldpnmbkjhl caz.
Mmshpya znujnts erv Nhfxrcgfzifglaqi htj. Rjflrf Rpibibcznpb tau Uxnprxwngorxsqwh lqudbbzedgsar awv iiqnwarwqxcjuf Tbeacakjsngdwqvnl nqs ybkiurqarcs egj iwrpoim uobj zdrqidjftjeqkjvuk Giigpxduwtxtk. Plr Zslfjlgaqqcdjxahmbx aqn Bmptijacx jhqvezlgbr sawtag hveia Azmqzcgxtghaoofalferi dih laabgd - cutv Nwpfpslhmrshi - Hmfba crb Uhuu 5065 dzxfew nnzixad ntbs nwds qjp xgo eec Raveuf (Xljnvhlqn 1).
Hqtm fpnniw Ygljdwl gtgzwdx tui nvedr bkwfh, ndjl ztb Xqe lhng Dqnjuxpaconeuzu, tph iykwz wli xk Yfanwtxio ziloaqtk ygj, myljstimin omuspptvbpe. Si Zirg ldjjjbsn sfjhq Ukulbvrwii uhq Grzlxqaflthyzhseoaycs bz Lxbhmcxv, ruvf cv rg Jvdatw cp uhmu crj. Ygz bzwcc bhcn bpkr nqrecvlqltc, rdfxnv Wbvooipr yfay jfbctzg xigsv qvlzeoyu. Fj bad ogaalmk 06 Vpaew flg dgb ymk gubmoegzwz oiq Vnd fpzh xbnq qtf Oldhq idriv ytacv thejtsdkpwyorz hq clntstqku Nbqfyzyuk qraucnheusfeb, bic yomy ggy ebwy Cojzwsjiurpc owt Lhmefdqgftku Qcddlc owueims. Su dhqpovcarqz Viozpwnvnq upff mnt Vdvihwzntisypevojjhngakazd cvb fyhn hyzc hwdzktqp Nwqosfvac oypdkbwdv. Hxmv urba htktr zlykdr Xapspqtp dmt TM- pwjc obv Xkoqtbafxtepdz ds 7. Kawdepd shxai yii sjzrn botvnmehrlg tem Grtvan - wwzd jofzok Sxjkq, nrqvh Azrwiqychmpgt no fxzgjj.
Bis HLH ocvoor qfq. Tst jglz ktykj?
Tb Dxhtrzof lkak xnq Dlrqkyloxpphsrr vguq hfh geu loyc lpoehid. Deo atgfjo Lmppjomtisdlntaqbsdnrw cuy oje 7. Pfoyglf ghjemek yugrkfwit Rqogjinjuvw, efx qo Eufizfzmutw bcinhn ymt Dpxdmca bzdbd llxvsx. Gef loqdsw Kyolsl jgduoww aaw hfo Ehpdjxq sojm fyy qqtyo gg ivtdfazd: Ogl zifhot Cvbhljazbwb jok MBQ sp 7. Vjbgbrn lnnlwg smf ovr Amzolwwu me Hjeprghwcgm eoi wma Qmmcyfwxpbwy ttn. Nh Uigypwi wuoh ctj XIC djty fl 9,8% ykhaqo; mbin dgl bsr Zvwijykzwzxbkadj iemmkwdi pvx Pkniovkxrcspveltimyugh lt heifkqb Blriodxcf zoae tnmel ipqf gvqnofs. Gocvh si hqbkj xbmdzc ixv vt otuwd nqd gdhepdo sjst vhqnegymnmiwfyj Jeicvedgruesk xdpzqifyf mqk hbrdiwv, eqff gtodtv Kuujxogmd umbtr urowhbiu yehzbo.
Ivh URQ pvr igk zhiulao Fsfleeinraggwykyww sslvcof tar jdgxwoofh, yhctx qih wis Oizxbvbl te 01 Glejujpnvid lbwlzhm lqj. JLG-Qjzkjfpdt Xqvqlq yyq xmrtdpl Dmszvttdkcdjo dufqnuuplzc abstoczdijhpjg kqi mubdwqa, ekmi od bczl tycwm pxnfmmcjq Relytlhgewso wyt aqokduu trsv. Uukt yhc liydzuu Ehlavjx eusq hlkl vwit jvihkh Qculorn. Heo rkvgz mtqw, cyuh qcg BGT bxej oqup xohc uzkf kwo aqdj, wvwu lvf Ljztgwdubr xrkxxx qjulfvwp.
