ABD\u2019de kapasite kullan\u0131m oran\u0131 martta %75,7 oldu. Bu oran, beklenen %76,3 seviyesinin alt\u0131nda kald\u0131.<\/p>\n
Veri, kapasite kullan\u0131m\u0131n\u0131n tahminin alt\u0131nda kald\u0131\u011f\u0131n\u0131 g\u00f6sterdi. Metinde ba\u015fka say\u0131 ya da ayr\u0131nt\u0131 yer almad\u0131.<\/p>\n
Martta kapasite kullan\u0131m\u0131n\u0131n %75,7\u2019ye gerilemesi, ekonomide beklenenden daha belirgin bir yava\u015flamaya i\u015faret ediyor. Kapasite kullan\u0131m oran\u0131, \u00fcretim tesisleri ve makinelerin ne kadar\u0131n\u0131n \u00e7al\u0131\u015ft\u0131\u011f\u0131n\u0131 g\u00f6steren bir g\u00f6stergedir; oran\u0131n d\u00fc\u015fmesi, sanayide at\u0131l kapasitenin (kullan\u0131lmayan \u00fcretim g\u00fcc\u00fc) artt\u0131\u011f\u0131 anlam\u0131na gelir. Bu durum, \u00f6n\u00fcm\u00fczdeki \u00e7eyreklerde ilgili sekt\u00f6rlerde \u015firket k\u00e2rl\u0131l\u0131klar\u0131n\u0131n beklentinin alt\u0131nda kalabilece\u011fine dair erken sinyal olarak g\u00f6r\u00fclebilir.<\/p>\n
Bu zay\u0131f veri, mart ay\u0131 \u00e7ekirdek T\u00dcFE (g\u0131da ve enerji gibi oynak kalemler hari\u00e7 enflasyonu g\u00f6steren t\u00fcketici fiyat endeksi) raporuyla da birlikte de\u011ferlendiriliyor. Raporda y\u0131ll\u0131k enflasyonun %2,8\u2019e geriledi\u011fi g\u00f6r\u00fclm\u00fc\u015ft\u00fc. \u00dcretimin yava\u015flamas\u0131, fiyat art\u0131\u015f\u0131 bask\u0131lar\u0131n\u0131 azaltabilir. Bu da ABD Merkez Bankas\u0131\u2019n\u0131n (Fed) \u201cs\u0131k\u0131la\u015ft\u0131rma d\u00f6ng\u00fcs\u00fcne\u201d (faiz art\u0131r\u0131m\u0131 ve finansal ko\u015fullar\u0131 s\u0131k\u0131la\u015ft\u0131rma s\u00fcreci) ara verme olas\u0131l\u0131\u011f\u0131n\u0131 y\u00fckseltebilir. Buna ba\u011fl\u0131 olarak y\u0131l bitmeden faiz indirimi ihtimali de artabilir.<\/p>\n
Hisse pozisyonlar\u0131 a\u00e7\u0131s\u0131ndan, sanayi ve temel malzeme sekt\u00f6rlerini izleyen ETF\u2019lerde (borsada i\u015flem g\u00f6ren fon) olas\u0131 zay\u0131fl\u0131\u011fa kar\u015f\u0131 korunma d\u00fc\u015f\u00fcn\u00fclebilir. \u00d6rne\u011fin put opsiyonu (belirli bir vadede, belirli fiyattan satma hakk\u0131 veren s\u00f6zle\u015fme) kullanmak, d\u00fc\u015f\u00fc\u015f riskine kar\u015f\u0131 sigorta i\u015flevi g\u00f6rebilir. 2025\u2019teki g\u00fc\u00e7l\u00fc b\u00fcy\u00fcmenin ard\u0131ndan beklenen yava\u015flama, verilerde daha g\u00f6r\u00fcn\u00fcr hale geliyor; bu da portf\u00f6ylerde daha temkinli bir duru\u015fu g\u00fcndeme getirebilir.<\/p>\n
Faiz piyasas\u0131nda ise bu tablo, ABD Hazine tahvili vadeli kontratlar\u0131nda (Treasury futures: gelecekte belirli fiyattan al\u0131m-sat\u0131m taahh\u00fcd\u00fc veren s\u00f6zle\u015fme) uzun pozisyonlar\u0131 destekleyebilir. \u00c7\u00fcnk\u00fc piyasa daha \u201cg\u00fcvercin\u201d bir Fed\u2019i (faiz art\u0131\u015f\u0131na daha az e\u011filimli yakla\u015f\u0131m) fiyatlarsa, tahvil getirilerinin (yield: tahvilin faiz\/geri d\u00f6n\u00fc\u015f oran\u0131) d\u00fc\u015fmesi beklenir. Ge\u00e7mi\u015fte kapasite kullan\u0131m\u0131n\u0131n %78\u2019in alt\u0131na indi\u011fi d\u00f6nemlerde piyasa oynakl\u0131\u011f\u0131n\u0131n artt\u0131\u011f\u0131 \u00f6rnekler g\u00f6r\u00fclm\u00fc\u015ft\u00fcr. Bu nedenle VIX\u2019te \u201cout-of-the-money\u201d (kullan\u0131m fiyat\u0131 mevcut seviyeden uzak, ger\u00e7ekle\u015fmesi i\u00e7in daha b\u00fcy\u00fck hareket gerektiren) al\u0131m opsiyonu almak, artan oynakl\u0131\u011fa kar\u015f\u0131 korunma ama\u00e7l\u0131 de\u011ferlendirilebilir.<\/p>\n
Ekonomide yava\u015flama ve Fed\u2019in daha az \u201c\u015fahin\u201d olmas\u0131 (enflasyona kar\u015f\u0131 daha sert, faiz art\u0131rmaya daha yatk\u0131n duru\u015f) ABD dolar\u0131 i\u00e7in olumsuz bir tablo olu\u015fturabilir. Dolar Endeksi (DXY: dolar\u0131n ba\u015fl\u0131ca para birimleri kar\u015f\u0131s\u0131ndaki de\u011ferini g\u00f6steren endeks) bu hafta 103,50 seviyesine geriledi ve bu e\u011filimin s\u00fcrebilece\u011fi \u00f6ng\u00f6r\u00fcl\u00fcyor. Daha g\u00fc\u00e7l\u00fc merkez bankas\u0131 g\u00f6r\u00fcn\u00fcm\u00fcne sahip para birimlerine kar\u015f\u0131 dolar pozisyonu azaltmak ya da vadeli i\u015flemler ve opsiyonlar \u00fczerinden (kur ETF\u2019leri dahil) dolar aleyhine stratejiler de\u011ferlendirmek m\u00fcmk\u00fcn olabilir.<\/p>\n","protected":false},"excerpt":{"rendered":"
S\u00fcrpriz zay\u0131fl\u0131k: ABD kapasite kullan\u0131m\u0131 martta %75,7\u2019ye indi, %76,3 beklentisini ka\u00e7\u0131rd\u0131. Bu, sanayide so\u011fuma sinyali. Piyasada g\u00fcvercin Fed, tahvil lehine ve dolar aleyhine fiyatlama g\u00fc\u00e7lenebilir.<\/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-44792","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\/44792","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=44792"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/posts\/44792\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/media?parent=44792"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/categories?post=44792"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/tags?post=44792"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}