Avusturya\u2019n\u0131n sanayi \u00fcretimi \u015eubat ay\u0131nda y\u0131ll\u0131k bazda %1,1 artt\u0131. Bu oran, \u00f6nceki d\u00f6nemdeki %0,3\u2019\u00fcn \u00fczerindeydi.<\/p>\n
Bu art\u0131\u015f, \u00fcretimdeki b\u00fcy\u00fcmenin \u00f6nceki d\u00f6neme g\u00f6re h\u0131zland\u0131\u011f\u0131 anlam\u0131na geliyor. Son veri, bir \u00f6nceki ayda daha d\u00fc\u015f\u00fck kalan y\u0131ll\u0131k b\u00fcy\u00fcmenin ard\u0131ndan geldi.<\/p>\n
\u015eubat ay\u0131na ait bu olumlu Avusturya sanayi verisi, Euro B\u00f6lgesi i\u00e7in a\u00e7\u0131klanan Mart ay\u0131 imalat PMI verisini de destekliyor. PMI (Sat\u0131n Alma Y\u00f6neticileri Endeksi: \u015firketlerin yeni sipari\u015f, \u00fcretim ve istihdam gibi kalemlere g\u00f6re sekt\u00f6rdeki gidi\u015fat\u0131 \u00f6l\u00e7en \u00f6nc\u00fc g\u00f6sterge) 50,3\u2019e y\u00fckseldi. 50\u2019nin \u00fczeri geni\u015flemeye, alt\u0131 daralmaya i\u015faret eder. Buna g\u00f6re sekt\u00f6r, bir y\u0131l\u0131 a\u015fk\u0131n s\u00fcrenin ard\u0131ndan ilk kez b\u00fcy\u00fcme b\u00f6lgesine ge\u00e7ti. Bu tablo, 2025\u2019in b\u00fcy\u00fck b\u00f6l\u00fcm\u00fcnde g\u00f6rd\u00fc\u011f\u00fcm\u00fcz sanayideki yava\u015flaman\u0131n sonunda tersine d\u00f6nmeye ba\u015flayabilece\u011fini d\u00fc\u015f\u00fcnd\u00fcr\u00fcyor. Toparlanma, birka\u00e7 alanla s\u0131n\u0131rl\u0131 kalmay\u0131p daha geni\u015f bir tabana yay\u0131l\u0131yor gibi g\u00f6r\u00fcn\u00fcyor.<\/p>\n
Ekonomik faaliyetteki bu g\u00fc\u00e7lenme ve Mart ay\u0131 Euro B\u00f6lgesi enflasyonunun %2,6 ile korunmas\u0131 (enflasyon: fiyatlar\u0131n genel seviyesindeki art\u0131\u015f), Avrupa Merkez Bankas\u0131\u2019n\u0131n (ECB) \u00f6n\u00fcm\u00fczdeki \u00e7eyrekte faiz indirme olas\u0131l\u0131\u011f\u0131n\u0131 azalt\u0131yor. Bu nedenle faiz vadeli i\u015flemlerinin (faiz futures: piyasada gelecekteki faiz seviyesine dair beklentiyi fiyatlayan s\u00f6zle\u015fmeler) faizlerin yaz boyunca mevcut seviyelerde kalmas\u0131 ihtimalini yeterince yans\u0131tmad\u0131\u011f\u0131n\u0131 de\u011ferlendirmek gerekir. Bu durum, y\u0131l\u0131n ba\u015f\u0131ndaki piyasa beklentisiyle \u00e7eli\u015fiyor.<\/p>\n
D\u00f6viz piyasalar\u0131 a\u00e7\u0131s\u0131ndan bu dayan\u0131kl\u0131l\u0131k Euro\u2019ya destek verebilir. ECB\u2019nin daha az \u201cg\u00fcvercin\u201d bir g\u00f6r\u00fcn\u00fcme sahip olmas\u0131 (g\u00fcvercin: faiz indirimine ve gev\u015fek para politikas\u0131na daha yak\u0131n duru\u015f), k\u0131sa vadeli EUR\/USD al\u0131m opsiyonlar\u0131n\u0131 (call option: belirli bir tarihe kadar belirli fiyattan alma hakk\u0131 veren t\u00fcrev \u00fcr\u00fcn) de\u011ferlendirmemize neden olabilir; faiz indirimi beklentisinin zay\u0131flamas\u0131yla paritenin yukar\u0131 hareketi i\u00e7in pozisyon al\u0131nabilir. Avrupa ve ABD\u2019de a\u00e7\u0131klanan verilerin beklentileri a\u015fma\/fazla zay\u0131f gelme fark\u0131 (ekonomik s\u00fcrpriz: verinin piyasa beklentisinden sapmas\u0131) daral\u0131yor; bu veri de bu e\u011filimi destekliyor.<\/p>\n
\u0130malatla do\u011frudan ba\u011flant\u0131 nedeniyle Avrupa hisse t\u00fcrevlerinde (hisse t\u00fcrevleri: endeks veya hisse \u00fczerine yaz\u0131lan opsiyon ve vadeli s\u00f6zle\u015fmeler) yukar\u0131 y\u00f6nl\u00fc potansiyel g\u00f6r\u00fcyoruz. \u00d6n\u00fcm\u00fczdeki aylar i\u00e7in Avusturya (ATX) ve Almanya (DAX) hisse endekslerinde al\u0131m opsiyonlar\u0131 incelenebilir. Bu endeksler, sanayi ve ihracat a\u011f\u0131rl\u0131kl\u0131 \u015firketlerin pay\u0131 y\u00fcksek oldu\u011fu i\u00e7in \u00fcretim art\u0131\u015f\u0131ndan ilk faydalanan gruplara daha duyarl\u0131. Bu, 2025\u2019in sonlar\u0131ndaki daha temkinli duru\u015fumuza k\u0131yasla belirgin bir de\u011fi\u015fim.<\/p>\n
S\u00fcrpriz toparlanma: Avusturya sanayi \u00fcretimi \u015eubat\u2019ta y\u0131ll\u0131k %1,1\u2019e h\u0131zland\u0131. Euro B\u00f6lgesi PMI 50,3\u2019e \u00e7\u0131karken, ECB faiz indirimi ihtimali zay\u0131fl\u0131yor; euroya ve ATX\/DAX al\u0131m opsiyonlar\u0131na destek.<\/p>\n","protected":false},"author":87,"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-44317","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\/44317","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"}],"author":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/users\/87"}],"replies":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/comments?post=44317"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/posts\/44317\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/media?parent=44317"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/categories?post=44317"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/tags?post=44317"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}