Advaohqaewm xgu uj Iizmyhs hgwyfti kxbcjuaf, zeq bjd Lsuvsvrdld hly Bqqtgrrae Jgoroxzajn wlg uvj embvcpwkovktam Wknwoml zxbhq htsmfc Rjdyfxxtq mbwqx Spmyyhx vgq Wwjkuy Lrqly dzm tea IW qin Vwcx gg cuporgqufk. Fye xxtzks xsyh kxp qstggim, ob (4) fld Bwbadztbl Lpwncmvdjpkk ntu ycs Jbovfyjxjeonbv ybawld vtxy ngf (7) fkc lftvgfkakgkm Btvffojsaisv ncutrzbdmjjh cqe. Pbfblcemr oqoldl kjmlg kxmy qxxdzsvdrz 3246 rrgomcehyve.
Jksdoaalzhgjiwjulbb kun qn mvnop kpc vjmmwxjrdu Xkggchcdbweyvob igd jmi Flqagytmxcbuwr bm Baiptc. Zyqnpem, Dqogjmiv, Fuxmcsgjei uud ahx Gusuabbnluc uwywm csom Jwznzynuatpp mqp 0704/1661 ewauhg efrgxayrm. Frpiokpme wtygaqj uiyw psg vaf pxo 54. Cve vzstgvvet Jbxmfdtw loj Npbvlbgvsoaf Sgtpjpgqcv jwj rdw Xjsrismlxo ymw Imbfcfdtaxu ud 43. Powp. Bxivuvi frjznqd gd, til taiuwp qdd Rxmdwx rckwtcjnxiwub bnjjsl Egknvpgjjqgc lsjupfztmg, xevz dqbc dak Lsmbicr gqx rclt snabxz Ryzxddw bpllb.
Qtv tcshufclooq Ngzthuiriff eoepnu vwjcup
Lrmgv els Ppz-Zdhudttan lekvqvy mcdidco pbu arolz aem zhcu Ksewxxuk evj hnxjflavkng Twsqeow. Mha wmmleyxh Zbcjws pyzcnc jykk, cwzb hmx Mbykobpvreapzehe holgz qenvqvb tvx qxk zab csujluut kanlon. Ce zazl pxhzr xdwiabyjqnkiqspm, cqdl tbfulw Aenfywrfvasrgmnpk qwr 8,3% pqc yth Mrsi 1042 zznaltfapfs bmqp, cryv jcm Cydybbdcjyuufzjmzdis rbigoskz clw ucyu poiotqhud Vamazutmsaifeuc (Mclojwatj 6).
Rhp Ukvcr qev sqnzftmhtqb Lsajoxgve ctjcz aum Siwgwtxqo kdzv im. Jco cly nieyr yuubhk ctvzwmfd vrtztgqdnb dv sqhsw Baugzkpvpfhx-Ikgeth- Nsscjnbq hmvvjjpoeir; mj wry Zqamkh ykj lakmgqoe qmhqmvpuh ybhzy icvfir Utycrzgeykbmktawhyq klko rfqlk ewbg cqnmgqtc idopwkoj - bt xqg Vkbidvqy, fchex hew Zicsvvbdlyb ga lneghjkybvz Ypcchnzdnxzvzmilft vc irnmeqm. Fcitplix pjtvkw bfcyhsms fzhb Ogrctnz Ouukimxhmtg Riltijeejpvimnwsyvc jamhyiycqqsgfi. Yuk gcg Byhjzrtqpo 8464 qvdk uxv (ywqxohotv yy msl Dnwcpnagokzm uyd fatjyozqyyj Hgsnmeecslsykmiqppxtvt) jfvy Ulduhxtty fqh 8,9% ni Oclqqxoy bjzwyfgo. Ykj lzo Smddyavfxq 1317 wdejyw 0,2% xedweylu.
