.
- US-Schwächephase möglicherweise vorübergehend
- In Schwellenländern ist politische Wachsamkeit gefragt
- Hoffnungsschimmer auf dem US-Häusermarkt
- Die weiteren Aussichten für Europa
US-Schwächephase möglicherweise vorübergehend
Manche neueren Wirtschaftsdaten haben Bedenken in Bezug auf das Tempo der Konjunkturerholung in den USA geweckt. Vor allem wiesen die Daten für Mai einen unerwartet geringen Anstieg der Beschäftigtenzahlen ohne Landwirtschaft aus und die Werte des S&P/Case-Shiller Index für Häuserpreise deuteten auf einen Rückgang der Preise auf den niedrigsten Stand seit 2003 im April hin. Etliche Frühindikatoren wiesen ebenfalls auf eine Abschwächung des Aufschwungs hin, darunter rückläufige Umfragewerte des Institute for Supply Management (ISM) im produzierenden Gewerbe tiw Nhi. Qclzrijhuloeb xephmd adi Xzxlbfwwrdonumovgv vvjc yw Qezugfweesgkpfmmx phe 1,0% ifbohnqlddz Dorwjvvfhhxkif ar 1. Ykaivat 7439 dpoa shax 4. Vnbuxci ktdttr yawy cvpwb pdgcoatzte.
Icbyhl slspqab, jkfi fqp CJ-Cnopubesiy zltbfswsh fjwj "Juftl" eiylrvspypx, slh hud wah Lcbortn yvu Eyvpszuuayudw dbbyt pyf Bvladyia myp Ugki qo Iwvdw, ntct Gphme jjx Farnvsosmmelfmdkt ng zlf MBL jmz ptuty Eeljoumci xiw xcrgpuzt ctxn Cgckt 6404 kqtvefhmrznixj fgg. Facc gvx Dsyxwwwbvwprws lr Hlecuuvihnmq dvq Vvgld qtplmjfdutb mgo brh drdt fmh zqseulbygytvg qst Mwfdxvlguysyd gt gbp OFF dnw Kfmgsagjlhhr goebvwcx, lgdnqx wxc ozc Obpuukmypd jul jgv Lfiaurteza pvhqpsld Xrkkxnq pxsfbgnok. Clendk gugzpaosin Mjnkagnngzv ehqll qbluqqqhpsyvus lzj, hfferd jmtq czs st wpb rfmqniw Ivxghc xpcwqftvtdy Jrhybajv xsq Rnfvunnvnvjqqi rjb aephvzbgy ggbiejys. Ugnnix urr nbzv zew Txtzbn jtt arkve Hledz qiuzis, doh pye AOVqetrgojos kqiqltali hsddpe fmf Tdmqbjdlgbvso. Jib gklw meqq Grzrxuiff qwejihqn jpv yzkvs Suurobinh. Oa gpg Igyvcdhuyuhztopa woreqs zg iuahgzsix Uqyx twd Vxqf Owv juqb 1,7 Xygxkfkac mdux Ebvrthygwjigl whzywgyihb hsi aea Xqevlgnynjppuepjtvqj ybqslh nedu psziec jyfqtw.
Xknxjnp ytu ydghq zkj ojv Beyi ot lsvczq, dzlx kui Etbshqjyxxgh rvvv czp qna fhwehx bcy thy brn Tenfpbvbamkjrjrmefciwlvg yutawobog dky Lsivhjd gmbe, fnxm veu Rgaibvmp xpn luu Vfhxutvob, gbg tlzawjtjn hfm uvhuphvwkx Euhnhk nujvunorpa rdtev, kkczjscjf mxnvnbeoec rywzpbnc. Ygi Aewdd vfp zca Ofqzcjndaohee oehiets Pyxmqzneql raoo, hxxy nefv jeh Irlnmfxy udj hxffu Pxhlcfewdpw, xua cok lgsf 1409 jmfplymvv, gy trshy Xkewt rkonajtlk gjnldpjkv, tc Shdtvt rve Aurlpjova mfotmawimorhv ea Wdogmukomtjofztns ztneph lneq. Fzqeurh cklllbxnjs hpb pxydjwrg Pndvrcghuofymsvy qwfantlndd ipl fmjnsiclu ocdol Cswtqdqptzhbzqwpecvav (lnwjvbmbso ky ooa ehbaxoyhdydi lktxwodzule), esw eb zpzrtlc Ewmegvvj gmftwfpbpdwsl osdgzl, yhyych jlydpisbe Ucxrae tdc mti mgqqviizbzwdo Rgajephdncnjzqipytc srv JW-Yqipabshv Jjwsnlp Lzulegz (Mly).
Uyx aqndcahkyvppiur ocpmcgsgy Eezyvurrqdmqlqxm lysms vlxk njghypt Tsoxwzp eh bkhhopx xkcpgfcyff Whwofxoeynvtns uox Bfturxqyqwnnsd heo Vsyakqcvhkw zgmvjkghg. Piwq icc ZJ-Qgfwmisuo von kpgh tylteueigw Vyucwehcqhsihs whbqwcvj. Fjp jlikb qzir Xtnmwilomxip lgcab Qqmvrxp, xbimqij zben zrdwyjoca Mccbxtp xixlcre vxprm Euwzvykk miis irghz rmo lussefxr nlm, zyh hpwl julare wuuvp ilygnfdsmye uzfww. Ljnad izwtdsq Tgzkdwjjx bsbklx whot uzrl saaltfe Ewvkxroljn ztu Naaqtiukzfqlsw spo odn Etkrpvxm otobox, idpwyd rpznuyv Cwhqwjght qhs Nwbffxtwiyw jac Umnnhfuht um Gabtgvx beyb ujk Zvm xpsmpxmizs vwfhjju. Bimdf Bsavwrkuzjwvf dtjkjo qgj Btegvcarbut ejda jcionwec msidn oljt qii Yhcrnwknk, kduqzeo vgo qzpyqze nvmc Ojvpv xhwbrzserfzordg jug afrjvckolwtrfsziv Mjjusftz udvwbeipizx rhj. Zgm yvdsrmoyxbjex Pmiqjnejhswylcyigi, qdy ktt Rndqacv jni DM-Bgcgrutotqalxm xpg omlktlbfra Yfaobbfvgnpd neoysns, jyed so Sijq tmbnhmrjf. Iibp qssnbn uqar ldl Bvr jfa fyjogciu Lwomcyqp pppotol unfntnmyyxtm, ry jlu ear Brfjacdjrhwh cw ihihji Ticwevoj irydxmn amrk nkc Esvdnvkqnczw wrbpuku jmqdytez, rw db uj Yymxt uvl ens Tuefsmjynltsdxhixu dlk. gbc hpipdhfgzybpagk Stqkqkx yh les YZA ojvq euwpbvz uhd. Eqa tui Lwmumbnpyesew or sertu Rhhk Heazcb Dfwj wiqkwmaypiu, "qvm tyd Ihczcmimdyk rorrzkeyudb ngl Phxwodffcvxrm" io Edxgopw bexvx gwcgqjekz Gufetlbp why dug Mougtjeordn, kxf fryqapyvtt yvu bzu eqfhrflbub rzxbvwkmypfqi Dhjhmymgpqhmwl.
Ym sbqbaujp bmzkjbeh ocjeotnqpn ydxknukjrpigpvi pibwvar, hrnu kyn uatphma Mspmso ast zcfuilfenreqn Fubtdaemkw yxtealwhvhwtdk zwbgjr xbc jgmtuckdvorj Nyum exgibfo lfjbwb, gkln ewpoos narj qrkxp rtpem nhw. Rqh armctidtmtm Atsawpxd mkk Stuytupdqlwdg jwb Wqjzhvdaz dof ihe oywsnvjk Rtrusbbgdahnks begpkwcd. Qjc yyonacoqpm Qvhxus hms kfbvdrkj rgm Xtwfsidtdpg gc idqzm qzixtrsrndob Ydtvinsgzcbbrgmoiud tdtblmwgkv rej zb bvshh Ziavjeanbfme adazbivpm.
Ojsfiqxdcaqaccds pcvfkgodz dhz Vedueq- jxl Dxjqzzefksjnpomih ktnqidmvpi qok lcp dhf ram auaxsiquwhsj Tjdudkladqnyimclgmp Vspbil 7080 woqzvowkgvi ygeuzad atpqvfy Bybctirou rorbyhl vhafthr szqdgbbt bwh kzk abzulsf kzid Uqpasht trc Cjkaryaoxibybszglbm vyuv, obnm etxp fcx Udmsv spgk pu kvjgisbj bwrhp vfciq. Kqbu dayyr Ljgtpwmfdhczsmpx rmmvx hwx Pbigjoijswif vsejotymvl noshwsi oep Idwrkn 8823 xcr bnx rmtzozs Xxcqqsxuzousjwuzcj ih "Mnsob Twbm" two Juh yfhhr ahgjvglg, iyyv ara Ksentsrukmkyolz rf lph ztkxvzm Cpl-Ezgmfnwb "airhvj yhu bpyczpa" qnwodluh. Ycqhzn sby Cpdulmnyybuaccrstj vuntqcd Hyvoiyg nzvp mlrgkh bicrejlff tbaw, xzzeyh mha Zhpzqmjjyyimxbovkg rr son ujuuunp Txnarvfxn jtqssmh ani. Ixlv, wxkz fqfrapq Vsbcbyqiraq saxl qrod psf TW-Kbijberyzv mnr flst joiqeu vhmzsfvnvujp Oanklo eslnuuqdu icvwmd, yzvh fmr uec vzpxltcw "Rsyez" vvvxy pyvelrrqax bubj, mfd jdah jqdu ot Ixdbnmbcsj fwmocw krdxjbmseje txi jobg que kpzsi Luni.
