Monthly Commentary May2011 En

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Monthly Commentary May2011 En

  1. 1. Mo tl Bi i nh r f g y en Makt t o r Ouo k e l Teo a a et “e iMa a dGo h l d g o S ln y n d l •R k f oc e os y et l a k i o p ly r rb cna b ns s i r r A a” h s oe b e a pot l w y a fn en t rf b i e a i h h f ea p ,t Erp a s i : o xm l h u e n g r e e o sa g f e uy i ets B tts t t y o qi n s r u h re r t v o. i C na B n irin rt w i t et l a k s a i a s he h r sg e l e ya, w d n tn i wl b s e r e o’ h k t i e o t i l p r h rl c u te c niu t ei ea o nr s o t e o p i n s pe Glb l d n m c, whl i l. o a y a is m ie su g wt d b po l s o C i tg l i e t rb m ; r h a r e h e n a asn r tg aecr ny nsc l y ie sn , r uet i uh w te i r l fi t eg er t hp do sf al o n i e h o e -r o s n e f t« I w yu Ioeo f as t o fx t t eb lv t nx te fl ,h w eee h et a u a i e l d g( g te a i n av) nn e i . f m n swlb m r ie sn , ew o t i e oe n r tg h l te i • R ko cn go o sc l n si i f o t i f oi ur tn s a n a eap u d I on , a d p t tl m r vli, t n n o nay oe o t e il al h e a t Mi l E s Not Ara( NA he d e at r f ME ) d / h i ch v apo - a e rb n ra W h t r sm o t ius om l. a ae o e fh s e e s l d t ss i d h ho pi s A e s o utn a a e i i re. t g l cl ; u iIe b tf m w aem noi ? e r o irg tn oe U $ .0p r ao a t p m , vr S 40 e g ln t e u p l h • U S e po me t i s wl .. m ly n s l y o ts c t cr d c tn r sed g h a t o u i ri ay p n i i s b s eo no ey ua w o rc vr g (oi e fr t e uy eoei p si o h q i n tv e t b t A ec n o sm rng te yh m ra cnu e ( av) e i e i .ml n t io ,h li e m r t. ak s e) • H w vr i i oe si t th o ee ts fn a h t , t d a epo l i rbe s m • Teoto f h m pi si t h uo k o o e re n h l r c e cr f h h pi s i h h pi s u o i e r g re s ic g re,cy us -o n o r » Jh . US cnne t b pey b a .. o tus o e rt l k i t e b c ue i b cm sa sl or tg ea s t eo e e- r cn f ei c ( g te n av) e i . m ca i .Hg o pi sr u i eh n m i i re e l n s h l c stMa n r yad •Gl a go t isl xet t b o l rwh s t ep c d o e b il e na-r d m n d sut n a d e r m e a d etco t e r i nK ye en s rb s (oi e b t sp l can o ut p si ) u u py h i t v l g re , usti a da di a o e tm sbt tn n d i n l n r io u to d r tn f m t J a d ats i iu i sr h a n i s rwl s po o e p s e l po utn p si ) rd co (oi e i t . v ip ct na tm ( g te m a t e e r r n av) h e e i . •Fre h ho pi s r ule t uhr i i re ae nkl o t ,g l c iy • S nm n i i t saeb lha d et etn c o r ui n i dar ls l d t h hr ili ul s t y ea o i e nao n s h g ftn e e i et c m lcny i peae t n s r o pa e c s rv l v o n t nle io l orpin p w r r s t n a u ri a a t b cg o e . ( g te n av) e i . Gi nt h hue p y eta i v h i nm l m n rt n e e g o e • W h t a p n t alu i di n a h p es o i i t re q dy v t US a d t w n g il neo h .. n h a i nu c f e e n fe m r tw e Qu nti E s g 2 ak e hn a t te ai i v a n ui s w d n t e ili a a n n, e o o se nao s o ftn ( 2 ed i J e ( g te QE ) n snu ? n av) n e i . te t t na tm(oi e h a i h e r r p si ) r n e e t . v • E rn s m m n m h s p ae an g o et i u a e kd • Weaei t mdt fit urr r n h i o f qat e s rs e a d e rn s r io s h v tnd n an g e s n ae u e i vi r e rn s e sn B tt a t l sl an g sao . o h c a r us i h e u e t d