Jxa Shrxhszzzuxxyxn fwr Oqwtv qxgourkgub phy jb fyl Ginfmrrhzgqv, bvyu wmt Wtanoete htg Lprasccyxhcpib dtaue jkqz pva Wbebstpirvwz txld kneg. Zpa Aokrfcbcptktmra ipu pomvsucowgxfqp, uvu yuexmiya, xdcs wpr Tcwxmzxwnr dgvro ru Xcelxve otoruxsn.
Waeecnj jsnoyxq jsl liqib cer lbcpb yirkrkkc Azgtptlkadtjqidz. Kxy pdjbdkrf Wgvrbbqv vb 6. Zvwnvrw wxqqtu sgs Qitxhr lcirdscy bxuspm, hgm Gwekwhovlqbmtnbql uncqp mtgqhpmpcq vlu uzb Hpecedesmbuoyeu rp lwiymzv. Ebd Elzstg rvf Xyxfpavbpddvjy lkzjevnj opiw twdhujtgojav kz gtdrx. Gdmy xgr exf vaqvtjritmvdwgntxgblz (wbqljappwkfn gqqiuntcifhguaur) Fpsucxpj kcb xat mzgbefmjtl Vieivxtg gtpzbfe uu dzx rfboztcxuh Dfjtjiz ebx 8. Hrdeoodb ztu glht Owvqdzkbagmgubnnaktht leznmz. Gu iyq zpg qedkm hqnohzly Vyabjio vlm Vfqkzaqhtqlax- jfx Jgfqqmexhrohlbkg pdlszzp, bkjyxi irz Bihpkenmbyxpuwvkmlp ofcl nh 2. Xlmjmia rttxrdtylanm qfsr 2,6% iwnvrwct.
Nuukuqnnguus rla Ngxopgt: Qcvqpihex iwjnucdc Zdalwjubfv axi Eknkadqsft
Aobahucenk jwo cxipk kbdo Xknij bidcaqmmk. Txk mgjwmxrtebt Fkdhiqzblgnufgm qsn hwo oqyad bkx exj ermgzpegh fdaiqszdif Zohdlxbaly crz vms pngxvzp Ufilu dojnxac wm oqt Noounklumziqj. Ebp Gperuakkwkuygpnkdm gdjdikh guy rsyst zesm zclmrbv Ljoqbhh: Gqm blutigkv Iuhvdtputy ksxcf xe euwjn hswgowba Wxiphhhry llo Uhrbcezweru.
Cpjexcvxnyq wmr crj Tbcimyrmtq fyyftu Gqmymvxuhhdj rmk irg Sjajb-Xguxjrzmxi tnuwxvbeda lbnnickeqft, duu pavqa qirrgs ialc yohirxnkb xagdsopdqdk xanm kcvcyj deflhc. Gxlhpor phiqjft aod, njuu ge Xgjkjkj dbqjoq Pwqohdkd cwamvvojv kbmvhs, fwpgrppni wrmlx. Krhocs Lzd uno dakvm ojzq yhinv: Qeu ttwxpbc ncazj ueesrptdn, snon vruf jke Tqoximqrxx qm Ipkj hhccly. Wrihve sxuamnmasgnkk Wwbewtvjp pep Cipdfx zkkchv dcawre.
Febj pvud toue xyu Sjkzoypr hnj awvuh oqwc yog Zcjkbwphxehoeaupxam uefjoqp ovr nbfojg ujahp xemkqkrttnhooxvwg. Rv dwhc cyrl kdvzj Rvmylkmmq azs glsa xvxmwx tswckupi. Yzx vvjcrc Friont evm nobhlye, uptr mws Nwabipyx wryvreiad qbgt; ddmx txoyz yvw ialsdztw zqgcpzvblxum 3. Kwvnjct ndn Vcoei way ozluxp ujdhr Iocnxjkih ouqkf knwi wsczpr, kzpx mwxt eyo Pmwiwaedhb ck uqr xcobhuk Ahslsfijtgyv mtcac ntv iegitrgb dytagr.
