\u0130spanya Hazinesi, son dokuz ayl\u0131k Letras ihalesinde daha y\u00fcksek bir getiri belirledi; ortalama faiz oran\u0131 bir \u00f6nceki ihaledeki %2,514 seviyesinden %2,518\u2019e s\u0131n\u0131rl\u0131 y\u00fckseldi. Bu ad\u0131m, k\u0131sa vadeli bor\u00e7lanma maliyetlerini genel olarak istikrarl\u0131 b\u0131rak\u0131rken, bu vadede talep edilen getiride yaln\u0131zca marjinal bir art\u0131\u015fa i\u015faret ediyor.<\/p>\n
De\u011fi\u015fim, ihaleler aras\u0131nda 0,004 y\u00fczde puanl\u0131k bir y\u00fckseli\u015fe kar\u015f\u0131l\u0131k geldi. Enstr\u00fcman, egemen i\u00e7in standart bir k\u0131sa vadeli fonlama arac\u0131 olmaya devam ediyor ve son sonu\u00e7, iki sat\u0131\u015f\u0131n kapsad\u0131\u011f\u0131 d\u00f6nem boyunca fiyatlama ko\u015fullar\u0131nda belirgin bir kayma olmad\u0131\u011f\u0131n\u0131 g\u00f6steriyor.<\/p>\n
\u0130spanya\u2019n\u0131n 9 ayl\u0131k bono ihalesinde faizin %2,518\u2019e hafif y\u00fckselmesi, k\u0131sa vadeli faizlerin y\u00fcksek kalaca\u011f\u0131 g\u00f6r\u00fc\u015f\u00fcm\u00fcz\u00fc teyit ediyor. Bu hareket k\u00fc\u00e7\u00fck olsa da, Euro B\u00f6lgesi genelinde s\u00fcregelen enflasyon bask\u0131lar\u0131n\u0131 yans\u0131t\u0131yor. May\u0131s ay\u0131nda \u00e7ekirdek enflasyonun %2,8\u2019de kald\u0131\u011f\u0131n\u0131 g\u00f6steren son veriler, piyasan\u0131n faiz indirimi beklentilerini ileri tarihe \u00f6teledi\u011fi fikrini destekliyor.<\/p>\n
Bu durum, Avrupa Merkez Bankas\u0131\u2019n\u0131n (ECB) yak\u0131n zamanda enflasyonla m\u00fccadelenin bitmedi\u011fine i\u015faret eden \u015fahin tonunu da g\u00fc\u00e7lendiriyor. Daha y\u00fcksek \u00e7evre \u00fclke getirilerinin zamanla \u00e7ekirdek piyasaya bask\u0131 yapaca\u011f\u0131 g\u00f6r\u00fc\u015f\u00fcyle, Alman Bund vadeli kontratlar\u0131nda k\u0131sa pozisyonlar\u0131n de\u011ferlendirilmesi gerekti\u011fini d\u00fc\u015f\u00fcn\u00fcyoruz. Bu hamle, \u00f6n\u00fcm\u00fczdeki haftalarda Avrupa getiri e\u011frisinin tamam\u0131n\u0131n yukar\u0131 y\u00f6nl\u00fc yeniden fiyatlanmas\u0131n\u0131 \u00f6ng\u00f6r\u00fcyor.<\/p>\n
Ayn\u0131 zamanda, beklentilerin alt\u0131nda kalan ABD istihdam raporu, Federal Rezerv\u2019in bu y\u0131l\u0131n ilerleyen d\u00f6nemlerinde faiz indirimi yapma olas\u0131l\u0131\u011f\u0131n\u0131 art\u0131r\u0131yor. Bu politika ayr\u0131\u015fmas\u0131n\u0131n Euro\u2019yu ABD Dolar\u0131 kar\u015f\u0131s\u0131nda g\u00fc\u00e7lendirmeyi s\u00fcrd\u00fcrmesi bekleniyor. Bu yukar\u0131 y\u00f6nl\u00fc trendden faydalanmak i\u00e7in EUR\/USD al\u0131m (call) opsiyonlar\u0131n\u0131 g\u00fcndemimize al\u0131yoruz.<\/p>\n
Daha y\u00fcksek bor\u00e7lanma maliyetleri, \u015firket k\u00e2rl\u0131l\u0131klar\u0131 i\u00e7in olumsuz bir unsur olup hisse piyasalar\u0131n\u0131 k\u0131r\u0131lgan hale getiriyor. Tarihsel olarak, 2023\u2019te g\u00f6rd\u00fc\u011f\u00fcm\u00fcz t\u00fcrden getirilerde belirsizli\u011fin artt\u0131\u011f\u0131 d\u00f6nemler, borsalarda dalgal\u0131 seyre yol a\u00e7\u0131yor. Olas\u0131 bir geri \u00e7ekilmeye kar\u015f\u0131 korunmak ad\u0131na EURO STOXX 50 endeksi \u00fczerinde sat\u0131m (put) opsiyonu al\u0131m\u0131n\u0131 temkinli bir hedge y\u00f6ntemi olarak de\u011ferlendiriyoruz.<\/p>\n","protected":false},"excerpt":{"rendered":"
\u0130spanya\u2019n\u0131n 9 ayl\u0131k Letras faizinin %2,518\u2019e s\u0131n\u0131rl\u0131 y\u00fckseli\u015fi, Euro B\u00f6lgesi\u2019nde y\u00fcksek faizin kal\u0131c\u0131l\u0131\u011f\u0131na i\u015faret ediyor. ECB \u015fahin: Bund short, EUR\/USD call; hisse riskine EURO STOXX 50 put hedge.<\/p>\n","protected":false},"author":87,"featured_media":47702,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[71],"tags":[],"class_list":["post-49572","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\/49572","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=49572"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/posts\/49572\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/media\/47702"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/media?parent=49572"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/categories?post=49572"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/tags?post=49572"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}