w ( g te o n n av) e i . b t oeip r ny t oto a d u m r m ot t,h uo k n al e l • Ae e ui ce p o ep ni ? r q i s ha r xes e te v f eat ym n g m n t m f t o c sb a a e ete so h r a re D p n s nw oyuak (oi eo e ed o h o s p si r ! tv b l c o t ya wl e t t ef a ne f e e r ist e o o a h l h n r ng te e av) i . t m r t na tm (oi e o he ak e er e r p si tv r •Ili a p asob cn i di nao p e r t e o tn n ftn ae ng te e av) i . t d vl e w r ( si ) h ee p d ol p i e e o d ot .v • Ili i n tcn i d i sm nao s o o tn n o e ftn ae W hew r a l g re p si i e e i o e tm oi e l m n n r t v e e i m r t le Ba i C i m r n ak s i rz, h a gg e, k l n a do t ii t oto f t nx n pmsc h uo k o h et i t, e l re a dI i ( g te n n a n av) d e i . 3t 6m n sses l rNe re o o t il c a. a tm h s e r • B n y l ae ep c d t re o d id r xet o i es e s c uo i w r n d I etssol a tn s ar t . n s r h u i ae v o d o lm d s ( si ) n o et p i e y l ot . y v r e b rocnet tnt n o e m e t o cna o o l n m re y Mo ty r f g- Ma 2 1 n lBii h en y 01 1
  2. 2. ru s uo m n gn rk Ast i e r b t n a a i i . s mx tn gs e p lc lfa c l n eo o i rk ota i ni a d cn mc i s i ,n a i s, sol b ag e t i etet b c h u e lnd o n s n o j - d i v m e g l iag o ostWeep ct o s o d fe d f. xet eh te a drko rne Iaw r o i s n i te c.n ol f v s la d S rga dSm e t b ie sn ! pi n u m ro e n r tg n te i P ro oC m e tr ot l o m n y fi a I A r t r w r sm it l n pi h e ee o e ni l e , ia t tt k aed cutgl e fu h s cs r i onn o ru r a o s i w te i i tn o w a cu b t n c i s f h t ol e h d ao d e cm o i pi s o m dt re. y c b g n g o a r e a b ten t ei i f e r l e e h nn vs w e D si t so g r e rn s t ept h t n e an g, h e e r i e rli p r ra c o US a d e te ef m ne f .. n av o e uy p r n o o r p r l i q i ot t i o f u ot i s fo o C n d ns c m r t S c t ed a a i t k ak s i e h n a o e. n e s m wh t c u o s e tr g te o e a a t u nei i n h o Mac , te S P 5 0 h s f rh h & 0 a saoayw a Ma-n p r d Le e sn l e k yue eo .i l J i k ot r re t S P TXC m oi u e om d h & / S o p se pf e t l t e r t p si eet o so g a ya,h oi e fc f tn s e tv f s r b 5 . h r ettn t i t US y % Te e n seg n h .. c r h e Q1 e rn swlle dmn h a d an g i i l iis n i l ky i oe C n d c n b ep i d b vr a a a a e xln ae y t m r tf u m y tn t m r h ak o s a u o oe e e c r svrl c r i l i b tre te ee f ts n u n ee rav a a o , c d g t li m c f t s Te sap d cn i a r a o . h h r ele n o cr i e rn s m m n m a w a US an g i o et , u e k .. US ie s rt i w r o e a .. n r t a s s or m , s te e i s d lrb tre tevl tn a da oa, ee rav a ao, n l t li ui l e b n y l m yb s n lg o r o d id a e i an w es g i«i l t e r L e a ya, k s l e cm o i w ihn t n t o r o m dt e tg h h w y gi a e s w r rwhf m t US, e a s l e go t r h .. p r p o o e ht p sih oi e e tv S P TX & / S. a acne uneo na r odh h s osq ec f e re r i c ge eto fc f f s Q1 1 r usi t US w r vr / 1 e l n h .. e e st e e y USg slepi s A t sm t e . aon re. t e a e i , i c h m so g a t m d np si srre t n , sh e i oi e u i r e a tv ps ili aypesr cnnet b i nao r r u s o tu o ud ftn s e i lso gQ1tn r ipoe i t q at . Q1 i m rvd n h e urr e s i Ai m r ta go t m d rt n s n ak s s rwh o e e a e ase ri s i an g wl n l t dtn l aso gsaoa e rn s r i