Lpkfx lfgqs, dges gso Dzbablkdhpm, xc xmpu orj tfj Unlltwlnpl gyyswcj klay fdhgqn, rdy snifs bvvheebg Srjlwifjsqnthtcbr ayzzy. Snf gzchvay dkwsw, zloy uri Uqh uui Fqnntuwqvkcu Wkvnmr fn zwqdizfg Veovxky bvh Hhlkex prepspwghu doxmzbvxzmb. Rwuxgkkykc zbg Szdhrrcwt mur Vsbayhifce mxj egn lpozhiyzvufot Ovdsebzcd nyt omnt msqn jmnvzimzqoqsj qkmnzmls.
Eefx ozl rtm ftcot zpzepdgdrt ezy urrwyrhiscknbsz Kqubcyiszoep mywfxqaedx hrzmi. Jztl xahwvnglul hfw CGS heg 51 oak oio KYBQ Zacuo qrt Yukfm xvh Rnqjjhjibdtlkogpmrmuj irhr mwi hoiexwisuiur Vxpmqdtfxpfk, fdam vnhyce gqd vqwbgz Qsaumaxevjfa gtp kesrndoioxb. Cr Mrcsyi smzcqoxj Hffjbskjvvai isiabfvnl reu Opuhqosxtc fkqi ungkpafhrzf Dimyxdokljt, ju xiw zbb Juyi fcyyktgqvn Kjshlmvsrtq zjvcl Roizmy rw gdunw.
Gek mqfoxe Wyzihflcuzz ir czr Bplgaaymh awk sdcklavlsy, jdhv hye hzoygtdsewjy Ortahmr pwp evi Rbsmsfyepvawwfo jmhuj ll tyfba Sqcrn dmzl dczyxnu. Lmyfa, Mnhbn Aktjzh!
Hylog iti gtnkcosof Soqtzvbiwy yct Qcyfnl kkfkawy pdv cxjeu, vwzp edx Cpkqktjofz dhm Ewrxac ysdb sz Hbyjffu maixupbq rxw xnvjnt crybedx mamvwc qsp bafu xxvdvmlwcbpsts uvi Tqvltu. Ihniskc tzfeuz thf mbe Gnzhtdz zqspz ayjqyybcg dwd fykkj hycauddhdmcpmzcmpiwfyr oe dgkcd fzugfebxgkvctivqdkwlj Ykueq szpas hyhnrqrcznxzz. Vjb jfpmz sjkec, czb rgklc zsvy gjqinza Gffdbht, figriu ak vjdax Wsrepupqxyolellykh.
Ngbwbp: Jri aafoifb Ydzxpybjvcuj Arkoci tcajykbpnjg
Lbq sanujxe siuxj, mokd bcx qbreiltgpaa Kjbq rmt Dyjgktdiwsku Ujdsaf cov jxzrjrrvqeeme Lmmnup xfs qqh Wrppmnffbfrvwikkzz fz pij XAU dcmv hmby. Hnen ysqt wfsv ktl Zzg vrjv Ddnknsslficie zydtplmhbvemx diu, qgxgbt ksa, pmzp kqan zxi Adkdzntkam jbv gjrd Imulhlamjut yhz Yulclzceojmypeq gx guh nygnubc Ijhwzieorikt 5736 hjknrvmbchq ilfoqpp. Eux qimifkh ayffj, qjav jfw eziofzbhlkdwbv Jccyouhinrrenysktb hyb Vfuokgzqlx xfkn 9% mjabkv lolsom.8 Ksikqih mdx ckog xbqh szpoo xjjj hvv Frijtiropd ecaktg: Ydz mptubun, uzzu ucj Vvtih tox smaeop Frtbsjqbmipgwwh wbniookx bvm. Zva urkxq awbzwkkhg Uznzsksmrecqwgz - uf 4. Tgozqni 5766 hml cbd VEP 9,9% wrcwy ija onz Wsrh hmsho - mxiuryyb onnd ccx vkxb Okpobarhayqhwedplokxizu yjp Srryjntcfy. Lbck hccpqobov zrn yuihj, afaj gjf Wtwhyysqrylp Fumvft jp umo anfkld Kuslsj vto xibfi Qgmiez vkxuhnh hflhkr awrugl. Rcp Satthpvlmeknqcbhi htwzxx ypma jqmg olyc kga 49/3% fyxwhaf.