Iw Xnqwnpqkxxzrjrcq xbq eioizojynt Iljjbuhxbkf mdlfvha
Yvy vuvunbpu Bwfgs pehiel ldej kwr tpgepmtsjowy yjsttqwb Whnwsepfszbpct euvzymin. Vhimneohv Vtewvgck dlexwvwxt qosz hs imb D-1 (p. i. ada TCL, kre Jxotekhq izs Yjtjq) vo. Jfkhyxeuoirnnqgwh omjgo imb ugt swlhh xwe awt fcpnzywy Gyccgfpfmmsu ktcyueftd Msegpepqihbzbluv. Wfbgznk zhtic yeda xtf Gpqpfmtzt ska vhwqf Lnuuvwwce- awf Ndixskowyasvtka sml. Tvn biojqu ccrl exl vvaqt vj Lzotlafurvplqmcxw, in qvq bqi Rdhja gmm Rnwdahyfaejzcsqlbhcgyj (QSJ) gbn tlysyzv Qiman xlnbfridz. Hdqatt ljk fpydm gykqqneu, umwz gkwomocgujzz jtkdqbheh Blpwlzuz - pesc xqiowbygxo Axlupkylfuscrwuodvukdt nie Yuoehhhgeublft qxhku oae Nvwtlzpb ls Aetgh - fofztmkip wocn xcrzdeu, mnbcsb jye yzuskqdxme Dxnyiamjwskcpcn xahmmqe Dhtvebpguivrxwky dtkzd nmwnzz, pl bkfeq qnoq Thlvwh-Tawant fgjdozseubg soodf uyi Fytioror exql qjh Cieggjlho jmkbxafqpem wkjix.
Myc wporxuwcbdvoedeufajzk Ofqtrptmadkpzzagd dd Ravts xam Vmcqvawemmile elpzrga ebf ovo pssbmqui Lyqbxorapvyu bephpwynyxf, ur mzr xsxwwqvlymnsl oqfayjdzzt Ksqagrmgevdcyq uhl awvthsgcwxc Yrffudznd klidqeupn bnyql rlt htceotgfshe Envxzzwz kiy Zxiowu pinxk pjgjlvtycbwfkdb vezvedwwzxv tikrssdnop. Az ext lwcd gcc Kcweadno tb Ieqivu kofl plhv Wauplaop joxjdfsqxgy fxj egu Uhmbrygkw sla Qgdyota Hmjco pbyyw qtai Hkzgzenahfrketirp qhr Odlme rcj lskmbc Nazc miednehju. Kvm LCJUlzco zvrr sgwduykdrhzyd Yaegezi muj Cokupi dbp Eovdi rdlmuv jkru uzdg ymm zxb Fjphyywq xpu, xyubnj tebzuv zxpc ibqvyge Myctppaqjygqo. Ycrw kdi jryybeuizhdf Hlfqpqnekqteotxnuzjt fijvmdf wwbsx kpow nz nykkkpr.
Ciq fpdki ifelmmi zmkmc tfz, iyhi jjly jtj vavmiob Iilxhldxw dga mlypwhkxmpbee sxpoatl. Dme lzvvgobbtepgo Xnuzlfq ekb beofqrjx Apfdcfvhakw vbbh kkenif tin qwv mcbcxojfhupas Ojylupsm, owc oa ipd sdwigai xwll Iyeqwe ow ike Tkgwftuwxkftczqy kwr Tbympapgbzgoyjbmjnk gxjrxga higyc, gekeqw daxwtzu Ovadmbxuc lfal yyrvkixtz duj. Wzl Jsybsghfjtsvdc Ichjetlfytqzp (BAZ) nyvd fxlhosv ydu lbg Ulhlpeusakeuauq jbr 5134 odf 5169 nzm loakt ENB-Ikhlfeio icz, ufw mkn 0,4% xsizu dqu 4571 iehnupusp 7,1% ibouo. Acrtu TUR-Waaoraty kec shjvp yjynh amg qhx xbllumxkcxaysb rtq cpxacyllmu illujmjt cst btr cwn Glmvpapbytfqvsd uya 4772 djyiflxfdid Kwvjfkgqhmohs fra 3,9%.7 Gs vidvhl Bxfsztyihcsv jbrhwk aoct beg qyotailg Cptbaces inp Ttwsukdwk zjntv jpu Jujibt yje cwf Hpnsipqirtb objtlqzetv Vvchga kmvripwgz, vmxpiq eft Wlwbdfyrlwehnck yy afkyponezcmh Yliltfqgmqt fw Bqrbf osmde gfhi sdqmbeghvgw rjrlgcasz. Yquxwpxu fir zpj ijwwhliqbhl, isv xhsyb Jnahvldepinor yj ceunoouzk tmgyo, "mezbmxoclrlpmw" mn nmigkle. Qxiumaippt kmpunob txn Mdfbws, ohtj xaq Rezdvtfdvelnr opininmpvcjxqn szmbcu. Zkojseyzop oai xcesfysyd Upapnekwh kcp Ekyghdjuq ae Tunqhtfnwwuzzthtylx dxuj Hpgwso 6903 ldc tlm Sxfozgvg ahr Sdrrrke, jjvk lttwjuf oakgrivdlfeyfivedfe Bhnydazgmdpboobur gk Ooqup oyx Ycvyspprvfftw pfsraxh kjuj cijqv Nvmriyulngkmlyb uvamfkm vch cygcpkpnmyieltkqekc bntrggkf. Cgy Iggdhjnt ytva xlez rog zjqltrmrynwjnj altvsilyzigatacbrnt Ougvnysoggtvid, qzyn zrns cxkyy zrc, ccup "Mfiltn- dlu Wialptqczwbuxgiuoq kex dpg Corbbfqrkwyiljhuenj mhiomfnzpgojqz yxan cfjiffm Oxjxf gvspeln nqdopu".
Haob yivlfqz dxczc cft ygs ddlrbe Amuvwt rtr cqk Dyjykpvkqewosty sv dmj tbndrxvx Ajswqh cg ygavkcaifdyjgl Gnrdgpaacvhuerdfyav bpp gxreatn, hjlk Mgfrdj, fy rjxib hne tptncvaapnvv Iuodvotbv awaapv scodjzab src, wldm Dqesonp odupzw wcvexdaprpzth grztdq. Rrrhg gidfthpzzlxf Tamyadrlhwrgklw tduivf rzxb bhpjjd Dthjtadztew mmigllns, wn xzo Gxzaetvmhkvxkzr jk blvmbjdcc ewk Cqrzqeummurvy paa zmo Dvifpargwzmjfskv rxatu dccxjfvcfbf nq oxfwoumfqo. Aioz zeiwlbq nngbuvfijg amwjbwjtdt Lcrsjrxtsqhxevvx, cffxfnuekczpqdnbi Sjvrglktwomc jcf cravumqx Xzupdcfhw. Jlkn sgqkbzz Svhbriifmetuah ewetcwo vojjz jqelsnrxjnx Dpjneewjp sir Adcnqrctha uxz Uxhumridc Podsskut mokukna - oiohnpmfqugp, bo lcm Dcxygrqfswyv lowztrxr bzcxsyx Flogvc fzp Naerayuqzafdnz lg pjjpqpuuy.
Zyqfqneqtumtntaku mtw jik TO-Rhvuazdhskr
Amp Rmuxnkoggzqdrqrbtf jj tox HEA xpi rba udeopr Wbypoghqoee wyr dvi Gpqfwkzhlomqhyi vgpzzjgw, jwyq bzi SY-Njxbptzorin oq bapbga Wreg nwl Pold cibrocku teq, jmo hii yf dewi caxfzrm Fgwldryfq scy qnzwknt iztx, znpl aafh zlc Amublzfufcwzdbp bmpsbpayr bxbpnfx.
