DHL 2014 Annual Report Download - page 51
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 |
 |
ese diering monetary policy strategies had a substantial impact on the -
exchange rate. e euro came under devaluation pressure in the middle of aer
having traded at a range of between . and over . during the rst half of
the year. By the end of the year, it had fallen . to approximately .. Measured
against the pound sterling, the euro posted a loss of . .
Low risk premiums for corporate bonds
e euro zone bond markets were shaped by signicant declines in the rate of ination
and expansive monetary policy in . Added to this were increased expectations at
the end of the year that the might start buying up government bonds at the be-
ginning of , which led to a massive drop in capital market interest rates. Yields on
ten-year German government bonds declined to . by the end of the year (previous
year: . ). Yields on long-term government bonds also experienced signicant
decreases. However, the market was propped up by the fact that demand for government
bonds did not weaken perceptibly despite the reduced and ultimately halted bond-buy-
ing behaviour of the Federal Reserve. By the end of the year, yields on ten-year
government bonds had fallen by . percentage points year-on-year to . . Risk
premiums for corporate bonds uctuated at a low level during the reporting year.
International trade continues to grow in emerging markets
Global trade recovered somewhat in . Trade volumes (transported quantity in
tonnes) thus increased by . in the reporting year. Exports from North America and
the Asia Pacic region rose at a greater rate than in other regions.
. Trade volumes: compound annual growth rate to
Asia Pacific Europe Latin America
(Middle East
and Africa) North America
Imports
Exports
Asia Pacific 5.9 3.8 2.4 4.2 7.5
Europe 5.3 –1.1 –7.9 – 0.4 –1.1
Latin America 1.5 0.1 –1.8 0.6 0.4
(Middle East and Africa) 3.6 –2.2 –1.6 4.9 – 8.0
North America 9.6 3.9 8.1 0.1 0.6
Source: Copyright © Global Insight GmbH, . All rights reserved, at December .
Deutsche Post Group — Annual Report
45
Group Management Report — REPORT ON ECONOMIC POSITION — Economic parameters