+DELE %DQN $* =XULFK - Habib Bank AG Zurich · +dele 0rkdpphgdol +dele rqh ri wkh pdlq dufklwhfwv...

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+DELE %DQN $* =XULFK :HLQEHUJVWUDVVH =ULFK 6ZLW]HUODQG ,1&25325$7(' ,1 6:,7=(5/$1' $QQXDO 5HSRUW *HVFKlIWVEHULFKW

Transcript of +DELE %DQN $* =XULFK - Habib Bank AG Zurich · +dele 0rkdpphgdol +dele rqh ri wkh pdlq dufklwhfwv...

Page 1: +DELE %DQN $* =XULFK - Habib Bank AG Zurich · +dele 0rkdpphgdol +dele rqh ri wkh pdlq dufklwhfwv ri +dele %dqn $* =xulfk d phqwru dqg ghdu iulhqg wr pdq\ sdvvhg dzd\ rq 6hswhpehu
Page 2: +DELE %DQN $* =XULFK - Habib Bank AG Zurich · +dele 0rkdpphgdol +dele rqh ri wkh pdlq dufklwhfwv ri +dele %dqn $* =xulfk d phqwru dqg ghdu iulhqg wr pdq\ sdvvhg dzd\ rq 6hswhpehu
Page 3: +DELE %DQN $* =XULFK - Habib Bank AG Zurich · +dele 0rkdpphgdol +dele rqh ri wkh pdlq dufklwhfwv ri +dele %dqn $* =xulfk d phqwru dqg ghdu iulhqg wr pdq\ sdvvhg dzd\ rq 6hswhpehu
Page 4: +DELE %DQN $* =XULFK - Habib Bank AG Zurich · +dele 0rkdpphgdol +dele rqh ri wkh pdlq dufklwhfwv ri +dele %dqn $* =xulfk d phqwru dqg ghdu iulhqg wr pdq\ sdvvhg dzd\ rq 6hswhpehu
Page 5: +DELE %DQN $* =XULFK - Habib Bank AG Zurich · +dele 0rkdpphgdol +dele rqh ri wkh pdlq dufklwhfwv ri +dele %dqn $* =xulfk d phqwru dqg ghdu iulhqg wr pdq\ sdvvhg dzd\ rq 6hswhpehu
Page 6: +DELE %DQN $* =XULFK - Habib Bank AG Zurich · +dele 0rkdpphgdol +dele rqh ri wkh pdlq dufklwhfwv ri +dele %dqn $* =xulfk d phqwru dqg ghdu iulhqg wr pdq\ sdvvhg dzd\ rq 6hswhpehu
Page 7: +DELE %DQN $* =XULFK - Habib Bank AG Zurich · +dele 0rkdpphgdol +dele rqh ri wkh pdlq dufklwhfwv ri +dele %dqn $* =xulfk d phqwru dqg ghdu iulhqg wr pdq\ sdvvhg dzd\ rq 6hswhpehu
Page 8: +DELE %DQN $* =XULFK - Habib Bank AG Zurich · +dele 0rkdpphgdol +dele rqh ri wkh pdlq dufklwhfwv ri +dele %dqn $* =xulfk d phqwru dqg ghdu iulhqg wr pdq\ sdvvhg dzd\ rq 6hswhpehu
Page 9: +DELE %DQN $* =XULFK - Habib Bank AG Zurich · +dele 0rkdpphgdol +dele rqh ri wkh pdlq dufklwhfwv ri +dele %dqn $* =xulfk d phqwru dqg ghdu iulhqg wr pdq\ sdvvhg dzd\ rq 6hswhpehu
Page 10: +DELE %DQN $* =XULFK - Habib Bank AG Zurich · +dele 0rkdpphgdol +dele rqh ri wkh pdlq dufklwhfwv ri +dele %dqn $* =xulfk d phqwru dqg ghdu iulhqg wr pdq\ sdvvhg dzd\ rq 6hswhpehu
Page 11: +DELE %DQN $* =XULFK - Habib Bank AG Zurich · +dele 0rkdpphgdol +dele rqh ri wkh pdlq dufklwhfwv ri +dele %dqn $* =xulfk d phqwru dqg ghdu iulhqg wr pdq\ sdvvhg dzd\ rq 6hswhpehu
Page 12: +DELE %DQN $* =XULFK - Habib Bank AG Zurich · +dele 0rkdpphgdol +dele rqh ri wkh pdlq dufklwhfwv ri +dele %dqn $* =xulfk d phqwru dqg ghdu iulhqg wr pdq\ sdvvhg dzd\ rq 6hswhpehu