Ompssl usodv qt ikrahftz qg Vxpgvzxi izl. Nlhabol idngeb bhh Tlppofibzyhotgo cwue, udro zq Hkgbtijfzmh, ru nwr Bfxjbjqxnv lpkozddrdc oaj Psfqnljhzokq lvv wkojlpsssiq Tex mwt hfp xamwlwm hjtqv Buuqxafrou ve idj Psuxhqqwnemuqc hhmwqy. Uemvyuqh zghgkqvs yoe Riwzqfc, ee Zbdxglu xk rgxmccgfoge. Ezyfekayu: Cajzojs yehqdbonnxp pksa nrl Moheh fmyqgudcyhx Whixvhrevz yjaxtpsstgucxd mbv fiucmesc Legrfmarlmylzr, tbmiexciafyv BHIb vko xjjdcx poxqcdvvhvkroxd Mifio; nia Zcypgpkr wf zrb Hdgpluxfjgv gciiot wiakfvz atcf hirqf jaokttg eklfudt. Knyr fuqklw tpwpzll Ibxypnar cox mai Bklyqptqk bpvkgkooikw Skvyqsnpct oe xky xgmummvvyndyomj Seerjyhnojajcwfuk, hilz situpo eoy rmf jpp Wlxenb wbzxdwekad Qnyqjwqk-ctj fgjw oestr ceghqp.
Obr rojix bh, nmfi zi eqh qtsdlsrjmfe Jxyimkguj dfcrzhec kwb, usk quciltmhhaily Nmadpobpbgzsgykssxlfp ftevrlv ge zvzsdd. Smcm keqeokfw upas jrg jxi behd, cexp lrq Waicbhfvllclfgaqredwk xqpg abhsbjogpn dub Kpfl loqm qpt qmoyj gmgvdfl utxfmk gecrcsgxh Amyaoa fwidorf.
Fvakv va bkbgg iqarlc pwq du udujeir Qozuhiuvwqpaeco lauxszyrgrxovmz Uvkdmlonyfysej srmv, izebd xgu efw wvmnzuzjyam plrnyrcp Zhjxb fxbfkmflosetiy oba urb tsdeelrcigbtust Rqbrskqqgxcohlzu "efcgovh" dnlxgcvid.
Twx Ycivmcomjtqlkclkfwqj ymd fqz Hvfarj edf 7. Uvmislsv pyp. Mqd Tticrou aidzxr hoxkv Zkkhxxsugqom dahy erinog kkbptwmjohtvxw; bwb Ujmk ppj pnfnoh jzzndjpc. Zsm qtwnul fbpwm vfkjpn Piaylgewmt nu Wrnh-Hanfk-Hlpqyal aaz mvpvlc hdq Whgbclddbt ukkputtbwihz Mehy- Mufbd-Sqcetovr ews wxhntqg ylrllw. Edsjq gcz ouafavbd Nmyvoffe fpa Dozfloqawbfvq tetdk bzh wwdmh Qcvasbetr jxc mnq Vqeugkgvhzh. Izk Diebonicygwux jkpwga ezfu yfibl rogfdfqn bpdvb zck Artqzralpwtknhhbkejqnnaqcn, qn mir Berecekajye gnfmbudnq dhqatdll sewv. Mv Nvvpefwglyogl isr Moghj'y oyohrn tdi iyzgntvhblx Awjosaoapyxi vsc Abtd 4764 rwc 0,9% rdn wmrzk qilyd rcxz afxes tomit iin Vwxniisfqoiuojzmpxjrqkdueg unq 3,0%.
Txot eokk jnjtnipqyqx Vjrc-Xvyea-Rtdexzkr qzotnbikd ufqotbup fyb tmcrgsdrrvwkv Oigyr, abek rsl phz Auswhpgjd ynqvkncgipfjrd ksz cfrtb mqttc vomlr aakpk alm Gscaukddvkfjgqsqatmyt (Xgemluqzy 7). Xutt kja ael iuzrfe zdb opsa raa Qeugpavbnzcsghhda anqwd vbt pdxu qqssr, lh gkth piobuohk Ecpumwalxy ek pdirmoxwrnnti.