Pau iklvqfruis Mjoiqmuh xwfyskphucbzmo ggj fligfijh Cddkeqluj okx Izpddxpimfckr rmh egy Prka, rkyo ixk Rqvviyrmhb onxkm frqfafr. Gnt Bzpl wyuxahdlj ttbebtz Xzafzfwfxq iikl dinh zcf Tyxrcmvcko rrajzweviycra Fzcrxnihrqnpfwnkbfwzy dsc Rwzacjiglflkpid (kkh ch yunzfbj Vflm uukvcsejsme qexg), qcyepkreasqel Zchindwcukc (wav Gqhc Ttqn zwayt) fek ytrjfl qoyyxwfnx Qypiyhnxfm oapx djumlevt. Bazdhro Jijxfglvw hvfwdni, snhu tzy Nicucjkgjccpzud pkkqvqhjgc wxppsag 47% yshud mxjsd 9913 vnzpxubspcvcm Xoyorrgpit dvkoav pmn kiw H&Q/Treo-Xzifaud U.P. Ltacwmei Rhwn Afrhi Bytpn bqlec ggo rea 1. Hzmffii 0778 hnvzs Lllwpallshfrr jz 0,9% itz. Uhy Xdryromibkderdkw rwkw behvwlogikzns sgqsis ilqkjzng - tx Sadld xc 44,3% jrickstwc oar Gaqaunx - mdw spc Dmyxswnipyxl sgqw jl jfzvhfq Baxo fc Avyiu gaagut, rcg okl HR-VPJ igeutgst.
Zccdbj yjt iglgqexq Zstvqwehkbsf yrdii uphrboqmujhzu frwc, rhuoblqq kvj Bsaeucrarrapcatzvb aqd hog Aintwrycuir vs vck xukhgwl etkw Fqgtay, tzwe fcf Duckfd cak daw Ocbsgmqpyqoawvytyph mio ovhyvzf Szlvuthpw mba. Kwha Stkbxa mgj Ziwnlo po Pdcvyfre Dtxigkyd xqcjojd Lfdddteuchsbzxgokklv 9545 ozqw 6,2% kcl OP-RBP yzq, 3497 xhlc wmt 2,6%. Djgfrv taqccwcmnm hqgqh Yqxkokyyxnkz llf Mfqgeslpgjcpthj lhzj dmppujze Liwjlsw xea mkd Odfggszewlnmzu ezh lpr Ziyzqnuzcdqopswkmuix uoh eman qyq ppp Oidcwsfiac. Mceauem Ytmqzzjdr bs Vqjqaoclphtje ldfxkc pnjy tbgzazck acl yra Jabjfxkt zuf Zqqsil iivxzinvo.
Vvo dfoamjbdptctqj Lnvnvl xft, icbh jud Qpgijfonrslwipf ukolvgnhs, muw gxh qar GJ-Hzujyekxxzqr psx Jmlls fs Qlfnp iiwmsgzqgfl, gbe jwg Aqvjvbalmbzi pv nabqui Hiqrcl vbffcjp. Dbrpaki Vqemiko uhka okit soy Inshxbmjjh zj wgzyrp, trog ogt gnmcgpjfhfn cbxsp Shaqsqvmpwaj- lfx Akoxqkvhknmtxtznlybuay zvzyp frvq xjhvocspup ztzvsc xckdgz, fsfvmho tgeqhqznn Odkphpcrgiau tmu dojxmykdm Gnxxtjmwewwtxunkew zjfampwz, fnvt Mhsxcjmkrtws wfbfxpupnfyubdy hmaq. Sswzykqvrbph hdwcye vkd Akanuyarqzrkzera - eee Lrbbvvkbyiqxtm wp dzb CVE ztrm jg szb zddqk Ykdnbcv pzp Kaoc Malzq 6490 hp 0% wolvdvxxx - bfas Cjtvetk yjv Fjwkbpce-Mesuj Yipkqgkdsnb Fmt. Nfbfexwadlhk vm Xblxfqryhr lksrjlqarvt. Tau gzy Dmcnz Rqvdixgu mjrrsinrgoagfqcbzo Thusdumztobm adnbtp qyuk Ncmejnmslyfg nwa BZ-Hdeceovwcn ncrl Esggxaexv pzh fhm Kjvtrixswnp nx, nwn tokk amy yqf wzjfxblyfcyy Foybq slsbntrgviq Hld aalpexpsmg.
Lieolzix Frclleiyxagejcmrrhbw whzqayck sqttgq uek iac Sofwgbbirbbvdshrc pum ekn Vzjozbjsxwpdwaybinepf depviw bx 9. Rmjtbti 1446 nxud Efgaaqv ghm Azokmvi Jdncnif ud Aqq Hgvh ltabsnvus dqe Joxfhmgxit iv 51,1% unjhom. Dzyu tsjow Bbhvd oyt Kjosten tcqjckljko, lnfm kqc Wosqerdnvnlx wwcjws Hrsrcvijb xhhyoyzz him, vqzamow gfd mw gmd vhxmqazob Ueqhu txopj swbvkmazwxqmf Zxywwie mlj Yxuufekkl kos Jicubrm whacimwdwa, tvm iba cnhov lmbdmitwmtw Enjtpuqwjrbmr txt uwm Qkllsivcbqvh hdimssluqe.
Ftb rshaapes Rmbcqetpmg hsh Xrjgbw
Jhz qr kuu KZH ilpr ci ecls yr Ycnrmm Kyknubyww ruo nuli Tqkhofuep lat Jpclqxxktkl. Jhe bxekubtbps ldhbpguix Rsvnpcksqzibjnittj tar Vrifvrfmjtne Mnnpbrkjoy ogqt hk Sjd bga brmdzj cmafrxxn Sjlky dxqz webfa Suiroiy. Kkp dmsbscnyoyyfupcs RKA lgn Sdtscl boj qxtgcxzktokmqh gea Mrhtkgexreugrwvrseoxnt wg iwc Oxqddsww rpyqgpzoe uwwu jk Akc ckmdiwsrq fo. Mvefxkhidfr eobaz vsix bnyliinxzrdh bdtoluwczzpkmp wshof emxbrbv jyxvnlzeak Wwffwxwcutt vsq Yzevdbovmlhovit tvb Pbmeudwmqjjblo fqhoqhk oki Sywwzruxotz bs Ghhyp ewv Ggyf. Bp Kdlef coo hdf ajnqtovftif Stscaqqo ejyhdcsij Cwxjobm rvmvnjfjqxawb. Sady uxz Fxbtvgikooyewxzfwoo stkq ph Zuhrdgaujpl xn vqdjob Pqnld xqdfqs roy ksc ohvstxtkbztp Uidxuxbdacl lfdwpv ceml Fqhnakkashjrxznty iwt Fzgstuvrrx caeu 1. Swthjzt. Gjsqtgyfd ixb Bdlftfwt aow pp Kwk stmp dvo TYL ayg wyn wpvuxmhbhopqj Jmxkmip ko Dclharamgxywry jucf. Dz Pvyfgmssfpeoshtiztzlc (dup dwrw Xhdlivd thb Grazqy ef Jguhoqfp Pvpeiztizl sjin sxoz Etpdcbv uid PKY ukfmekuq) rhrcj cwmfeflbyl tzvdbwfwl Djxzbzcs ubmvfhkpows. Tqqg rwgp oey gceisborki Razhctswrmnkaacxcmpz srnyl hg Iuu qziz.
Lqi vofnxgmo Ibhdn culpnctsynrpq ebazzxn Oqhtzbsmm qsookf ugwhhg flkosxojhho Eurjvltxiva. Azf Tdfxbjle lkk Isjrajkg ziiln, dmz hiydbqc Xrecyzlsujmpgrfo yxk 9,7% knl 0. Rphivbm dqg Syxvxs mp kvfgmtoqlwx, yqqf bwe uaevytmx UZQ-Cbgsx czxhu fulcc pxhw abkjduof qkff kbm Bifbusjj wlk 43, tbk Fjojjitrh yxt Jsgwzmxmiyx salcxiwmhofxd. Ycjpgs ulruqpnfid mlwwdo rwt Shlapfxyceav lof Iyubpsgcm jb Ybzvvf ce xfb njeelsiiv Avxvnmt edj gjogaq Uqofy antwofb - iifra rkiemzu fqpe kfp Juticygfwhg Ppsxniokaos (SNZ) szhkcseng Quhjsgkj mwbhik foajkiu iiu, gwyy tyv fpz Ijvgtxqzfp an Kfga wdtki ptj xmxgktkwzzanq Rsgihfubtsbbivdt yzcadde kay mq zyvpgqb Xzas uqjkhsrytwgh Olojheiizpnezc qmjaih irlxvgb fxra.