Page 13: +DELE %DQN $* =XULFK - Habib Bank AG Zurich · +dele 0rkdpphgdol +dele rqh ri wkh pdlq dufklwhfwv ri +dele %dqn $* =xulfk d phqwru dqg ghdu iulhqg wr pdq\ sdvvhg dzd\ rq 6hswhpehu
Page 14: +DELE %DQN $* =XULFK - Habib Bank AG Zurich · +dele 0rkdpphgdol +dele rqh ri wkh pdlq dufklwhfwv ri +dele %dqn $* =xulfk d phqwru dqg ghdu iulhqg wr pdq\ sdvvhg dzd\ rq 6hswhpehu
Page 15: +DELE %DQN $* =XULFK - Habib Bank AG Zurich · +dele 0rkdpphgdol +dele rqh ri wkh pdlq dufklwhfwv ri +dele %dqn $* =xulfk d phqwru dqg ghdu iulhqg wr pdq\ sdvvhg dzd\ rq 6hswhpehu
Page 16: +DELE %DQN $* =XULFK - Habib Bank AG Zurich · +dele 0rkdpphgdol +dele rqh ri wkh pdlq dufklwhfwv ri +dele %dqn $* =xulfk d phqwru dqg ghdu iulhqg wr pdq\ sdvvhg dzd\ rq 6hswhpehu
Page 17: +DELE %DQN $* =XULFK - Habib Bank AG Zurich · +dele 0rkdpphgdol +dele rqh ri wkh pdlq dufklwhfwv ri +dele %dqn $* =xulfk d phqwru dqg ghdu iulhqg wr pdq\ sdvvhg dzd\ rq 6hswhpehu
Page 18: +DELE %DQN $* =XULFK - Habib Bank AG Zurich · +dele 0rkdpphgdol +dele rqh ri wkh pdlq dufklwhfwv ri +dele %dqn $* =xulfk d phqwru dqg ghdu iulhqg wr pdq\ sdvvhg dzd\ rq 6hswhpehu
Page 19: +DELE %DQN $* =XULFK - Habib Bank AG Zurich · +dele 0rkdpphgdol +dele rqh ri wkh pdlq dufklwhfwv ri +dele %dqn $* =xulfk d phqwru dqg ghdu iulhqg wr pdq\ sdvvhg dzd\ rq 6hswhpehu
Page 20: +DELE %DQN $* =XULFK - Habib Bank AG Zurich · +dele 0rkdpphgdol +dele rqh ri wkh pdlq dufklwhfwv ri +dele %dqn $* =xulfk d phqwru dqg ghdu iulhqg wr pdq\ sdvvhg dzd\ rq 6hswhpehu
Page 21: +DELE %DQN $* =XULFK - Habib Bank AG Zurich · +dele 0rkdpphgdol +dele rqh ri wkh pdlq dufklwhfwv ri +dele %dqn $* =xulfk d phqwru dqg ghdu iulhqg wr pdq\ sdvvhg dzd\ rq 6hswhpehu
Page 22: +DELE %DQN $* =XULFK - Habib Bank AG Zurich · +dele 0rkdpphgdol +dele rqh ri wkh pdlq dufklwhfwv ri +dele %dqn $* =xulfk d phqwru dqg ghdu iulhqg wr pdq\ sdvvhg dzd\ rq 6hswhpehu
Page 23: +DELE %DQN $* =XULFK - Habib Bank AG Zurich · +dele 0rkdpphgdol +dele rqh ri wkh pdlq dufklwhfwv ri +dele %dqn $* =xulfk d phqwru dqg ghdu iulhqg wr pdq\ sdvvhg dzd\ rq 6hswhpehu
Page 24: +DELE %DQN $* =XULFK - Habib Bank AG Zurich · +dele 0rkdpphgdol +dele rqh ri wkh pdlq dufklwhfwv ri +dele %dqn $* =xulfk d phqwru dqg ghdu iulhqg wr pdq\ sdvvhg dzd\ rq 6hswhpehu
Page 25: +DELE %DQN $* =XULFK - Habib Bank AG Zurich · +dele 0rkdpphgdol +dele rqh ri wkh pdlq dufklwhfwv ri +dele %dqn $* =xulfk d phqwru dqg ghdu iulhqg wr pdq\ sdvvhg dzd\ rq 6hswhpehu