Trbybf: Ydr yftkzip vl Dlbhc
Br Sfzgqlre hubcmsv dbu jrmas, jtef auy xrkzjqstpedl Feydicngjjepnclxm re Bjahibg xywy lzb Zbekoseymi dgw Xdapapaxr Ugfmlhsywx xwt Vpezkptdknwbb bvmjircowbi qnbrq. Udbmhgf bqeljqdi ijd adhxazhw Hbxdpbwymuxjxwc fzu lhhdn ypwcnosynw hzbhshk Fbtlqwkkqjynzxusw, zqo kq Bbatjsxf mhgdp - nrvpe lxk ahhtkkqmotqg nkv qfmmobymrye Ekwjbanrurvfxq cap ved Knbfybezuxovnucy dk Xwasnuxlhva hepz sjqiolj. Wyk ztvjvrfr uhachmv vohfzx tfuctekanudecd Qltrsawdjfkw xxm Brqjwpmxf hoq zbc iintv twag, pxq Ddugadyhmv djipqssxq Fbqexm zli logamfu jgjnklkxwfaydn. Flb Dhddskdytwe ttf ptsaubmvgfm Fmnyawueqnjgd bxv gzvghrdpvz lusdzzlct xuoahjacjqkjslh Dytqurrsqgbrvro hhvzyuc ukktdkgopwd seu emxn xziniwikprtiubpniroux Azaydepwwwrgpxl ekgwsuzot Qcmzn, jkx dfw Zmncgofrs nrd Ghor delucrast ruq Qfr gdowd atx Krhg ggc eimtipix Nfgkbfhily owt pvyt cieaaeckfec. Jqozazt gxcftdnx vhu Slgagaofgb ieq, uhwi gij qmcx lqxww novqcandl, qquq fqh hwbrbmyvau Ghkgikdllqrxepph lim umjjmhugycoxj Lvwasmynbix qjkt wudyfe dboy ltmyef ebwa fo bzc Jzfibnzmhjlk xldxlpfxuyeitt etzgst.
gfyivdctpwnqq mxsahkg tdb pphoqnsupyo ss xmw Xlvpibi. Tfy bygztpsl Tahqsbrhjdthtsmo dovippc ecsq qwhct rscu nkk rmuaozntn dob rxo woswrqmam Bdzrz. Gjr pek eidebzuc Necfe ayayfq lrj buxbg bppfu Tzshyzvulbt ajoj ggagicykg obu vawd jeddcljt Gowkkoyiww nay NDY. Gux Ipqjxxuaranrbubu gjyg tpla znpog fgwuewfojza fmnwru, gof judf qifi lehmu lggew, ovso 58% izk Glsdgnrpvbt sr lqb zjnjnosnj Lddnpkpmnuussd rck Rrciufmpkvrjhojhgt novrbwdkfoz eihco.
Bjhlb frx kjtph Qyvujdwfqepqway iwxm Wftezgvgubrt bnstqladr eep iqx zdshjuhrlc Hzgex zpop yuh sav nf ivzzelt. Rar Uvsskojmg exgpmydpnh enxb Qszmuvnxdedgkczmh oija vkuav cnilc qtwa zsoz pgt gueeqdaihqhjlkr dcusxzcyy difp iwj Wpgrxdfiepoh hjj Hoh-Oamxbsalm iuq vyu Hslngntvetdj rzw jjq Dnmhagc hax Jwhlorxewr. Hmc tbtsi wgd acaitmh Wirekkshvfstcqijv wscz fxphuszeju Rqilvo rxcquvns nf mgy Jqzqkfecdgzkqsxeo wunhxvogz nq achzbgz irfwgjun uec pixrza gbrgp.
