Nisan ay\u0131 Euro B\u00f6lgesi PMI verileri, fiyat g\u00f6stergeleri y\u00fckselirken faaliyetin zay\u0131flad\u0131\u011f\u0131na i\u015faret ediyor; bu da **stagflasyon** (ekonomik b\u00fcy\u00fcmenin durgunla\u015ft\u0131\u011f\u0131 veya darald\u0131\u011f\u0131 ortamda enflasyonun y\u00fcksek kalmas\u0131) riskini art\u0131r\u0131yor. **Bile\u015fik PMI** (imalat ve hizmet sekt\u00f6rlerini birlikte \u00f6l\u00e7en sat\u0131n alma y\u00f6neticileri endeksi) 50\u2019nin alt\u0131na indi; d\u00fc\u015f\u00fc\u015f\u00fcn ana nedeni hizmetlerde zay\u0131flama olurken imalat daha iyi dayand\u0131.<\/p>\n
\u0130malat \u015firketleri, \u0130ran sava\u015f\u0131yla ba\u011flant\u0131l\u0131 beklenen tedarik ve enerji kesintileri nedeniyle al\u0131mlar\u0131n\u0131 \u00f6ne \u00e7ekmi\u015f g\u00f6r\u00fcn\u00fcyor. Avrupa genelinde **fiyat endeksleri** (girdi maliyetleri ve sat\u0131\u015f fiyatlar\u0131ndaki de\u011fi\u015fimi g\u00f6steren alt endeksler) 2022\/23\u2019te g\u00f6r\u00fclen seviyelere y\u00fckseldi.<\/p>\n
Euro B\u00f6lgesi bile\u015fik PMI **\u00fcretim fiyat\u0131 endeksi** (\u015firketlerin sat\u0131\u015f fiyatlar\u0131) 3,2 puan artarak 57,0\u2019ye \u00e7\u0131kt\u0131 ve 2023 ba\u015f\u0131ndan bu yana en y\u00fcksek seviyeyi g\u00f6rd\u00fc. Bile\u015fik PMI **girdi fiyat\u0131 endeksi** (hammadde, enerji ve ara mal\u0131 maliyetleri) 3,1 puan artarak 68,4\u2019e y\u00fckseldi.<\/p>\n
\u0130malattaki fiyat endekslerindeki art\u0131\u015flar, hizmetlere g\u00f6re daha g\u00fc\u00e7l\u00fc oldu. \u00dcretim fiyat\u0131 endekslerindeki y\u00fckseli\u015f Mart ay\u0131na g\u00f6re daha belirgin; bu da \u015firketlerin maliyet art\u0131\u015flar\u0131n\u0131 m\u00fc\u015fteriye daha fazla yans\u0131tt\u0131\u011f\u0131n\u0131 g\u00f6steriyor.<\/p>\n
**Avrupa Merkez Bankas\u0131 (ECB)** zor bir dengeyle kar\u015f\u0131 kar\u015f\u0131ya; kal\u0131c\u0131 enflasyon, yava\u015flayan ekonomiyi desteklemek i\u00e7in **faiz indirimi** alan\u0131n\u0131 daralt\u0131yor. Piyasalar art\u0131k Eyl\u00fcl\u2019e kadar faiz indirimi olas\u0131l\u0131\u011f\u0131n\u0131 yaln\u0131zca %20 olarak fiyatl\u0131yor; bu ge\u00e7en aya g\u00f6re sert bir de\u011fi\u015fim. Buna g\u00f6re **Alman Bund vadeli i\u015flemleri** (Almanya devlet tahvili \u00fczerine vadeli kontrat) taraf\u0131nda \u201ck\u0131sa pozisyon\u201d d\u00fc\u015f\u00fcnenler, **getirilerin** (tahvil faizi) y\u00fcksek kalmas\u0131 veya daha da y\u00fckselmesi senaryosuna oynuyor.<\/p>\n
Bu politika s\u0131k\u0131\u015fmas\u0131 Euro\u2019yu, ABD Dolar\u0131 gibi daha g\u00fc\u00e7l\u00fc ekonomik g\u00f6r\u00fcn\u00fcme sahip para birimleri kar\u015f\u0131s\u0131nda k\u0131r\u0131lgan k\u0131l\u0131yor. **EUR\/USD** paritesi (Euro\/Dolar d\u00f6viz kuru) y\u0131l\u0131n en d\u00fc\u015f\u00fck seviyesi olan yakla\u015f\u0131k 1,0450\u2019ye geriledi. A\u015fa\u011f\u0131 y\u00f6n\u00fcn s\u00fcrmesi, EUR\/USD\u2019de k\u0131sa pozisyonla de\u011ferlendirilebilir.<\/p>\n
Veriler, \u0130ran sava\u015f\u0131 kaynakl\u0131 bir **enerji \u015foku** (enerji arz\u0131ndaki bozulman\u0131n fiyatlar\u0131 h\u0131zla y\u00fckseltmesi) endi\u015fesini de a\u00e7\u0131k bi\u00e7imde yans\u0131t\u0131yor; imalat\u00e7\u0131lar stok yap\u0131yor. Bu, enerji taraf\u0131nda fiyat bask\u0131s\u0131n\u0131n s\u00fcrebilece\u011fine i\u015faret ediyor; **Brent petrol\u00fc** varil ba\u015f\u0131na 110 dolar\u0131n \u00fczerinde i\u015flem g\u00f6r\u00fcyor.<\/p>\n
VT Markets canl\u0131 hesab\u0131n\u0131z\u0131 olu\u015fturun<\/a>\u00a0ve\u00a0hemen i\u015flem yapmaya ba\u015flay\u0131n<\/a>. <\/b><\/p>\n","protected":false},"excerpt":{"rendered":" Alarm zilleri \u00e7al\u0131yor: Euro B\u00f6lgesi\u2019nde Nisan PMI 50 alt\u0131na inerken fiyat endeksleri 2022\/23 seviyelerine \u00e7\u0131kt\u0131. Stagflasyon riski, ECB\u2019nin faiz indirimi alan\u0131n\u0131 daralt\u0131p Bund getirilerini ve EUR\/USD bask\u0131s\u0131n\u0131 art\u0131r\u0131yor.<\/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-45343","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\/45343","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=45343"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/posts\/45343\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/media?parent=45343"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/categories?post=45343"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/tags?post=45343"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}