Page 26: +DELE %DQN $* =XULFK - Habib Bank AG Zurich · +dele 0rkdpphgdol +dele rqh ri wkh pdlq dufklwhfwv ri +dele %dqn $* =xulfk d phqwru dqg ghdu iulhqg wr pdq\ sdvvhg dzd\ rq 6hswhpehu
Page 27: +DELE %DQN $* =XULFK - Habib Bank AG Zurich · +dele 0rkdpphgdol +dele rqh ri wkh pdlq dufklwhfwv ri +dele %dqn $* =xulfk d phqwru dqg ghdu iulhqg wr pdq\ sdvvhg dzd\ rq 6hswhpehu
Page 28: +DELE %DQN $* =XULFK - Habib Bank AG Zurich · +dele 0rkdpphgdol +dele rqh ri wkh pdlq dufklwhfwv ri +dele %dqn $* =xulfk d phqwru dqg ghdu iulhqg wr pdq\ sdvvhg dzd\ rq 6hswhpehu
Page 29: +DELE %DQN $* =XULFK - Habib Bank AG Zurich · +dele 0rkdpphgdol +dele rqh ri wkh pdlq dufklwhfwv ri +dele %dqn $* =xulfk d phqwru dqg ghdu iulhqg wr pdq\ sdvvhg dzd\ rq 6hswhpehu
Page 30: +DELE %DQN $* =XULFK - Habib Bank AG Zurich · +dele 0rkdpphgdol +dele rqh ri wkh pdlq dufklwhfwv ri +dele %dqn $* =xulfk d phqwru dqg ghdu iulhqg wr pdq\ sdvvhg dzd\ rq 6hswhpehu
Page 31: +DELE %DQN $* =XULFK - Habib Bank AG Zurich · +dele 0rkdpphgdol +dele rqh ri wkh pdlq dufklwhfwv ri +dele %dqn $* =xulfk d phqwru dqg ghdu iulhqg wr pdq\ sdvvhg dzd\ rq 6hswhpehu
Page 32: +DELE %DQN $* =XULFK - Habib Bank AG Zurich · +dele 0rkdpphgdol +dele rqh ri wkh pdlq dufklwhfwv ri +dele %dqn $* =xulfk d phqwru dqg ghdu iulhqg wr pdq\ sdvvhg dzd\ rq 6hswhpehu
Page 33: +DELE %DQN $* =XULFK - Habib Bank AG Zurich · +dele 0rkdpphgdol +dele rqh ri wkh pdlq dufklwhfwv ri +dele %dqn $* =xulfk d phqwru dqg ghdu iulhqg wr pdq\ sdvvhg dzd\ rq 6hswhpehu
Page 34: +DELE %DQN $* =XULFK - Habib Bank AG Zurich · +dele 0rkdpphgdol +dele rqh ri wkh pdlq dufklwhfwv ri +dele %dqn $* =xulfk d phqwru dqg ghdu iulhqg wr pdq\ sdvvhg dzd\ rq 6hswhpehu
Page 35: +DELE %DQN $* =XULFK - Habib Bank AG Zurich · +dele 0rkdpphgdol +dele rqh ri wkh pdlq dufklwhfwv ri +dele %dqn $* =xulfk d phqwru dqg ghdu iulhqg wr pdq\ sdvvhg dzd\ rq 6hswhpehu
Page 36: +DELE %DQN $* =XULFK - Habib Bank AG Zurich · +dele 0rkdpphgdol +dele rqh ri wkh pdlq dufklwhfwv ri +dele %dqn $* =xulfk d phqwru dqg ghdu iulhqg wr pdq\ sdvvhg dzd\ rq 6hswhpehu
Page 37: +DELE %DQN $* =XULFK - Habib Bank AG Zurich · +dele 0rkdpphgdol +dele rqh ri wkh pdlq dufklwhfwv ri +dele %dqn $* =xulfk d phqwru dqg ghdu iulhqg wr pdq\ sdvvhg dzd\ rq 6hswhpehu
Page 38: +DELE %DQN $* =XULFK - Habib Bank AG Zurich · +dele 0rkdpphgdol +dele rqh ri wkh pdlq dufklwhfwv ri +dele %dqn $* =xulfk d phqwru dqg ghdu iulhqg wr pdq\ sdvvhg dzd\ rq 6hswhpehu
Page 39: +DELE %DQN $* =XULFK - Habib Bank AG Zurich · +dele 0rkdpphgdol +dele rqh ri wkh pdlq dufklwhfwv ri +dele %dqn $* =xulfk d phqwru dqg ghdu iulhqg wr pdq\ sdvvhg dzd\ rq 6hswhpehu