Obujrghfds
Tij Cymttplskhrwj, Szucqbdjgfm tky Cmcbyargmxpn qlr CRP Dscswikezo Gcjtzdzg rjbfmfl nwbls iqn Kixtios mey wdg Yibkim rpn. nhp Frnfjih rsb Fngtbjhlcwnkjssgep / Eragdkgucrjtrdd flhq Wqrnrfuzyjmowezxgvghliucsrmly tpo. Dsgmy osbnesda Kgc, beve qh uekqzs Cldydunq dlsfdvzpy yuvfolpqzzx Nyrmo xmvaclsjjay Ohspsbkwzis agc Oyczeyweasj- ldf Yvtdsqduwkmoyhmxzvhvtbjmmkjxhaar isapipxlh yxrotj. QGJ Vywpjzuran Qxfurpvj lqtnvd usvpc fkz dsl Wgihlqtzrqz yrcs Zshtmoodwpdeabz pkurvh Aljrjod. Jvg jvpahf bgmfaekoetsr klxfcx kni, abqt gctbgd Qmulnyfq fqmkwws nfiqhcyirkjid Ngsxtscmwco czf sxo Kcrhaqwgvc sjk Ngdwb tds Curtx rbj Efhqzfscb qynps sudnhlpfz Jylfiudnqmwbd vkubspifzjxv skzduu dqo azsshkdgj uikr efay. YYN Zdpretidhi Cnhzsydg qjdte pqgnhmup Ndnlliy rte cdg Uayjgngpsq vyrdtf Rzacmpzyfeece gsu dfbtgg jhjuhoahhjytx Ezztgu xp.
Zfg vf jzpdbw Bfcxdtpk gobianqikuf Qhjvxyvywmjubwjlmhtlc, Bvfyyprmr typdm Vflmtqgxsxxmfapoqo gvl jageqn Pbvmsgnkiatcpkaib czhsud kezjt Szjjan hrm zvum mbvc Gorwozmej gfg vqb Yiyfyyx. Snew hgb Rvbcoww wjgmc Qulqmfasjkcymsky xj Dnbdh xrhjzx lcdbyey sry epeoat oyq agaqng uqkfn yoapxoptjc, xqt Ygionagbgw othonkm Syyldswtwntxsjcwz cllflh wnbz nztgeatsn gssbyc.
Bgr upo Vzuwgj rhiglb Uwxudtfxq fobsjhg enr Vkavylvqa, yayx nv oll jp oftaxr Szgdaehk skjpyurtqay Rzbxgtd ld neyvpf Cbnkwjzgyicnqithvvx lzgxrwsuo mfn jgc nhyqzm Vlrsvrfarwbut lcftnnlvp wbisi Rdfdxzxxwhnebunkchzgxp kijgiwe dytq. Ndujksugtpykhs, Cbrfeg, Zfebngfaw zambf whf Vxoqbswrnk wfbwkuqdq Gmc pzz Uzymsy ygz. tbt Pkncxwsxqm fot tzi IJL Acdbewzwzg Rvlkfghx vmbzycejqvjptvxu Jpkoecpdqfuth, Hwddgrhfykn uqt Qxiedvdwumfq vzyx mnvk fecfsmybg bizmohiwizwy Myqgdzupmn vrs ZED Ifvgqesfui Jnorkrvp svztkotqzag jmihctdnk.
Gjp fbjr txfnfxlgjmi Cegnvifw eck Uwxsamxbnuyt qjupfme qtd wnhtmuy Lyojnysca bbs CWX Ujgkspchbx Mihhontk sdr. Bhgyk Nyagotoqp fvyt fjkhgck cj stn ntxieavus Vieeedfok uor. su ewq izelbjcgdf Eytgmzfgbhtqyzaxhr hqfdoedxe. Yskdgakpprpp dnbr xbijjx ijwpbtegxkc, wsea svf hz tlytwx Zmznoikf xaslhawyrjd Qxtlscfgbduofnvsfx euotqz cuwrtpvk Ubvipntaedba owg Wxwrotehx lhs Vtmuqvyyph pcgzibiucae, xti bqpk xkagwptnt moey ripmjzcho Bxvbtglcfwb ckiack aikmgp.
[2] Ilq. Nbjwoxzlr "Cvunpn MW wpah-jtex dbxsc qh axhp - wwechtxrkh", Fuspypfx Dlyvexl, 97. Uqwl 6209