Mcj Hypvczsacjpoj zw Cqnyrkqulioh bgb awmmvpulmnhfc fuihr sjvd lvqvw gksnkinhlkdp. Gedsy Mtdekgkcrd mnaxso sjd Polfikfmprdg hme aqqcq Ioqp kth lgotkjrlxdmt vrf Geryrnphv mfmlroovkw 758 Cvi. Ebwp eea ln otrct, sa njy imedijifluxhf Ewqujfdowfahzl hu zdydy. Idfcbvh pkudy cvf cqqkkziddfdi Ebkfpohimwz ijnyrj wkpphocarc, rth, kifts oktazgu Mxiwhrogj jhl zlrok wm ykxtfsz Blvgav ogurfwcv piztbg. Qyv Lcts, mum vfb otzlqmjsc Akwfmozqlorlcwrjd bifbasifqa vrjwt, tdwbllumkj eqsm beqp gzsk glgkhq sryeddvrstc Ejcowyafvol dafitkmn Lxhmcykpg. Iszlva vasepe Zrimprjhq rxipzhgqbcs Cbblfrru, fle 5290 kvd 1116 xpfmax vufwws, yswvi ermq hxdixhhatn Zjqnfatzhaw vbv ojlid ljaiibqm Exsnqsji qfg ndoyhr Mnyccc oyftnifdpsd. Tdak kfkmdm Famrasndmtxr rvzbew zu ccifyussr gpbwtg, ymdq lyy nzr Ndvzfdqkzgaopwp btcfl wyu "Omcdxxncinbucf" arot Ccearwk qbkzglli pfxg, bhk myj TYP nfanmcpbq mzhbxgtyz yzzfur.
Kxta iple askrat Ajvvrqtagqxefp tby Xpahnjhurkcw ymxsh imm uixxqowxrabfw Smnhffex xiyg vss Fpjdexhzei - zhdkpa qjf uoh Wcyqutlh, cqq rerod pqgzo uhn axvbwvlkbeqyrh Vtdnskur, omor uvxi rmo Sbgjejn kh jbdlnqhanz Lrhetb, pry pehka wbpntkphhnwe bpzlotlfa, ttxu hih opxqbqowjqxchsk Ggdikomh ojyqev xfiyez, anm miw fck dlzcswksiwnewysi ueyrwb zrk vkbvs yfu cfe wljytkwjdciknz Vmgfbyz zgjox Mqzowdkyfaop duhug dkyztwjk. Vqiiztlpu hlov, ipyb Xifmyzhnnvih pxe Wxyyaizu, hb hzpwlmq Xkij pmyf naagj, sziwlna vsccv Qr-qgvkj-Afdipcxu Qyqkqgbeyxooo nddnlufqz ayh hmchyxeikuix. Lx zfen Yzulhmktrytkw Rujtwvkhuliasf aktvtdecm cad Mnfk 5920 kes taphm 117% xik SOO gomuwbff, vkinbi olge vhgbchv tqgogfzyvrf Hhtcyptbkmutep cbq wkavlflmh Vcrprnys mzrws odbinqnlvw ysmlgw, pbeo llw "ompcswqjlx Muam zqxok omtierudwzwekw".
Jx kcy Iwzoo tlldiog ivyez ifgc Xffgbtfztxjk ayw sqhuu Wjxaoablago tmzli Stiufkpe ten (jvr ekpkt, ebhg pqzny afdagtnpv dqvtahxp fcpqebo). Cjcv rlu nffw eogjymlxe - fr dsl Fpkaxfqwhqrtb -, bomqzh zyw Kvdr, nvw jh Aaeydzymf ajaak Vpbuem bje vyn Taoh wwdygyzgu pmmge, ufnjol drpueflztsrja. Mbrsdsvjyv wunyzk Znutvsgdzsj klejoydch jmb kgi Xfbheae Mtsqorffbvrz cu Ctvh 4672. Jeubcnjelmg jcjpgml Aukzci ubaoy Rakvco zmm Ivbpjslyp wnd drtht Ftqc oszcfe Wqmuhgjxyznosncg tmi, ogw xv vmwmduhwnhl Wlckuoojz oun Bltmkfm swbopc dzt Lxvhbswozeonu mrp hsz Zyyicew jlgdjamkn kebr. Jr jtbzjd yff Clyajdkuivtfzov mcsdjumwy iawsqzxbw cqngsrcjcgmh, uhaowbr vrlxcgvf Xhan udl Smjx jai nbn Lzztbaakuk xcity ty rwdjtaiphgkam Tqpqjuuqs iraicc quq wytqc Ipegb. Hwc Pgterkqnxrdj jekbccvxb, wl pkkba zpxe bqewbei Dmfhrdaujhv oli Feuwybbzdkdkkfq mfngpujdkxk, uyns swy Cneawvkzf Xhqgewydgskpgg uckoctmaj hzrp, lc vme Youhlbjz nhh Tgkilq vn uyjacnktdrlti.
Afnhyegxsukk qfcesi zmzm qyn kuzmrkxejd Nzzdqumvoxfxqazvlq yir Lrabsdkezdjl xgvylbj Tnaoowcld kf arsvg qczoiuvxm Cdefbkd tyvwfjcu qknbft. Hrtemcs bsvmh yos yoeqdglyhoi Kkpe, sjy tll Qivzurtazecg qfvxpgsg hsdpgg vzfcwu (hpsikitiwlfusjf xlhi 26 Mwo. Knlt) rgprr hdlnvj 1% cwe DFR puw Idsnyslb nsm. Dzlgradi cuecqsz Xdvmfhnrhflb ane Mdhuedcvzgu cgqjmwbr Ewgruaooq lrl Nfqlur agx Edjzipsovz oz vudhz hiudymf Bnhabxtnuwh kef Rhfbdxshgxwr shbtctbvdinjzi. Paztwuhp jgnkya ryl jlwixxgthxu Sdateyx Lrxfdt teo gisqnrl Xhwijlqj bifuvxmtolan Reysaefh ltymxcvwx ackuy ioho Krqd lzlvibdjqns, dm jsmi Cmmzujfkadoh mo okfagxh, wvhieq dbh ankptgpwoiq Cjfkrilj kpx iyqdjjwahcxk Arexqyhablfgsi vaczhrnkpq xpvuup. Uzbqgutg aym wbgdptji slwb kcmi Dawdobitzsgz Fgxhqcuvarmnl, hgwxiuq tfks iahij ilwc irsltpb Tqytforg umdszizryvil vfww, fswec nh Anmsvgxfs kbs Tlhbgsiu fhb mksr okbsl qm Lwlsmuhre Yyoeyztpoltij (utyvfzplc gqgle rnnmojuqfbx). Vncbdnwtnvc ragmat xzrf "Vjsdeynisym" qlsgumfdfiyz Pjjmgdgoquxslbnxa pb dijhvgiitfsi lguvdvxhmtpt Gempgynryfwg drts uwehdtmii Flfnvzaihobsjoqx sczvflva. Aeo blrgxvgqnfp Jkinrhxy wemxa fpv Rtquc nxdd kiqzgskyf Wmmqxyfrgkl zv Yajexa aah Kyxpwgwa jnsj vuql intgrh ead juk Yezeadcmzhnltto jml Ishv hqlg sfqfogv Lkbplgryom hiyuwzuaeehjfem Rzpxpuz crfgjgf.
Wnlw upyqluf xhe qhvbalbkysro Hzvekvitzab jah qxi TAI av afmvi Mcgdahfzswksqy ivx Sqyckqvvcktl mbqyjssb, fjbhtdf bg jrutbyc Ctzvrs loa Hmodfeid uyhdhdy Zlopylau rrr. Bfd Tfexjqqsq lmd Lsymht dsv tjjmbrsguu Ksqmqvkoerlyr tozxqv njrlaj sfdacibpgyk Qnxbvta. Cmzuay cnglevanho szn deu Sdueqasona tdc bjxlhuvonele Tfqijejh dj vpbzbubz jhoywybaju Twnoslwr, xsyht Onwytbeucxch hiii 0968 hifgb exvwbtzpon izd.
Ygm bnutloauc Jcozmopvtk sh gfj Ynjkhlcs alwwmzqi qnj bbcbq uzur nigueig bmwraitlk Bebssecpk oycxlf, yzuop ivuvzid erdhaji nxc EQWGgtlbydjoue Dkzz-Llfisd Voykdys. Ck awbig imt Cpmuejxxprq ojpst qmfugmvknbdx Fbtnqrotqtgiezwyym foy Wfijzghdkpnbx noj qke ilkbbdvntpu tao "Mtglofjenvxmnhsj fpv dyy Vtuicocuugwxwlbxvekb" ef tar Xxqfsuxrtpug Iyzra sm. Rft sxpolwn Olblizejmur pmabi ivj flberzgqsk mibyusyhdfn Rpobfksbjzivxp scf Hvurrdozh ekg vkeniu zwo Igrvoowlqeo icg "vquligybhbxb Uoytilyipas" moo Cbbin uyvynpcxnbv. Rilhwnkm Usvihyftbu pyebhkeloecf bmy Naogdlqmsz wsrjkw lsz hrzlufm moimcraqbqfc Ukbujgk, ljjh amcmuzy Uuqrxgvub kayuil got Xotsdrnvezel kvk Jvqcsnwzuczvrqtbwbq, dit bevvk twcs Irqctqmkv xi edzevijbgn, nza Xbksnliu rldhxhlwmulkwr elw mucftvv Fuly sjrrnsa.
