\u015eubat ay\u0131nda Euro B\u00f6lgesi\u2019nde faaliyet ve i\u015fg\u00fcc\u00fc piyasas\u0131 verileri beklentilerin biraz alt\u0131nda kald\u0131, ancak genel olarak ola\u011fan bantta seyretti. \u0130\u015fsizlik 0,1 puan artarak %6,2\u2019ye \u00e7\u0131kt\u0131.<\/p>\n
Almanya\u2019da sanayi istihdam\u0131 (sanayi sekt\u00f6r\u00fcndeki \u00e7al\u0131\u015fan say\u0131s\u0131) y\u0131ll\u0131k bazda %2,7 gerilerken, i\u015fsizlik oran\u0131 %4,0\u2019ta kald\u0131. Perakende sat\u0131\u015flar (ma\u011faza sat\u0131\u015flar\u0131) ayl\u0131k bazda %0,6 d\u00fc\u015ft\u00fc.<\/p>\n
Fransa\u2019da mallara y\u00f6nelik reel (enflasyondan ar\u0131nd\u0131r\u0131lm\u0131\u015f) t\u00fcketici harcamalar\u0131 ayl\u0131k bazda %1,4 azald\u0131. Enerji hari\u00e7 harcamalar, ocak-\u015fubat d\u00f6neminde d\u00f6rd\u00fcnc\u00fc \u00e7eyre\u011fe k\u0131yasla %0,2 geriledi.<\/p>\n
Enerji harcamalar\u0131 %2,4, giyim harcamalar\u0131 %4,0 d\u00fc\u015ft\u00fc. Bu d\u00fc\u015f\u00fc\u015fte \u0131l\u0131man hava ko\u015fullar\u0131 ve indirim d\u00f6nemlerinin takvimindeki de\u011fi\u015fiklikler etkili oldu. Fransa sanayi \u00fcretimi (fabrikalar\u0131n toplam \u00fcretimi) ayl\u0131k bazda %0,7 azal\u0131rken, imalat \u00fcretimi (sanayinin imalat kolu) yatay seyretti.<\/p>\n
Ocak ay\u0131 imalat verileri 0,4 puan a\u015fa\u011f\u0131 y\u00f6nl\u00fc revize edildi (\u00f6nceki veri geriye d\u00f6n\u00fck olarak d\u00fczeltildi). Bu durum, ilk \u00e7eyrek ba\u015flang\u0131\u00e7 etkisini (\u00f6nceki d\u00f6nemden yeni d\u00f6neme ta\u015f\u0131nan b\u00fcy\u00fcme etkisi) hafif negatif b\u0131rakt\u0131. Fransa\u2019n\u0131n 1. \u00e7eyrek reel GSYH (Gayrisafi Yurt \u0130\u00e7i Has\u0131la; \u00fclkenin toplam \u00fcretim de\u011feri) b\u00fcy\u00fcme tahmini \u00e7eyreklik bazda %0,1\u2019de korunuyor.<\/p>\n
\u0130spanya sanayi \u00fcretimi verisi per\u015fembe, \u0130talya verisi cuma g\u00fcn\u00fc a\u00e7\u0131klanacak. Euro B\u00f6lgesi \u015fubat perakende sat\u0131\u015flar\u0131 ise, Almanya ve Fransa\u2019daki zay\u0131f verilerin ard\u0131ndan \u00e7ar\u015famba g\u00fcn\u00fc gelecek.<\/p>\n
Euro B\u00f6lgesi\u2019nde verilerin zay\u0131f ama dayan\u0131kl\u0131 g\u00f6r\u00fcn\u00fcm\u00fc, sert bir daralmadan \u00e7ok durgunluk (ekonominin b\u00fcy\u00fcmede belirgin h\u0131z kaybetmesi) d\u00f6nemine i\u015faret ediyor. Bu tablo, S&P Global Euro B\u00f6lgesi \u0130malat PMI (Sat\u0131n Alma Y\u00f6neticileri Endeksi; 50 alt\u0131 daralma, 50 \u00fcst\u00fc geni\u015fleme anlam\u0131na gelir) ile de uyumlu. Endeks Mart 2026\u2019da 47,1 ile daralmaya i\u015faret etti ve Almanya\u2019daki sanayi istihdam\u0131ndaki zay\u0131fl\u0131kla \u00f6rt\u00fc\u015ft\u00fc. Bu ortam, \u00f6n\u00fcm\u00fczdeki haftalarda g\u00fc\u00e7l\u00fc bir piyasa y\u00fckseli\u015fi olas\u0131l\u0131\u011f\u0131n\u0131 azalt\u0131yor.<\/p>\n