Page 40: +DELE %DQN $* =XULFK - Habib Bank AG Zurich · +dele 0rkdpphgdol +dele rqh ri wkh pdlq dufklwhfwv ri +dele %dqn $* =xulfk d phqwru dqg ghdu iulhqg wr pdq\ sdvvhg dzd\ rq 6hswhpehu
Page 41: +DELE %DQN $* =XULFK - Habib Bank AG Zurich · +dele 0rkdpphgdol +dele rqh ri wkh pdlq dufklwhfwv ri +dele %dqn $* =xulfk d phqwru dqg ghdu iulhqg wr pdq\ sdvvhg dzd\ rq 6hswhpehu
Page 42: +DELE %DQN $* =XULFK - Habib Bank AG Zurich · +dele 0rkdpphgdol +dele rqh ri wkh pdlq dufklwhfwv ri +dele %dqn $* =xulfk d phqwru dqg ghdu iulhqg wr pdq\ sdvvhg dzd\ rq 6hswhpehu
Page 43: +DELE %DQN $* =XULFK - Habib Bank AG Zurich · +dele 0rkdpphgdol +dele rqh ri wkh pdlq dufklwhfwv ri +dele %dqn $* =xulfk d phqwru dqg ghdu iulhqg wr pdq\ sdvvhg dzd\ rq 6hswhpehu
Page 44: +DELE %DQN $* =XULFK - Habib Bank AG Zurich · +dele 0rkdpphgdol +dele rqh ri wkh pdlq dufklwhfwv ri +dele %dqn $* =xulfk d phqwru dqg ghdu iulhqg wr pdq\ sdvvhg dzd\ rq 6hswhpehu
Page 45: +DELE %DQN $* =XULFK - Habib Bank AG Zurich · +dele 0rkdpphgdol +dele rqh ri wkh pdlq dufklwhfwv ri +dele %dqn $* =xulfk d phqwru dqg ghdu iulhqg wr pdq\ sdvvhg dzd\ rq 6hswhpehu
Page 46: +DELE %DQN $* =XULFK - Habib Bank AG Zurich · +dele 0rkdpphgdol +dele rqh ri wkh pdlq dufklwhfwv ri +dele %dqn $* =xulfk d phqwru dqg ghdu iulhqg wr pdq\ sdvvhg dzd\ rq 6hswhpehu
Page 47: +DELE %DQN $* =XULFK - Habib Bank AG Zurich · +dele 0rkdpphgdol +dele rqh ri wkh pdlq dufklwhfwv ri +dele %dqn $* =xulfk d phqwru dqg ghdu iulhqg wr pdq\ sdvvhg dzd\ rq 6hswhpehu
Page 48: +DELE %DQN $* =XULFK - Habib Bank AG Zurich · +dele 0rkdpphgdol +dele rqh ri wkh pdlq dufklwhfwv ri +dele %dqn $* =xulfk d phqwru dqg ghdu iulhqg wr pdq\ sdvvhg dzd\ rq 6hswhpehu
Page 49: +DELE %DQN $* =XULFK - Habib Bank AG Zurich · +dele 0rkdpphgdol +dele rqh ri wkh pdlq dufklwhfwv ri +dele %dqn $* =xulfk d phqwru dqg ghdu iulhqg wr pdq\ sdvvhg dzd\ rq 6hswhpehu
Page 50: +DELE %DQN $* =XULFK - Habib Bank AG Zurich · +dele 0rkdpphgdol +dele rqh ri wkh pdlq dufklwhfwv ri +dele %dqn $* =xulfk d phqwru dqg ghdu iulhqg wr pdq\ sdvvhg dzd\ rq 6hswhpehu
Page 51: +DELE %DQN $* =XULFK - Habib Bank AG Zurich · +dele 0rkdpphgdol +dele rqh ri wkh pdlq dufklwhfwv ri +dele %dqn $* =xulfk d phqwru dqg ghdu iulhqg wr pdq\ sdvvhg dzd\ rq 6hswhpehu
Page 52: +DELE %DQN $* =XULFK - Habib Bank AG Zurich · +dele 0rkdpphgdol +dele rqh ri wkh pdlq dufklwhfwv ri +dele %dqn $* =xulfk d phqwru dqg ghdu iulhqg wr pdq\ sdvvhg dzd\ rq 6hswhpehu
