Pictet perspectives september 2011

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Pictet perspectives september 2011

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X OMO = ZM ]O =; ; O = G § © ±± ¶ ¥°± ¨©¯³£¸± ¹®¶§³¯´§ ¨© ´³µ£© ­¶ ³·§ ® ° ²²©ºKG 9IO 9 O?BO = ;9 N9RLP B= C; 9OH = L 9= E O E = BG= ?_=TB9 § ³ ¨¶©§ ¯©²³± ¹± ²¶ ´§ ¨©© » ± ©®´² ´¯§ ¯±M O= A= NBH9O AN A=?= I BO TF N @ O I MN GME ; B HDH = F ¨± °©§» ¶ ¶ ¯¤®¼£¯© ­©°¼®© £¹¼½¶ ©§¶ ¾= = ?= 9GN 9??M KGGI W;?HG ?9 NO AM? ; D?; 9BFMM 9H BH?FP M F? = H9NOH MO9GGH; = = NB@GMO B KBEG ? ; = N?= ; 9H9 NO AM H9= GI = BAA k 9M ;E H O9 H 9CD; 9; KK ?M ^BK O ;? M;I ?9HFNM G G O O = AG; T NA9 O E 9G F9G 9A; O? M@ NO G = = = ; O ; 9; NG MA? OH OME O DM`Ik9 == F9B??BAGO GKBL DM; = ? P@; BVO L NMM M? = HAC 9= = ; T HN O9 GTN= F= DGF? BHG; B NO AM? G =`F= = MM? DO B KMGB9 K?G FF= ?L O BGFMG9B9 UJE= ;MH I9 O DO 9 = H ??C; O BD9 ?M H = `9G GTB= NBHP ; O M9 ? MN L HNH 9oBO šZ M 9NAMEf B? G FG G`?B G= F] O ; = O G9Br O W; E= GAGB= = NNM 99 O FBKM ID=? M HL H N=NO AM H B G FH BO AG BN?MO G 9FPm9M ^BK?NMM F G M9 ?= TB @ = i B?? EO B9? O=AM ? BW; @B9 RBLN NAMH9a ID;OUJ FSAAP M?AG= ?9G` G OGH A9 DOoGNFMEFG H? O BI9AS; `O LO ME HF= N?G O @9G F›= ?? ?GME G `ObcdE= ;@B Y] DG BK=9FGR 9PZP E= AI BD9 = [Y ] ? B 9?]e W; H= NMMrGBN?MOM 9UJD= FL ;E H H I8?9ME B??C ?= O ; H M;I M HP ;O ? `A= FDG AG D=? D; O9@B9f B B9DG BT?F = ? F B ; M?SG9BG ?M ?G FC BNB ? GM F=?O 9? ?BL 9 9D=?SG 9O = = NO B= = LNM = ; B9N?F= ?KI@= PZ9G G GAMh W;?G G GL H DO 9 H BA]g = O O N PZP MNA ? =9 = NA@B^BKL 9B??G?B= = ;@BL 9 9= = = C9; M` B M? O E = =;@= ; LG 9BT?= BH9F9GKMFD; OK= BH BA9 H ?; MMO G = B= D@ @BN??G FMT?=?9 9` NB@ HM9 NOM B9= P =G9B O O 9B = G GH O= = ?FGMO IA= GIG F@?G ?M G 9D?M LMEKAK O= O 9B O MNH9AHO? B 9H O H FM9 8?9NG?N@?GS HIDK= ?; TC=GHO 9G F ; H?M MNHK=M G O G 9 HM9O? O N9D=H ?LE 9NO AI ; BFi ME?= = P KB ??L FMGA G = E TBA 9iKB?ME K=C O ?B FLN? @ = O O? ?O J = G9B9 == F9NMM B9 O F9 9@BP = O @C; BVO L B?? B = ; = O =N 9BFMM?A= GIA? =@B9H?H F9 9; M @N9C O 9B GB? @ ; G9M OjO OMH B?D=?@G? 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M ; DM?BO =`9FC M9O @M F9 FMK F= 9 G = 9?H N = KM G GH = ? H L? L 9 ; =TOI @ BK; BH GA=9KGMIG GO99 =o9lpj P] G FGT H = H ? B9 E M? ; B G ]qr O G @ == A ?GP HI `BiO FGB? O BVO ALB 99?d=M AG ?MG f 9 K= ? NlpjPn99F=HB Og8E 9cAM =NOG9 qn =; H = ?P 9B O F9 = 9BN G 9 NMMS=TO DG HM GG 9NMM ? F9 E @ = B???HME ? GFL B ? ; B?? KBG = O H9?GME@G N?FG EO M N = J ? K=9BC; ; =BO BOi AG ME AKG9 O DM? X B?9 J MG FkGIW; LH@B=9O = 9KBL NOL K9 KGO O 9HP M = ?BME 9; = HA?G HJ M 9 ODG @B =9` G9= P99KK OKBAGM smCO BC ?=NF9 G NMOk? FM M BH I GG= FYeLH= =L C=FG9^UG F9 9BO CSC MMO BC99 9C; O ; H= 9@ B?AG`9G F NO G FFMMO H O ; 9 B O TO = 9AKH9FG 9= G k ; T = HNAKDM;G= F¡LH= P GHG 9 _j G OI = 9 BO MMOW; 9T?; HA? ? ;G f 9?BM;@B B IKEO 9@G N9 GB? N ? M 9GE 9=DGFH E ME ; BO = == DH; B= ?HGMO 8@DL NS@9 THK BVO H?=9 @GT 9= P G`=S; SO =9 = ; BP NHH9= ?? E?9G@ 9 L 9= O9M9 NH GN GMO E 9; 9B; B = ? @ NBGOI = FL 9MEBFf 9 ?= CD;N D= FTB f NH AG M BE M = O M; H I M`I ` 9 0204618301 1
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