Kanada\u2019n\u0131n Sanayi \u00dcr\u00fcnleri Fiyat Endeksi (IPPI) May\u0131s ay\u0131nda ayl\u0131k bazda %1,2 y\u00fckselerek piyasan\u0131n %1,8\u2019lik beklentisinin alt\u0131nda kald\u0131. Daha zay\u0131f ger\u00e7ekle\u015fme, s\u00f6z konusu d\u00f6nemde Kanadal\u0131 imalat\u00e7\u0131lar\u0131n \u00fcretti\u011fi mallarda ayl\u0131k fiyat art\u0131\u015flar\u0131n\u0131n daha yava\u015f seyretti\u011fine i\u015faret ediyor. <\/p>\n
Mevcut verilere g\u00f6re ger\u00e7ekle\u015fme, tahminlerin 0,6 y\u00fczde puan alt\u0131nda kald\u0131. May\u0131s art\u0131\u015f\u0131 endeksi ayl\u0131k bazda yukar\u0131 ta\u015f\u0131may\u0131 s\u00fcrd\u00fcrse de beklenenden daha \u0131l\u0131ml\u0131 bir tempoya i\u015faret ederek Kanada\u2019da yak\u0131n vadeli \u201cboru hatt\u0131\u201d enflasyon bask\u0131lar\u0131na y\u00f6nelik de\u011ferlendirmelere daha yumu\u015fak bir girdi sa\u011fl\u0131yor.<\/p>\n
Beklentilerin alt\u0131nda kalan \u00fcretici fiyat\u0131 verisini, enflasyonist bask\u0131lar\u0131n \u00f6ng\u00f6r\u00fclenden daha h\u0131zl\u0131 gev\u015fedi\u011fine dair net bir sinyal olarak g\u00f6r\u00fcyoruz. Tahmin edilen %1,8 yerine %1,2\u2019lik art\u0131\u015fa i\u015faret eden bu rapor, dezenflasyon e\u011filimini g\u00fc\u00e7lendiriyor. Bu da Kanada Merkez Bankas\u0131\u2019na (BoC) son d\u00f6nemdeki politika gev\u015femesi i\u00e7in daha fazla gerek\u00e7e sunuyor.<\/p>\n
Bu veri, BoC\u2019nin ay ba\u015f\u0131nda politika faizini %4,25\u2019e indirme karar\u0131n\u0131 destekliyor; s\u00f6z konusu ad\u0131m, Banka\u2019y\u0131 G7 \u00fclkeleri aras\u0131nda gev\u015feme d\u00f6ng\u00fcs\u00fcnde \u00f6nc\u00fc konuma ta\u015f\u0131m\u0131\u015ft\u0131. En son T\u00dcFE verisinin de %2,7\u2019ye gerileyerek so\u011fumaya i\u015faret etmesiyle birlikte, piyasa BoC\u2019nin temmuz toplant\u0131s\u0131nda ikinci bir faiz indirimi olas\u0131l\u0131\u011f\u0131n\u0131 daha y\u00fcksek fiyatlamaya ba\u015flad\u0131. Bunu tek seferlik bir geli\u015fmeden ziyade peki\u015fen bir e\u011filim olarak de\u011ferlendiriyoruz.<\/p>\n
Bu \u00e7er\u00e7evede, ABD Merkez Bankas\u0131\u2019n\u0131n (Fed) faizleri daha uzun s\u00fcre sabit tutmas\u0131n\u0131n beklendi\u011fi ortamda Kanada dolar\u0131n\u0131n ABD dolar\u0131 kar\u015f\u0131s\u0131nda ilave zay\u0131fl\u0131k g\u00f6stermesini bekliyoruz. \u0130ki \u00fclke aras\u0131ndaki faiz fark\u0131n\u0131n a\u00e7\u0131lmas\u0131, ABD dolar\u0131 ta\u015f\u0131may\u0131 daha cazip k\u0131l\u0131yor. Bu g\u00f6r\u00fc\u015f\u00fcm\u00fcz\u00fc a\u011fustosta vadesi dolacak USD\/CAD al\u0131m (call) opsiyonlar\u0131 alarak ifade etmeyi hedefliyoruz.<\/p>\n
Faiz piyasas\u0131nda ise bu daha zay\u0131f enflasyon verisi, getiri e\u011frisinin k\u0131sa taraf\u0131nda Kanada devlet tahvili getirilerinin geri \u00e7ekilmek i\u00e7in daha fazla alan\u0131 olabilece\u011fine i\u015faret ediyor. Kanada 2 y\u0131ll\u0131k devlet tahvili vadeli i\u015flem kontratlar\u0131nda pozisyonumuzu art\u0131rmay\u0131 de\u011ferlendiriyoruz. Tarihsel olarak 2 y\u0131ll\u0131k getiri, BoC\u2019nin gecelik faiz beklentilerindeki de\u011fi\u015fimlere y\u00fcksek duyarl\u0131l\u0131k g\u00f6steriyor.<\/p>\n
Hisse senedi piyasalar\u0131 a\u00e7\u0131s\u0131ndan daha g\u00fcvercin bir merkez bankas\u0131, S&P\/TSX Bile\u015fik Endeksi i\u00e7in olumlu bir kataliz\u00f6r. \u00d6zellikle kamu hizmetleri (utilities) ve gayrimenkul yat\u0131r\u0131m ortakl\u0131klar\u0131 (GYO\/REIT) gibi faize duyarl\u0131 sekt\u00f6rlerde f\u0131rsat g\u00f6r\u00fcyoruz. Daha d\u00fc\u015f\u00fck faiz ortam\u0131nda temett\u00fc getirileri daha cazip hale geldi\u011finden, bu sekt\u00f6rleri takip eden ETF\u2019ler \u00fczerinde al\u0131m (call) opsiyonlar\u0131 sat\u0131n almay\u0131 de\u011ferlendirece\u011fiz.<\/p>\n","protected":false},"excerpt":{"rendered":"
S\u00fcrpriz veri: Kanada IPPI May\u0131s\u2019ta %1,2 artarak %1,8 beklentiyi ka\u00e7\u0131rd\u0131. Enflasyon bask\u0131lar\u0131 yumu\u015fuyor, BoC\u2019nin temmuzda indirimi olas\u0131. CAD zay\u0131flayabilir, 2Y tahvil d\u00fc\u015fer, TSX\u2019te faiz hassas sekt\u00f6rler g\u00fc\u00e7lenir.<\/p>\n","protected":false},"author":87,"featured_media":47670,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[71],"tags":[],"class_list":["post-49128","post","type-post","status-publish","format-standard","has-post-thumbnail","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\/49128","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=49128"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/posts\/49128\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/media\/47670"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/media?parent=49128"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/categories?post=49128"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/tags?post=49128"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}