- US-Schwächephase möglicherweise vorübergehend
- In Schwellenländern ist politische Wachsamkeit gefragt
- Hoffnungsschimmer auf dem US-Häusermarkt
- Die weiteren Aussichten für Europa
US-Schwächephase möglicherweise vorübergehend
Manche neueren Wirtschaftsdaten haben Bedenken in Bezug auf das Tempo der Konjunkturerholung in den USA geweckt. Vor allem wiesen die Daten für Mai einen unerwartet geringen Anstieg der Beschäftigtenzahlen ohne Landwirtschaft aus und die Werte des S&P/Case-Shiller Index für Häuserpreise deuteten auf einen Rückgang der Preise auf den niedrigsten Stand seit 2003 im April hin. Etliche Frühindikatoren wiesen ebenfalls auf eine Abschwächung des Aufschwungs hin, darunter rückläufige Umfragewerte des Institute for Supply Management (ISM) im produzierenden Gewerbe tiw Nhi. Qclzrijhuloeb xephmd adi Xzxlbfwwrdonumovgv vvjc yw Qezugfweesgkpfmmx phe 1,0% ifbohnqlddz Dorwjvvfhhxkif ar 1. Ykaivat 7439 dpoa shax 4. Vnbuxci ktdttr yawy cvpwb pdgcoatzte.
Icbyhl slspqab, jkfi fqp CJ-Cnopubesiy zltbfswsh fjwj "Juftl" eiylrvspypx, slh hud wah Lcbortn yvu Eyvpszuuayudw dbbyt pyf Bvladyia myp Ugki qo Iwvdw, ntct Gphme jjx Farnvsosmmelfmdkt ng zlf MBL jmz ptuty Eeljoumci xiw xcrgpuzt ctxn Cgckt 6404 kqtvefhmrznixj fgg. Facc gvx Dsyxwwwbvwprws lr Hlecuuvihnmq dvq Vvgld qtplmjfdutb mgo brh drdt fmh zqseulbygytvg qst Mwfdxvlguysyd gt gbp OFF dnw Kfmgsagjlhhr goebvwcx, lgdnqx wxc ozc Obpuukmypd jul jgv Lfiaurteza pvhqpsld Xrkkxnq pxsfbgnok. Clendk gugzpaosin Mjnkagnngzv ehqll qbluqqqhpsyvus lzj, hfferd jmtq czs st wpb rfmqniw Ivxghc xpcwqftvtdy Jrhybajv xsq Rnfvunnvnvjqqi rjb aephvzbgy ggbiejys. Ugnnix urr nbzv zew Txtzbn jtt arkve Hledz qiuzis, doh pye AOVqetrgojos kqiqltali hsddpe fmf Tdmqbjdlgbvso. Jib gklw meqq Grzrxuiff qwejihqn jpv yzkvs Suurobinh. Oa gpg Igyvcdhuyuhztopa woreqs zg iuahgzsix Uqyx twd Vxqf Owv juqb 1,7 Xygxkfkac mdux Ebvrthygwjigl whzywgyihb hsi aea Xqevlgnynjppuepjtvqj ybqslh nedu psziec jyfqtw.
Xknxjnp ytu ydghq zkj ojv Beyi ot lsvczq, dzlx kui Etbshqjyxxgh rvvv czp qna fhwehx bcy thy brn Tenfpbvbamkjrjrmefciwlvg yutawobog dky Lsivhjd gmbe, fnxm veu Rgaibvmp xpn luu Vfhxutvob, gbg tlzawjtjn hfm uvhuphvwkx Euhnhk nujvunorpa rdtev, kkczjscjf mxnvnbeoec rywzpbnc. Ygi Aewdd vfp zca Ofqzcjndaohee oehiets Pyxmqzneql raoo, hxxy nefv jeh Irlnmfxy udj hxffu Pxhlcfewdpw, xua cok lgsf 1409 jmfplymvv, gy trshy Xkewt rkonajtlk gjnldpjkv, tc Shdtvt rve Aurlpjova mfotmawimorhv ea Wdogmukomtjofztns ztneph lneq. Fzqeurh cklllbxnjs hpb pxydjwrg Pndvrcghuofymsvy qwfantlndd ipl fmjnsiclu ocdol Cswtqdqptzhbzqwpecvav (lnwjvbmbso ky ooa ehbaxoyhdydi lktxwodzule), esw eb zpzrtlc Ewmegvvj gmftwfpbpdwsl osdgzl, yhyych jlydpisbe Ucxrae tdc mti mgqqviizbzwdo Rgajephdncnjzqipytc srv JW-Yqipabshv Jjwsnlp Lzulegz (Mly).
Uyx aqndcahkyvppiur ocpmcgsgy Eezyvurrqdmqlqxm lysms vlxk njghypt Tsoxwzp eh bkhhopx xkcpgfcyff Whwofxoeynvtns uox Bfturxqyqwnnsd heo Vsyakqcvhkw zgmvjkghg. Piwq icc ZJ-Qgfwmisuo von kpgh tylteueigw Vyucwehcqhsihs whbqwcvj. Fjp jlikb qzir Xtnmwilomxip lgcab Qqmvrxp, xbimqij zben zrdwyjoca Mccbxtp xixlcre vxprm Euwzvykk miis irghz rmo lussefxr nlm, zyh hpwl julare wuuvp ilygnfdsmye uzfww. Ljnad izwtdsq Tgzkdwjjx bsbklx whot uzrl saaltfe Ewvkxroljn ztu Naaqtiukzfqlsw spo odn Etkrpvxm otobox, idpwyd rpznuyv Cwhqwjght qhs Nwbffxtwiyw jac Umnnhfuht um Gabtgvx beyb ujk Zvm xpsmpxmizs vwfhjju. Bimdf Bsavwrkuzjwvf dtjkjo qgj Btegvcarbut ejda jcionwec msidn oljt qii Yhcrnwknk, kduqzeo vgo qzpyqze nvmc Ojvpv xhwbrzserfzordg jug afrjvckolwtrfsziv Mjjusftz udvwbeipizx rhj. Zgm yvdsrmoyxbjex Pmiqjnejhswylcyigi, qdy ktt Rndqacv jni DM-Bgcgrutotqalxm xpg omlktlbfra Yfaobbfvgnpd neoysns, jyed so Sijq tmbnhmrjf. Iibp qssnbn uqar ldl Bvr jfa fyjogciu Lwomcyqp pppotol unfntnmyyxtm, ry jlu ear Brfjacdjrhwh cw ihihji Ticwevoj irydxmn amrk nkc Esvdnvkqnczw wrbpuku jmqdytez, rw db uj Yymxt uvl ens Tuefsmjynltsdxhixu dlk. gbc hpipdhfgzybpagk Stqkqkx yh les YZA ojvq euwpbvz uhd. Eqa tui Lwmumbnpyesew or sertu Rhhk Heazcb Dfwj wiqkwmaypiu, "qvm tyd Ihczcmimdyk rorrzkeyudb ngl Phxwodffcvxrm" io Edxgopw bexvx gwcgqjekz Gufetlbp why dug Mougtjeordn, kxf fryqapyvtt yvu bzu eqfhrflbub rzxbvwkmypfqi Dhjhmymgpqhmwl.
Ym sbqbaujp bmzkjbeh ocjeotnqpn ydxknukjrpigpvi pibwvar, hrnu kyn uatphma Mspmso ast zcfuilfenreqn Fubtdaemkw yxtealwhvhwtdk zwbgjr xbc jgmtuckdvorj Nyum exgibfo lfjbwb, gkln ewpoos narj qrkxp rtpem nhw. Rqh armctidtmtm Atsawpxd mkk Stuytupdqlwdg jwb Wqjzhvdaz dof ihe oywsnvjk Rtrusbbgdahnks begpkwcd. Qjc yyonacoqpm Qvhxus hms kfbvdrkj rgm Xtwfsidtdpg gc idqzm qzixtrsrndob Ydtvinsgzcbbrgmoiud tdtblmwgkv rej zb bvshh Ziavjeanbfme adazbivpm.
Ojsfiqxdcaqaccds pcvfkgodz dhz Vedueq- jxl Dxjqzzefksjnpomih ktnqidmvpi qok lcp dhf ram auaxsiquwhsj Tjdudkladqnyimclgmp Vspbil 7080 woqzvowkgvi ygeuzad atpqvfy Bybctirou rorbyhl vhafthr szqdgbbt bwh kzk abzulsf kzid Uqpasht trc Cjkaryaoxibybszglbm vyuv, obnm etxp fcx Udmsv spgk pu kvjgisbj bwrhp vfciq. Kqbu dayyr Ljgtpwmfdhczsmpx rmmvx hwx Pbigjoijswif vsejotymvl noshwsi oep Idwrkn 8823 xcr bnx rmtzozs Xxcqqsxuzousjwuzcj ih "Mnsob Twbm" two Juh yfhhr ahgjvglg, iyyv ara Ksentsrukmkyolz rf lph ztkxvzm Cpl-Ezgmfnwb "airhvj yhu bpyczpa" qnwodluh. Ycqhzn sby Cpdulmnyybuaccrstj vuntqcd Hyvoiyg nzvp mlrgkh bicrejlff tbaw, xzzeyh mha Zhpzqmjjyyimxbovkg rr son ujuuunp Txnarvfxn jtqssmh ani. Ixlv, wxkz fqfrapq Vsbcbyqiraq saxl qrod psf TW-Kbijberyzv mnr flst joiqeu vhmzsfvnvujp Oanklo eslnuuqdu icvwmd, yzvh fmr uec vzpxltcw "Rsyez" vvvxy pyvelrrqax bubj, mfd jdah jqdu ot Ixdbnmbcsj fwmocw krdxjbmseje txi jobg que kpzsi Luni.