Page 53: +DELE %DQN $* =XULFK - Habib Bank AG Zurich · +dele 0rkdpphgdol +dele rqh ri wkh pdlq dufklwhfwv ri +dele %dqn $* =xulfk d phqwru dqg ghdu iulhqg wr pdq\ sdvvhg dzd\ rq 6hswhpehu
Page 54: +DELE %DQN $* =XULFK - Habib Bank AG Zurich · +dele 0rkdpphgdol +dele rqh ri wkh pdlq dufklwhfwv ri +dele %dqn $* =xulfk d phqwru dqg ghdu iulhqg wr pdq\ sdvvhg dzd\ rq 6hswhpehu
Page 55: +DELE %DQN $* =XULFK - Habib Bank AG Zurich · +dele 0rkdpphgdol +dele rqh ri wkh pdlq dufklwhfwv ri +dele %dqn $* =xulfk d phqwru dqg ghdu iulhqg wr pdq\ sdvvhg dzd\ rq 6hswhpehu
Page 56: +DELE %DQN $* =XULFK - Habib Bank AG Zurich · +dele 0rkdpphgdol +dele rqh ri wkh pdlq dufklwhfwv ri +dele %dqn $* =xulfk d phqwru dqg ghdu iulhqg wr pdq\ sdvvhg dzd\ rq 6hswhpehu
Page 57: +DELE %DQN $* =XULFK - Habib Bank AG Zurich · +dele 0rkdpphgdol +dele rqh ri wkh pdlq dufklwhfwv ri +dele %dqn $* =xulfk d phqwru dqg ghdu iulhqg wr pdq\ sdvvhg dzd\ rq 6hswhpehu
Page 58: +DELE %DQN $* =XULFK - Habib Bank AG Zurich · +dele 0rkdpphgdol +dele rqh ri wkh pdlq dufklwhfwv ri +dele %dqn $* =xulfk d phqwru dqg ghdu iulhqg wr pdq\ sdvvhg dzd\ rq 6hswhpehu
Page 59: +DELE %DQN $* =XULFK - Habib Bank AG Zurich · +dele 0rkdpphgdol +dele rqh ri wkh pdlq dufklwhfwv ri +dele %dqn $* =xulfk d phqwru dqg ghdu iulhqg wr pdq\ sdvvhg dzd\ rq 6hswhpehu
Page 60: +DELE %DQN $* =XULFK - Habib Bank AG Zurich · +dele 0rkdpphgdol +dele rqh ri wkh pdlq dufklwhfwv ri +dele %dqn $* =xulfk d phqwru dqg ghdu iulhqg wr pdq\ sdvvhg dzd\ rq 6hswhpehu
Page 61: +DELE %DQN $* =XULFK - Habib Bank AG Zurich · +dele 0rkdpphgdol +dele rqh ri wkh pdlq dufklwhfwv ri +dele %dqn $* =xulfk d phqwru dqg ghdu iulhqg wr pdq\ sdvvhg dzd\ rq 6hswhpehu
Page 62: +DELE %DQN $* =XULFK - Habib Bank AG Zurich · +dele 0rkdpphgdol +dele rqh ri wkh pdlq dufklwhfwv ri +dele %dqn $* =xulfk d phqwru dqg ghdu iulhqg wr pdq\ sdvvhg dzd\ rq 6hswhpehu
Page 63: +DELE %DQN $* =XULFK - Habib Bank AG Zurich · +dele 0rkdpphgdol +dele rqh ri wkh pdlq dufklwhfwv ri +dele %dqn $* =xulfk d phqwru dqg ghdu iulhqg wr pdq\ sdvvhg dzd\ rq 6hswhpehu

Macroeconomia ESPM RI

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+DELE %DQN $* =XULFK - habibbank.com · +dele %dqn $* =xulfk $qqxdo 5hsruw *hvfkliwvehulfkw 2xu 3ohgjh:h uh ghglfdwh rxuvhoyhv dozd\v wr frqvlghu wkh fxvwrphu iluvw jlyh ixoo phdvxuh

+DELE %DQN $* =XULFK - habibbank.com · +dele %dqn $* =xulfk $qqxdo 5hsruw *hvfkliwvehulfkw 2xu 3ohgjh:h uh ghglfdwh rxuvhoyhv dozd\v wr frqvlghu wkh fxvwrphu iluvw jlyh ixoo phdvxuh

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