\u0130spanya\u2019da perakende sat\u0131\u015flar martta y\u0131ll\u0131k bazda %4,1 artt\u0131. Bu oran, \u00f6nceki d\u00f6nemdeki %2,2\u2019nin \u00fczerindedir.<\/p>\n
Mart verisi, perakende sat\u0131\u015flar\u0131n bir \u00f6nceki d\u00f6neme g\u00f6re daha h\u0131zl\u0131 y\u0131ll\u0131k art\u0131\u015f g\u00f6sterdi\u011fini ortaya koyuyor. Y\u0131ll\u0131k kar\u015f\u0131la\u015ft\u0131rma, mart ay\u0131ndaki sat\u0131\u015f de\u011ferini ge\u00e7en y\u0131l\u0131n ayn\u0131 ay\u0131yla k\u0131yaslar.<\/p>\n
\u0130spanya\u2019da perakende sat\u0131\u015flar\u0131n y\u0131ll\u0131k art\u0131\u015f h\u0131z\u0131n\u0131n %2,2\u2019den %4,1\u2019e \u00e7\u0131kmas\u0131, t\u00fcketici harcamalar\u0131nda belirgin ve beklenenden g\u00fc\u00e7l\u00fc bir art\u0131\u015fa i\u015faret ediyor. Bu, son bir y\u0131l\u0131 a\u015fk\u0131n s\u00fcrenin en g\u00fc\u00e7l\u00fc verisi ve \u0130spanya ekonomisinin beklenenden daha fazla ivme ta\u015f\u0131d\u0131\u011f\u0131n\u0131 g\u00f6steriyor. Bu tablo, Euro B\u00f6lgesi\u2019nde b\u00fcy\u00fcmenin yava\u015flad\u0131\u011f\u0131 y\u00f6n\u00fcndeki genel g\u00f6r\u00fc\u015f\u00fcn yeniden de\u011ferlendirilmesini gerektiriyor.<\/p>\n
Bu g\u00fc\u00e7l\u00fc veri, Avrupa Merkez Bankas\u0131\u2019n\u0131n (ECB: Euro B\u00f6lgesi\u2019nin merkez bankas\u0131 ve faiz kararlar\u0131n\u0131 veren kurum) yakla\u015fan toplant\u0131lar\u0131 \u00f6ncesinde de\u011ferlendirmelerini etkileyebilir. Euro B\u00f6lgesi\u2019nde \u00e7ekirdek enflasyon (enerji ve g\u0131da gibi oynak kalemler \u00e7\u0131kar\u0131larak hesaplanan enflasyon) son d\u00f6nemde %2,7 seviyesinde kald\u0131; bu oran, ECB\u2019nin %2 hedefinin \u00fczerinde. G\u00fc\u00e7l\u00fc t\u00fcketici talebi, enflasyonist bask\u0131lar\u0131 (fiyatlar\u0131 yukar\u0131 iten etkenler) art\u0131rabilir. Piyasada bu y\u0131l iki faiz indirimi beklentisi, bu verilerle daha iyimser kalabilir.<\/p>\n
Ge\u00e7mi\u015fte, 2022 ortas\u0131nda benzer bir s\u00fcre\u00e7 g\u00f6r\u00fcld\u00fc: t\u00fcketici harcamalar\u0131n\u0131n dayan\u0131kl\u0131 oldu\u011funa dair ilk i\u015faretlerin ard\u0131ndan, ECB\u2019nin faiz art\u0131r\u0131m\u0131 beklentileri h\u0131zla yeniden fiyatland\u0131 (piyasan\u0131n faiz beklentilerini h\u0131zl\u0131 bi\u00e7imde g\u00fcncellemesi). Ayr\u0131ca \u0130spanya\u2019da i\u015fsizlik oran\u0131 %11,5 ile 2008 sonras\u0131 d\u00f6nemin en d\u00fc\u015f\u00fck seviyesine indi; bu durum, i\u00e7 t\u00fcketimi destekliyor. Bu, Almanya\u2019da g\u00f6r\u00fclen imalat zay\u0131fl\u0131\u011f\u0131yla (sanayi \u00fcretimi ve sipari\u015flerde g\u00fc\u00e7 kayb\u0131) belirgin bir tezat olu\u015fturuyor.<\/p>\n
\u00d6n\u00fcm\u00fczdeki haftalarda, ECB\u2019nin piyasada fiyatlanandan daha \u201c\u015fahin\u201d (enflasyonla m\u00fccadelede daha s\u0131k\u0131, faiz indirimine daha mesafeli) bir \u00e7izgide kalabilece\u011fi senaryosu dikkate al\u0131nabilir. Bu, euronun dolar kar\u015f\u0131s\u0131nda g\u00fc\u00e7lenebilece\u011fi beklentisiyle euro \u00fczerinde al\u0131m opsiyonu (call option: belirli tarihe kadar, belirli fiyattan alma hakk\u0131 veren s\u00f6zle\u015fme) almay\u0131 i\u00e7erebilir; \u00e7\u00fcnk\u00fc faiz indirimlerinin gecikmesi para birimini destekleyebilir. Veriler, \u0130spanya hisselerinde de pozitif bir g\u00f6r\u00fcn\u00fcm\u00fc destekliyor. IBEX 35 endeksi i\u00e7in uzun vadeli vadeli i\u015flem (futures: belirli tarihte, belirli fiyattan al\u0131m-sat\u0131m taahh\u00fcd\u00fc i\u00e7eren s\u00f6zle\u015fme) ya da al\u0131m opsiyon stratejileri (call spread: iki farkl\u0131 kullan\u0131m fiyatl\u0131 al\u0131m opsiyonunu birlikte kullanarak maliyeti ve riski dengeleyen yap\u0131) i\u00e7 talepteki bu g\u00fcc\u00fc de\u011ferlendirmek i\u00e7in se\u00e7enek olabilir.<\/p>\n","protected":false},"excerpt":{"rendered":"
S\u00fcrpriz g\u00fc\u00e7l\u00fc veri: \u0130spanya\u2019da perakende sat\u0131\u015flar martta y\u0131ll\u0131k %4,1\u2019e h\u0131zland\u0131 (%2,2\u2019den). T\u00fcketim ve istihdam deste\u011fi ECB\u2019yi daha \u015fahin tutabilir; euro ve \u0130spanya hisseleri i\u00e7in pozitif fiyatlama g\u00fcndemde.<\/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-45634","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\/45634","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=45634"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/posts\/45634\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/media?parent=45634"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/categories?post=45634"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/tags?post=45634"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}