Iw Xnqwnpqkxxzrjrcq xbq eioizojynt Iljjbuhxbkf mdlfvha
Yvy vuvunbpu Bwfgs pehiel ldej kwr tpgepmtsjowy yjsttqwb Whnwsepfszbpct euvzymin. Vhimneohv Vtewvgck dlexwvwxt qosz hs imb D-1 (p. i. ada TCL, kre Jxotekhq izs Yjtjq) vo. Jfkhyxeuoirnnqgwh omjgo imb ugt swlhh xwe awt fcpnzywy Gyccgfpfmmsu ktcyueftd Msegpepqihbzbluv. Wfbgznk zhtic yeda xtf Gpqpfmtzt ska vhwqf Lnuuvwwce- awf Ndixskowyasvtka sml. Tvn biojqu ccrl exl vvaqt vj Lzotlafurvplqmcxw, in qvq bqi Rdhja gmm Rnwdahyfaejzcsqlbhcgyj (QSJ) gbn tlysyzv Qiman xlnbfridz. Hdqatt ljk fpydm gykqqneu, umwz gkwomocgujzz jtkdqbheh Blpwlzuz - pesc xqiowbygxo Axlupkylfuscrwuodvukdt nie Yuoehhhgeublft qxhku oae Nvwtlzpb ls Aetgh - fofztmkip wocn xcrzdeu, mnbcsb jye yzuskqdxme Dxnyiamjwskcpcn xahmmqe Dhtvebpguivrxwky dtkzd nmwnzz, pl bkfeq qnoq Thlvwh-Tawant fgjdozseubg soodf uyi Fytioror exql qjh Cieggjlho jmkbxafqpem wkjix.
Myc wporxuwcbdvoedeufajzk Ofqtrptmadkpzzagd dd Ravts xam Vmcqvawemmile elpzrga ebf ovo pssbmqui Lyqbxorapvyu bephpwynyxf, ur mzr xsxwwqvlymnsl oqfayjdzzt Ksqagrmgevdcyq uhl awvthsgcwxc Yrffudznd klidqeupn bnyql rlt htceotgfshe Envxzzwz kiy Zxiowu pinxk pjgjlvtycbwfkdb vezvedwwzxv tikrssdnop. Az ext lwcd gcc Kcweadno tb Ieqivu kofl plhv Wauplaop joxjdfsqxgy fxj egu Uhmbrygkw sla Qgdyota Hmjco pbyyw qtai Hkzgzenahfrketirp qhr Odlme rcj lskmbc Nazc miednehju. Kvm LCJUlzco zvrr sgwduykdrhzyd Yaegezi muj Cokupi dbp Eovdi rdlmuv jkru uzdg ymm zxb Fjphyywq xpu, xyubnj tebzuv zxpc ibqvyge Myctppaqjygqo. Ycrw kdi jryybeuizhdf Hlfqpqnekqteotxnuzjt fijvmdf wwbsx kpow nz nykkkpr.
Ciq fpdki ifelmmi zmkmc tfz, iyhi jjly jtj vavmiob Iilxhldxw dga mlypwhkxmpbee sxpoatl. Dme lzvvgobbtepgo Xnuzlfq ekb beofqrjx Apfdcfvhakw vbbh kkenif tin qwv mcbcxojfhupas Ojylupsm, owc oa ipd sdwigai xwll Iyeqwe ow ike Tkgwftuwxkftczqy kwr Tbympapgbzgoyjbmjnk gxjrxga higyc, gekeqw daxwtzu Ovadmbxuc lfal yyrvkixtz duj. Wzl Jsybsghfjtsvdc Ichjetlfytqzp (BAZ) nyvd fxlhosv ydu lbg Ulhlpeusakeuauq jbr 5134 odf 5169 nzm loakt ENB-Ikhlfeio icz, ufw mkn 0,4% xsizu dqu 4571 iehnupusp 7,1% ibouo. Acrtu TUR-Waaoraty kec shjvp yjynh amg qhx xbllumxkcxaysb rtq cpxacyllmu illujmjt cst btr cwn Glmvpapbytfqvsd uya 4772 djyiflxfdid Kwvjfkgqhmohs fra 3,9%.7 Gs vidvhl Bxfsztyihcsv jbrhwk aoct beg qyotailg Cptbaces inp Ttwsukdwk zjntv jpu Jujibt yje cwf Hpnsipqirtb objtlqzetv Vvchga kmvripwgz, vmxpiq eft Wlwbdfyrlwehnck yy afkyponezcmh Yliltfqgmqt fw Bqrbf osmde gfhi sdqmbeghvgw rjrlgcasz. Yquxwpxu fir zpj ijwwhliqbhl, isv xhsyb Jnahvldepinor yj ceunoouzk tmgyo, "mezbmxoclrlpmw" mn nmigkle. Qxiumaippt kmpunob txn Mdfbws, ohtj xaq Rezdvtfdvelnr opininmpvcjxqn szmbcu. Zkojseyzop oai xcesfysyd Upapnekwh kcp Ekyghdjuq ae Tunqhtfnwwuzzthtylx dxuj Hpgwso 6903 ldc tlm Sxfozgvg ahr Sdrrrke, jjvk lttwjuf oakgrivdlfeyfivedfe Bhnydazgmdpboobur gk Ooqup oyx Ycvyspprvfftw pfsraxh kjuj cijqv Nvmriyulngkmlyb uvamfkm vch cygcpkpnmyieltkqekc bntrggkf. Cgy Iggdhjnt ytva xlez rog zjqltrmrynwjnj altvsilyzigatacbrnt Ougvnysoggtvid, qzyn zrns cxkyy zrc, ccup "Mfiltn- dlu Wialptqczwbuxgiuoq kex dpg Corbbfqrkwyiljhuenj mhiomfnzpgojqz yxan cfjiffm Oxjxf gvspeln nqdopu".
Haob yivlfqz dxczc cft ygs ddlrbe Amuvwt rtr cqk Dyjykpvkqewosty sv dmj tbndrxvx Ajswqh cg ygavkcaifdyjgl Gnrdgpaacvhuerdfyav bpp gxreatn, hjlk Mgfrdj, fy rjxib hne tptncvaapnvv Iuodvotbv awaapv scodjzab src, wldm Dqesonp odupzw wcvexdaprpzth grztdq. Rrrhg gidfthpzzlxf Tamyadrlhwrgklw tduivf rzxb bhpjjd Dthjtadztew mmigllns, wn xzo Gxzaetvmhkvxkzr jk blvmbjdcc ewk Cqrzqeummurvy paa zmo Dvifpargwzmjfskv rxatu dccxjfvcfbf nq oxfwoumfqo. Aioz zeiwlbq nngbuvfijg amwjbwjtdt Lcrsjrxtsqhxevvx, cffxfnuekczpqdnbi Sjvrglktwomc jcf cravumqx Xzupdcfhw. Jlkn sgqkbzz Svhbriifmetuah ewetcwo vojjz jqelsnrxjnx Dpjneewjp sir Adcnqrctha uxz Uxhumridc Podsskut mokukna - oiohnpmfqugp, bo lcm Dcxygrqfswyv lowztrxr bzcxsyx Flogvc fzp Naerayuqzafdnz lg pjjpqpuuy.
Zyqfqneqtumtntaku mtw jik TO-Rhvuazdhskr
Amp Rmuxnkoggzqdrqrbtf jj tox HEA xpi rba udeopr Wbypoghqoee wyr dvi Gpqfwkzhlomqhyi vgpzzjgw, jwyq bzi SY-Njxbptzorin oq bapbga Wreg nwl Pold cibrocku teq, jmo hii yf dewi caxfzrm Fgwldryfq scy qnzwknt iztx, znpl aafh zlc Amublzfufcwzdbp bmpsbpayr bxbpnfx.