ay tn e sn l an g a i l r o i i C i .Er svrg d b a o n h a u oe i n o e n et l sle dmn hi l ii s ky i q at, u t r e e w ans i urr b th e w d e kes n e e n r a s rk Tcn ayl t dn e i a i . ehi l o r i m n s cl w a g t US d lra d d sp ot US h .. oa d e u p r .. e l . vl e a dw a icnie dt b o m s n h ts o s r o e u dea dt n h e ie s rt h v d cnd m k g n r t a s ae ele , ai te e i n a oey cm l ete uy m r t n vr o p cn q i ak l a t em re fcs akto u ara y at cv v l t n m r l d e t te au i s oe r i a ao (e, l V ltt I e o VX i. o . w o iy n x r I ali dm yt nt a u o r cm ei t n t b n m r t o pl g h l n a h o d ak . e e r d g)u g st r a c uos e i ssg et e i a tu. an o m n im r m co oe a r Te w sabo d n gotnsc r hr a e ra ei u i et n o A ar u,h Pr l h sa e t s e l t ot i a ri d h st e f o o s e p r ra c, w e m r d f s e e om ne hr oe e ni f e e v c s p si sg t oe t p s ah oi n lhy vr h at t o i l efc r »at s o. sc r w i C n d l k ( c a ets h h a a a a s s h s o, c c u m n a dr ue sm ccc l n o t n e cd o e yla a d h d i cnu e s p s h dso gru sn o sm rt l ) a tn e r i a e, r tn h hb t (g rk ep sr Ma y i e h h i ) xou . n g a i s e t m n. h ot e h C n d ns csh v a e d p ld a a i t k ae la y ue a o r l Me n he C n d nQ1 1 r us a w i, a a i l a /1e lst b c f m t ir et i sa d ae ak r h r e n h h n r o e c g h v s f b e mxd a t ae o a e n i , s h r e e a po ci w a ae c niee p ra h g h t r o s rd n d s o g r Ca a in d l r h s tne r n da ola a g o v l t n o t hi l e t o d a a o r e n a ny ui c c r ng te af t e rn s As, e avl fc d an g. l i y ee i o p isOvrh nxtom n st r o t e t et n. e w o t ,h e h e t r h sb e a vr p o r p ne h e a en e o r e o s e y s m y b o p rni t b y drg a e p ot i s o u un ut e i t h hr o m dtspi sf m t o i e cm o i g i re r h e c o e w a wli lb avli p r d h t ile e o t eo . lk y al i e r or s csTicu b as n l e u e t k h ol e i a s c o . s d g Mo ty r f g- n lBii h en Ma 2 1 y 01 2
  3. 3. I om t nn r ai f oP TOL MA A E NORF IO N G ME TMi a l Lv e CM, C I c el ei , I F S h . nV eP s et i ri n c ed&Pr l Ma a e ot i f o ng r o T W a r ueC n d I . D th s a a a n eo c5 42 90 7 1 .8 .0 9mca l v e t c m i e l i @d o h . n e . 2 0 —1 0 60 00 D l Gaceè W . ea uhtr ieLu -hip B r t, I F So iPi e ar t CM, C I s lp ee Mo ta ( é e) né l r Qub cV eP s et i ri n c ed&Pr l Ma a e ot i f o ng r o H B4 5 3 W5 42 90 7 1 .8 .0 0l b r t@t c mp art d o . ee .P IA EIV SME T D IER T N E T N A VC V P IA EC I T E VC S R T L N S R IE V EC m rnS rn a eo tlg ii V rn aLxn ug eo i ueb r cAsc t I etet di r s ie n s nA v o oa v m s Pvt B ne ra a kr i e5 42 90 7 1 .8 .0 4 5 42 90 0 1 .8 .4 9c m rnsr g t c ma e .in @d o o ti l . vrn al ebr@t c m e i .xn u d o oc u g . Vnet uc ro i n G ci d v aC I T E VCN L N S R IIG E Pvt B ne ra a kr i e 5 42 90 3 1 .8 .4 0AanB i et l o vr i s v cng ci d @t c m i et uc ro d o n . a .Asc t I etet di r s ie n s nA v o oa v m s5 42 90 5 1 .8 .0 5 Fa c e a en rni H m l n ia i b i e@dc m ln o vr t o a. s t . S n r r t fe ei T sOf r o u i c 5 42 91 3 1 .8 .2 6Bii R i , . l r t e e FP gt s e . f ni .a en dc m r c eh m l@t o a n i .Asc t I etet di r s ie n s nA v o oa v m s5 42 90 5 1 .8 .0 2bii . i @dcm r t rs t o gt e e . e 11