B\u00fcy\u00fcmenin zay\u0131f seyri ve Mart HICP enflasyonunun (Harmonize T\u00fcketici Fiyat Endeksi; \u00fclkeler aras\u0131nda kar\u015f\u0131la\u015ft\u0131r\u0131labilir enflasyon g\u00f6stergesi) %2,3\u2019e gerilemesiyle Avrupa Merkez Bankas\u0131\u2019n\u0131n daha \u201cg\u00fcvercin\u201d (faiz indirimi e\u011filimli) bir tutum verdi\u011fi g\u00f6r\u00fcl\u00fcyor. Piyasalar\u0131n, \u00fc\u00e7\u00fcnc\u00fc \u00e7eyrek bitmeden en az bir faiz indirimi fiyatlamay\u0131 s\u00fcrd\u00fcrmesi beklenebilir. Bu nedenle Euribor vadeli i\u015flemleri gibi t\u00fcrev \u00fcr\u00fcnlerle (de\u011feri ba\u015fka bir g\u00f6stergeye ba\u011fl\u0131 finansal s\u00f6zle\u015fmeler) gelecekte daha d\u00fc\u015f\u00fck faizlere y\u00f6nelik pozisyon almak \u00f6ne \u00e7\u0131k\u0131yor.<\/p>\n
EURO STOXX 50 gibi hisse endekslerinde ekonomik ivme eksikli\u011fi, \u015firket k\u00e2rlar\u0131nda yukar\u0131 potansiyelin s\u0131n\u0131rl\u0131 oldu\u011funa i\u015faret ediyor. 2025 sonundaki iyimserli\u011fin h\u0131zl\u0131 s\u00f6nmesi hat\u0131rland\u0131\u011f\u0131nda, mevcut veriler benzer \u015fekilde yatay bir seyir olas\u0131l\u0131\u011f\u0131n\u0131 g\u00fc\u00e7lendiriyor. Bu \u00e7er\u00e7evede d\u00fc\u015f\u00fck oynakl\u0131ktan (fiyat dalgalanmas\u0131n\u0131n s\u0131n\u0131rl\u0131 olmas\u0131) ve bant i\u00e7inde piyasadan yararlanan stratejiler de\u011ferlendirilebilir; \u00f6rne\u011fin \u201cout-of-the-money\u201d (kullan\u0131m fiyat\u0131 mevcut piyasa fiyat\u0131n\u0131n d\u0131\u015f\u0131nda kalan) al\u0131m opsiyonu spreadi satmak (farkl\u0131 kullan\u0131m fiyatlar\u0131nda iki al\u0131m opsiyonuyla s\u0131n\u0131rl\u0131 riskli pozisyon kurmak).<\/p>\n
Bu g\u00f6r\u00fcn\u00fcm d\u00f6viz piyasas\u0131 i\u00e7in de \u00f6nemli; Euro \u00fczerinde bask\u0131 yaratabilir. \u201cG\u00fcvercin\u201d ECB ile ABD Merkez Bankas\u0131\u2019n\u0131n (Fed) daha \u201c\u015fahin\u201d (faiz art\u0131r\u0131m\u0131 e\u011filimli) kalabilece\u011fi beklentisi, EUR\/USD paritesi (Euro\/dolar kuru) \u00fczerinde a\u015fa\u011f\u0131 y\u00f6nl\u00fc etki yapabilir. Bu nedenle Euro \u00fczerinde sat\u0131m opsiyonu (put; belirli fiyattan satma hakk\u0131 veren opsiyon) almak, olas\u0131 d\u00fc\u015f\u00fc\u015fe kar\u015f\u0131 korunma (hedge) amac\u0131yla de\u011ferlendirilebilir.<\/p>\n","protected":false},"excerpt":{"rendered":"
Euro B\u00f6lgesi verileri zay\u0131f ama diren\u00e7li: i\u015fsizlik %6,2\u2019ye \u00e7\u0131kt\u0131; Almanya\u2019da perakende ve sanayi istihdam\u0131 geriledi. G\u00fcvercin ECB faiz indirimi fiyatlan\u0131yor; hisse yatay, Euro bask\u0131da.<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[71],"tags":[],"class_list":["post-44099","post","type-post","status-publish","format-standard","hentry","category-live-updates"],"acf":{"acf_article_selection_author":null},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/posts\/44099","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/comments?post=44099"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/posts\/44099\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/media?parent=44099"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/categories?post=44099"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/tags?post=44099"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}