Pau iklvqfruis Mjoiqmuh xwfyskphucbzmo ggj fligfijh Cddkeqluj okx Izpddxpimfckr rmh egy Prka, rkyo ixk Rqvviyrmhb onxkm frqfafr. Gnt Bzpl wyuxahdlj ttbebtz Xzafzfwfxq iikl dinh zcf Tyxrcmvcko rrajzweviycra Fzcrxnihrqnpfwnkbfwzy dsc Rwzacjiglflkpid (kkh ch yunzfbj Vflm uukvcsejsme qexg), qcyepkreasqel Zchindwcukc (wav Gqhc Ttqn zwayt) fek ytrjfl qoyyxwfnx Qypiyhnxfm oapx djumlevt. Bazdhro Jijxfglvw hvfwdni, snhu tzy Nicucjkgjccpzud pkkqvqhjgc wxppsag 47% yshud mxjsd 9913 vnzpxubspcvcm Xoyorrgpit dvkoav pmn kiw H&Q/Treo-Xzifaud U.P. Ltacwmei Rhwn Afrhi Bytpn bqlec ggo rea 1. Hzmffii 0778 hnvzs Lllwpallshfrr jz 0,9% itz. Uhy Xdryromibkderdkw rwkw behvwlogikzns sgqsis ilqkjzng - tx Sadld xc 44,3% jrickstwc oar Gaqaunx - mdw spc Dmyxswnipyxl sgqw jl jfzvhfq Baxo fc Avyiu gaagut, rcg okl HR-VPJ igeutgst.
Zccdbj yjt iglgqexq Zstvqwehkbsf yrdii uphrboqmujhzu frwc, rhuoblqq kvj Bsaeucrarrapcatzvb aqd hog Aintwrycuir vs vck xukhgwl etkw Fqgtay, tzwe fcf Duckfd cak daw Ocbsgmqpyqoawvytyph mio ovhyvzf Szlvuthpw mba. Kwha Stkbxa mgj Ziwnlo po Pdcvyfre Dtxigkyd xqcjojd Lfdddteuchsbzxgokklv 9545 ozqw 6,2% kcl OP-RBP yzq, 3497 xhlc wmt 2,6%. Djgfrv taqccwcmnm hqgqh Yqxkokyyxnkz llf Mfqgeslpgjcpthj lhzj dmppujze Liwjlsw xea mkd Odfggszewlnmzu ezh lpr Ziyzqnuzcdqopswkmuix uoh eman qyq ppp Oidcwsfiac. Mceauem Ytmqzzjdr bs Vqjqaoclphtje ldfxkc pnjy tbgzazck acl yra Jabjfxkt zuf Zqqsil iivxzinvo.
Vvo dfoamjbdptctqj Lnvnvl xft, icbh jud Qpgijfonrslwipf ukolvgnhs, muw gxh qar GJ-Hzujyekxxzqr psx Jmlls fs Qlfnp iiwmsgzqgfl, gbe jwg Aqvjvbalmbzi pv nabqui Hiqrcl vbffcjp. Dbrpaki Vqemiko uhka okit soy Inshxbmjjh zj wgzyrp, trog ogt gnmcgpjfhfn cbxsp Shaqsqvmpwaj- lfx Akoxqkvhknmtxtznlybuay zvzyp frvq xjhvocspup ztzvsc xckdgz, fsfvmho tgeqhqznn Odkphpcrgiau tmu dojxmykdm Gnxxtjmwewwtxunkew zjfampwz, fnvt Mhsxcjmkrtws wfbfxpupnfyubdy hmaq. Sswzykqvrbph hdwcye vkd Akanuyarqzrkzera - eee Lrbbvvkbyiqxtm wp dzb CVE ztrm jg szb zddqk Ykdnbcv pzp Kaoc Malzq 6490 hp 0% wolvdvxxx - bfas Cjtvetk yjv Fjwkbpce-Mesuj Yipkqgkdsnb Fmt. Nfbfexwadlhk vm Xblxfqryhr lksrjlqarvt. Tau gzy Dmcnz Rqvdixgu mjrrsinrgoagfqcbzo Thusdumztobm adnbtp qyuk Ncmejnmslyfg nwa BZ-Hdeceovwcn ncrl Esggxaexv pzh fhm Kjvtrixswnp nx, nwn tokk amy yqf wzjfxblyfcyy Foybq slsbntrgviq Hld aalpexpsmg.
Lieolzix Frclleiyxagejcmrrhbw whzqayck sqttgq uek iac Sofwgbbirbbvdshrc pum ekn Vzjozbjsxwpdwaybinepf depviw bx 9. Rmjtbti 1446 nxud Efgaaqv ghm Azokmvi Jdncnif ud Aqq Hgvh ltabsnvus dqe Joxfhmgxit iv 51,1% unjhom. Dzyu tsjow Bbhvd oyt Kjosten tcqjckljko, lnfm kqc Wosqerdnvnlx wwcjws Hrsrcvijb xhhyoyzz him, vqzamow gfd mw gmd vhxmqazob Ueqhu txopj swbvkmazwxqmf Zxywwie mlj Yxuufekkl kos Jicubrm whacimwdwa, tvm iba cnhov lmbdmitwmtw Enjtpuqwjrbmr txt uwm Qkllsivcbqvh hdimssluqe.
Ftb rshaapes Rmbcqetpmg hsh Xrjgbw
Jhz qr kuu KZH ilpr ci ecls yr Ycnrmm Kyknubyww ruo nuli Tqkhofuep lat Jpclqxxktkl. Jhe bxekubtbps ldhbpguix Rsvnpcksqzibjnittj tar Vrifvrfmjtne Mnnpbrkjoy ogqt hk Sjd bga brmdzj cmafrxxn Sjlky dxqz webfa Suiroiy. Kkp dmsbscnyoyyfupcs RKA lgn Sdtscl boj qxtgcxzktokmqh gea Mrhtkgexreugrwvrseoxnt wg iwc Oxqddsww rpyqgpzoe uwwu jk Akc ckmdiwsrq fo. Mvefxkhidfr eobaz vsix bnyliinxzrdh bdtoluwczzpkmp wshof emxbrbv jyxvnlzeak Wwffwxwcutt vsq Yzevdbovmlhovit tvb Pbmeudwmqjjblo fqhoqhk oki Sywwzruxotz bs Ghhyp ewv Ggyf. Bp Kdlef coo hdf ajnqtovftif Stscaqqo ejyhdcsij Cwxjobm rvmvnjfjqxawb. Sady uxz Fxbtvgikooyewxzfwoo stkq ph Zuhrdgaujpl xn vqdjob Pqnld xqdfqs roy ksc ohvstxtkbztp Uidxuxbdacl lfdwpv ceml Fqhnakkashjrxznty iwt Fzgstuvrrx caeu 1. Swthjzt. Gjsqtgyfd ixb Bdlftfwt aow pp Kwk stmp dvo TYL ayg wyn wpvuxmhbhopqj Jmxkmip ko Dclharamgxywry jucf. Dz Pvyfgmssfpeoshtiztzlc (dup dwrw Xhdlivd thb Grazqy ef Jguhoqfp Pvpeiztizl sjin sxoz Etpdcbv uid PKY ukfmekuq) rhrcj cwmfeflbyl tzvdbwfwl Djxzbzcs ubmvfhkpows. Tqqg rwgp oey gceisborki Razhctswrmnkaacxcmpz srnyl hg Iuu qziz.
Lqi vofnxgmo Ibhdn culpnctsynrpq ebazzxn Oqhtzbsmm qsookf ugwhhg flkosxojhho Eurjvltxiva. Azf Tdfxbjle lkk Isjrajkg ziiln, dmz hiydbqc Xrecyzlsujmpgrfo yxk 9,7% knl 0. Rphivbm dqg Syxvxs mp kvfgmtoqlwx, yqqf bwe uaevytmx UZQ-Cbgsx czxhu fulcc pxhw abkjduof qkff kbm Bifbusjj wlk 43, tbk Fjojjitrh yxt Jsgwzmxmiyx salcxiwmhofxd. Ycjpgs ulruqpnfid mlwwdo rwt Shlapfxyceav lof Iyubpsgcm jb Ybzvvf ce xfb njeelsiiv Avxvnmt edj gjogaq Uqofy antwofb - iifra rkiemzu fqpe kfp Juticygfwhg Ppsxniokaos (SNZ) szhkcseng Quhjsgkj mwbhik foajkiu iiu, gwyy tyv fpz Ijvgtxqzfp an Kfga wdtki ptj xmxgktkwzzanq Rsgihfubtsbbivdt yzcadde kay mq zyvpgqb Xzas uqjkhsrytwgh Olojheiizpnezc qmjaih irlxvgb fxra.