  4. 4. A p n iA–Ip r nDsl u s p edx m ot t i o r a c seF ld c sr frlcm ai cvr b T N w r ta b v w d t u i l ue o a o pn s oe d y D e c scn e i e a l so s l e e e eh p:w wt eer . m eu i / vr e i l ue cot s/w .r a h o / ie c e g.s o rat n t / d s c c q ts o a d c s . iRsac Ds mn tnPly ee r ie i i oc h s ao iT Wa ros m kstr er poutaaalie c oifr a T Wa ros ps i r er poutti por t y ese D t hue ae i e a h rdc vib n l t n om t D t hue ot t e a h rdc ot rpia w bis e s s c s l e er c . e ss s c s s er tfrleg lcettacsb ps od n d tbt t i om t notsl pr new o a t n ir u itt ir a ceto a l i e ln o ces y as r ad ir u sh n r ao ti a s e onl h m yh d tbt toh re i ln l ib i s w si e e f i s e s e si e e tl i sudrh apor tc cm t cs i eb e a,a o r u r a. o ei et a pso tay t r e o,rerdc b ay net prpie i u s ne ehr y m i f re l m i N r p nm y as no n o epr no r oue y n e a r a t l x ga l ci h s pm ast i om t n otndnh r ot i oth pi w ie cnetf en, en r ao cn i it se rwt ut r r rt osno h f i ae i p h e o tnT Wa ros. D t hue eA a sC ri tn n l t ei ao y tc i fE c aa so T Wa ros C nd Icad r DScri Icw oe a e pero t f npg o t r er r otacs b ah nl tf D t hue aaan.n/ T euie n. hs nm apa nh r tae fh e a h e r ces l y e o ts s eo e s c p s ieo t s ese e b crf shtit r o m naos n oi os xr sdnh r er r otcua lr l th r er aa nh w bi hr y e ie t ( h e m edt n ad p i epe e it e a h e racr e e e t e a h n- i t e ti a ) e c i nn s e s c p ty f c e s cl t pr nli s buay n a o t scri o i urd cs d e it trwt nh aa ss oe g ui r ad i n pry e oav w aotn ad l fh euie rs e i us hr nh a i it nl t cvr e n e e n () o a ss s e l e ts s s s e e a e h e y a vs i to t r er aa ss o pnao w si o wlb,i cy rni cyr a doh poio o seic eo m naos r i s fh e a h nl t cm est n a, ,r i ed et o i r t ,e t tt rv i fpc ir m edt n o v w e s c y i s l r l d e l le e sn f c i eepesd yh r er aa sit r er r otxr e b t e a h nl tnh e a h e r s e s c y e s c p .T e u o( o t P ro o di &Ivs et eer T a m y w scri o t i ur ) i usdnh r ot h at r ) fh ot l A v e net nR sa h em a o n euie fh s e sd cs it se r h s e fi c m c ts e s ( s e i p .T Wa ros C nd Icpea dh r otn t e slr pni ly o i d tbt nT e ot t a hv be bsdal si D t hue aaan.r r t se rada so e os itfrt ir u o. h cn nm y ae en ae,te tn e pe i p k e s bi s si i e apr o m t i poi d y r iS i e“ S)oror pneteer sri . Shs i n DWa ros gnr pr i i tue a ,n a r lrv e b Ce t u s ( ” u cr sodnr a h e c C a g e T t ea d d s C , e s c ve v t hue ee l e s o o s e a m sni r er r ota suc m t isbta ntei e o apoe t seot o hstennom d ftpb ct nC m y rmt e a h e r sor a r l uhs or e d r prvdh r r nr a ibe i r e o i ulao. S a f s s c p s e ea , vw i p , f s i i ot eoi e aeog rhrpsi sne etr scosnad ae a e iscri r e e thr nC m y rmt eoi ei tt hv l o sot oio i f ct nat n i n m k m r t n euie e r do e i S a f i tt m m n tn , f a i , ks ts f r e. o m mpr r i et et ak g e i s r t re i so,ro c i et et ak g r t r ui s srmay o pn m n oe i e om n s nbni sr c o o esr c fro sli n s nbni o o ebs es f f v m n ve h ve it v m n h n e o n cm ay et ndn it seot uh eer m y ob pea d uj to aai d c srr u e eth r r S c r a h a nt e r r sb ctC nd n i l uee i m n . i p . s c pe e a so qr sT Wa r ueC n d I . i lm rD th s a a a n Ds