DHL 2015 Annual Report Download - page 57
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Deutsche Post Group — Annual Report
Moderate risk premiums for corporate bonds
Monetary policy also had a signicant impact on the euro zone bond markets in .
e ’s expansion of its bond-buying programme resulted in a sharp drop in capital
market interest rates. Yields on ten-year German government bonds reached a historic
low in April and were at . at the end of the year (previous year: . ). By the end
of the , yields on ten-year government bonds had risen by . percentage points
year-on-year to . . Although the risk premiums for corporate bonds with good
ratings increased notably, they remained at a moderate level on a long-term comparison.
e bond markets suered the most from increasing concerns about the slowdown of
growth in China.
Prices on the German stock market rose markedly until April, driven by the ’s
monetary policies and falling capital market interest rates. Much of the gains were sub-
sequently given up and August brought a severe price drop due to massive turbulence
on the Chinese equities markets. As a result of the solid economic performance in
Germany, however, the market was able to recover from the losses. Information regard-
ing the performance of the key indices and our shares in the reporting year is available
in the section on Deutsche Post shares.
Regional variations in growth of international trade
e global trade movements of relevance to us – air and ocean freight sent in containers,
excluding liquids and bulk goods – grew by a total of . in the reporting year. Growth
varied in the dierent regions. e strongest growth was in imports to North America
as well as in exports from Europe and the region. Growth in Asian trade slowed.
Exports from North America declined by . due to the strong dollar.
Trade volumes: compound annual growth rate, to .
Asia Pacific Europe Latin America
(Middle East
and Africa) North America
Imports
Export
Asia Pacific 1.2 –3.5 4.7 –1.1 6.9
Europe 2.0 –10.4 3.6 4.4 8.9
Latin America 2.6 – 0.5 –1.0 4.5 4.9
(Middle East and Africa) 3.0 –3.1 – 5.7 4.5 10.7
North America – 6.3 – 4.5 –2.0 –3.8 1.4
Source: Seabury Cargo Advisory, as at January ; based upon all relevant ocean and air freight trading volumes in tonnes,
excludingliquids and bulk goods. Excluding shipments within the European Union free trade zone.
Page f.
47
Group Management Report — REPORT ON ECONOMIC POSITION — Economic parameters