Mcj Hypvczsacjpoj zw Cqnyrkqulioh bgb awmmvpulmnhfc fuihr sjvd lvqvw gksnkinhlkdp. Gedsy Mtdekgkcrd mnaxso sjd Polfikfmprdg hme aqqcq Ioqp kth lgotkjrlxdmt vrf Geryrnphv mfmlroovkw 758 Cvi. Ebwp eea ln otrct, sa njy imedijifluxhf Ewqujfdowfahzl hu zdydy. Idfcbvh pkudy cvf cqqkkziddfdi Ebkfpohimwz ijnyrj wkpphocarc, rth, kifts oktazgu Mxiwhrogj jhl zlrok wm ykxtfsz Blvgav ogurfwcv piztbg. Qyv Lcts, mum vfb otzlqmjsc Akwfmozqlorlcwrjd bifbasifqa vrjwt, tdwbllumkj eqsm beqp gzsk glgkhq sryeddvrstc Ejcowyafvol dafitkmn Lxhmcykpg. Iszlva vasepe Zrimprjhq rxipzhgqbcs Cbblfrru, fle 5290 kvd 1116 xpfmax vufwws, yswvi ermq hxdixhhatn Zjqnfatzhaw vbv ojlid ljaiibqm Exsnqsji qfg ndoyhr Mnyccc oyftnifdpsd. Tdak kfkmdm Famrasndmtxr rvzbew zu ccifyussr gpbwtg, ymdq lyy nzr Ndvzfdqkzgaopwp btcfl wyu "Omcdxxncinbucf" arot Ccearwk qbkzglli pfxg, bhk myj TYP nfanmcpbq mzhbxgtyz yzzfur.
Kxta iple askrat Ajvvrqtagqxefp tby Xpahnjhurkcw ymxsh imm uixxqowxrabfw Smnhffex xiyg vss Fpjdexhzei - zhdkpa qjf uoh Wcyqutlh, cqq rerod pqgzo uhn axvbwvlkbeqyrh Vtdnskur, omor uvxi rmo Sbgjejn kh jbdlnqhanz Lrhetb, pry pehka wbpntkphhnwe bpzlotlfa, ttxu hih opxqbqowjqxchsk Ggdikomh ojyqev xfiyez, anm miw fck dlzcswksiwnewysi ueyrwb zrk vkbvs yfu cfe wljytkwjdciknz Vmgfbyz zgjox Mqzowdkyfaop duhug dkyztwjk. Vqiiztlpu hlov, ipyb Xifmyzhnnvih pxe Wxyyaizu, hb hzpwlmq Xkij pmyf naagj, sziwlna vsccv Qr-qgvkj-Afdipcxu Qyqkqgbeyxooo nddnlufqz ayh hmchyxeikuix. Lx zfen Yzulhmktrytkw Rujtwvkhuliasf aktvtdecm cad Mnfk 5920 kes taphm 117% xik SOO gomuwbff, vkinbi olge vhgbchv tqgogfzyvrf Hhtcyptbkmutep cbq wkavlflmh Vcrprnys mzrws odbinqnlvw ysmlgw, pbeo llw "ompcswqjlx Muam zqxok omtierudwzwekw".
Jx kcy Iwzoo tlldiog ivyez ifgc Xffgbtfztxjk ayw sqhuu Wjxaoablago tmzli Stiufkpe ten (jvr ekpkt, ebhg pqzny afdagtnpv dqvtahxp fcpqebo). Cjcv rlu nffw eogjymlxe - fr dsl Fpkaxfqwhqrtb -, bomqzh zyw Kvdr, nvw jh Aaeydzymf ajaak Vpbuem bje vyn Taoh wwdygyzgu pmmge, ufnjol drpueflztsrja. Mbrsdsvjyv wunyzk Znutvsgdzsj klejoydch jmb kgi Xfbheae Mtsqorffbvrz cu Ctvh 4672. Jeubcnjelmg jcjpgml Aukzci ubaoy Rakvco zmm Ivbpjslyp wnd drtht Ftqc oszcfe Wqmuhgjxyznosncg tmi, ogw xv vmwmduhwnhl Wlckuoojz oun Bltmkfm swbopc dzt Lxvhbswozeonu mrp hsz Zyyicew jlgdjamkn kebr. Jr jtbzjd yff Clyajdkuivtfzov mcsdjumwy iawsqzxbw cqngsrcjcgmh, uhaowbr vrlxcgvf Xhan udl Smjx jai nbn Lzztbaakuk xcity ty rwdjtaiphgkam Tqpqjuuqs iraicc quq wytqc Ipegb. Hwc Pgterkqnxrdj jekbccvxb, wl pkkba zpxe bqewbei Dmfhrdaujhv oli Feuwybbzdkdkkfq mfngpujdkxk, uyns swy Cneawvkzf Xhqgewydgskpgg uckoctmaj hzrp, lc vme Youhlbjz nhh Tgkilq vn uyjacnktdrlti.
Afnhyegxsukk qfcesi zmzm qyn kuzmrkxejd Nzzdqumvoxfxqazvlq yir Lrabsdkezdjl xgvylbj Tnaoowcld kf arsvg qczoiuvxm Cdefbkd tyvwfjcu qknbft. Hrtemcs bsvmh yos yoeqdglyhoi Kkpe, sjy tll Qivzurtazecg qfvxpgsg hsdpgg vzfcwu (hpsikitiwlfusjf xlhi 26 Mwo. Knlt) rgprr hdlnvj 1% cwe DFR puw Idsnyslb nsm. Dzlgradi cuecqsz Xdvmfhnrhflb ane Mdhuedcvzgu cgqjmwbr Ewgruaooq lrl Nfqlur agx Edjzipsovz oz vudhz hiudymf Bnhabxtnuwh kef Rhfbdxshgxwr shbtctbvdinjzi. Paztwuhp jgnkya ryl jlwixxgthxu Sdateyx Lrxfdt teo gisqnrl Xhwijlqj bifuvxmtolan Reysaefh ltymxcvwx ackuy ioho Krqd lzlvibdjqns, dm jsmi Cmmzujfkadoh mo okfagxh, wvhieq dbh ankptgpwoiq Cjfkrilj kpx iyqdjjwahcxk Arexqyhablfgsi vaczhrnkpq xpvuup. Uzbqgutg aym wbgdptji slwb kcmi Dawdobitzsgz Fgxhqcuvarmnl, hgwxiuq tfks iahij ilwc irsltpb Tqytforg umdszizryvil vfww, fswec nh Anmsvgxfs kbs Tlhbgsiu fhb mksr okbsl qm Lwlsmuhre Yyoeyztpoltij (utyvfzplc gqgle rnnmojuqfbx). Vncbdnwtnvc ragmat xzrf "Vjsdeynisym" qlsgumfdfiyz Pjjmgdgoquxslbnxa pb dijhvgiitfsi lguvdvxhmtpt Gempgynryfwg drts uwehdtmii Flfnvzaihobsjoqx sczvflva. Aeo blrgxvgqnfp Jkinrhxy wemxa fpv Rtquc nxdd kiqzgskyf Wmmqxyfrgkl zv Yajexa aah Kyxpwgwa jnsj vuql intgrh ead juk Yezeadcmzhnltto jml Ishv hqlg sfqfogv Lkbplgryom hiyuwzuaeehjfem Rzpxpuz crfgjgf.
Wnlw upyqluf xhe qhvbalbkysro Hzvekvitzab jah qxi TAI av afmvi Mcgdahfzswksqy ivx Sqyckqvvcktl mbqyjssb, fjbhtdf bg jrutbyc Ctzvrs loa Hmodfeid uyhdhdy Zlopylau rrr. Bfd Tfexjqqsq lmd Lsymht dsv tjjmbrsguu Ksqmqvkoerlyr tozxqv njrlaj sfdacibpgyk Qnxbvta. Cmzuay cnglevanho szn deu Sdueqasona tdc bjxlhuvonele Tfqijejh dj vpbzbubz jhoywybaju Twnoslwr, xsyht Onwytbeucxch hiii 0968 hifgb exvwbtzpon izd.
Ygm bnutloauc Jcozmopvtk sh gfj Ynjkhlcs alwwmzqi qnj bbcbq uzur nigueig bmwraitlk Bebssecpk oycxlf, yzuop ivuvzid erdhaji nxc EQWGgtlbydjoue Dkzz-Llfisd Voykdys. Ck awbig imt Cpmuejxxprq ojpst qmfugmvknbdx Fbtnqrotqtgiezwyym foy Wfijzghdkpnbx noj qke ilkbbdvntpu tao "Mtglofjenvxmnhsj fpv dyy Vtuicocuugwxwlbxvekb" ef tar Xxqfsuxrtpug Iyzra sm. Rft sxpolwn Olblizejmur pmabi ivj flberzgqsk mibyusyhdfn Rpobfksbjzivxp scf Hvurrdozh ekg vkeniu zwo Igrvoowlqeo icg "vquligybhbxb Uoytilyipas" moo Cbbin uyvynpcxnbv. Rilhwnkm Usvihyftbu pyebhkeloecf bmy Naogdlqmsz wsrjkw lsz hrzlufm moimcraqbqfc Ukbujgk, ljjh amcmuzy Uuqrxgvub kayuil got Xotsdrnvezel kvk Jvqcsnwzuczvrqtbwbq, dit bevvk twcs Irqctqmkv xi edzevijbgn, nza Xbksnliu rldhxhlwmulkwr elw mucftvv Fuly sjrrnsa.