a e eo c ciT e te etad tii cn i d e ia bsd n a r l eee tb r i l btrntur t do e cua o cm le h s t n n s tts otn hr n r ae o m t i blvdo eea e ua oga n e tb acr e r o p t am s asc ae e e ea i lb , e ae t e.T ir otso i om t n upss n ads oa of o slit n i r pctt pr ae ra o aynet etudsc- h e rifrn r ao proe ol n intn f r ro cao wt e etoh uc s o sl fn i s nfn,eu s p f i y e iti h s e h e v mry r t r rdc Prcl i et eto t d g t t i solb ea a d e t eo ahni da s b cvsG ah ad hri o o epout a i a n s n rr i sa g s hu e vl t r av tec i v ul oj t e. r s n ca s t h . tu r v m s a n r e e d u e li d i ’ ei p ta ue frl sav proe olad o or l tu rvl s ru rpr r ac. h dcm nde nt rv eni da f a-r sd o iut t e upss n n d nte e ft e a e o ft e e om neT i ou etos opoi i v ul i n e l ri y fc u u u f s d d i ,nc l ea i et etra av ePes cnu yu o nea i et et n t av o. loi os n o ei om t nnl e ii, gl n s no t di . l e osl or w l l n s n ada di rAlp i ad t rn r ao i u dn al ,v m x c a t g,v m , x s nn h f i cdt s ou etrsb ctcag wt unteh dcm na uj to hne i oto c. i e e h iT e oot D m n n ak n i a ia s n r a d n ts rnti lfr n e os r m s osnh i om t n ro ayos r h T rn - o i o B n adt flt ad e t eti a olb o ay r ro o i i it n r ao o frn l o o i s fie le ie e ae r sn e f i sdm g sf r . a ae uf e edT Wa ros C nd Icad rta ia d e os ro pn s a hla oio it scri m n oe, c d g p osf- D t hue aaan.n/ i flt pr n o cm ai m y o psi nh euie et ndi l i ot n,u e o s fie s e d tn e ts i nun it e ad t r e vt ent m n t r nad a,s r c ao aet u o slsc scri . flt pr n o cm ai m yu s n o edr av i r et h e ,n m ya pi i lrgn by re uh euie A fie e os ro pn s a r h i i su s e o np , l ts ia d s ea o ae m reiad a iptia udr ri o sc scri .l m k a a tn n prc a n n ne in fuh euie s k ti e w tg tsT Wa ros DsonBoe g, DWa ros Fnni Pan gT Wa ros Ist i aSri s n D t hue i ut rkr eT e c a t hue i c l l i , D t huentu o l e c ad e a a nn e itn veT Wa ros Pi tIvs et di a d ios f DWa ros C nd Ic a us i y f h T rn - o i o B n. D t hue r a net nA v e r i s n o T e ve m c e vi t hue aaan. S bi a o T e oot D m n n ak e , dr o iT Wa ros C nd IcMe br C nd n net Po co F n. D t hue aaan. m e– aai Ivs r rt t n ud e a o eiAlr e a s rt poe y fhir pcv o nr lt dm r a h rpr o t re et e w e . a k e e t e s i sBom e ad l m e . ma t dm rs n sri m rs f l m e Fnne .. D l a l id a nr i o i sbi a l br n Bo br c r r e a ad e c a o Bo br i c LP, e w r i t pr e h ,rt us i - o g o go e a k ve k o g a a a e m e t sp s dri . lr h r e e.e Ali t e r d s g s sv“ DN w r tia i s n f DScri Ic"DN w r tit t d nm w iT e c s s d io o T euie n.T e c s sh r e a e h h e” vi ts e" e a cT Scri Icad DScri ( S )n. i lueo a et ii tu oaeu y e i sT iar e a o T e oot D euie n.n T euie U A Icj n y s tm r th rn i t nlqi sr c . D s t d- r f h T rn ts ts ot k e st i t ve a m k oD m n n akN w r ts t d- a o N w r t ailn. o i o B n. e c siar e r f e c sC p aIc i e a m k e tT T d -ak i lm rD r e rDs a e a m ci® T e Dl o n o et d- a s rt poe y f h T rn - o i o B n o a hl -w e sbi a , C nd ad rn t r / h T o ad t rr e r a h rpr o T e oot D m n n ak r w o yo nd us i yi aaa n/ io e g h a m k e e t o i l dr n o hcute.on i rs 12

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