{"id":51546,"date":"2026-07-23T12:29:56","date_gmt":"2026-07-23T12:29:56","guid":{"rendered":"https:\/\/www.vtmarkets.com\/tr-mena\/uncategorized\/teknoloji-karlarinda-temkinli-gorunum-orta-dogudaki-catisma-petrol-ve-tahvil-getirilerini-yukseltirken-avrupa-hisseleri-geriledi\/"},"modified":"2026-07-23T12:29:56","modified_gmt":"2026-07-23T12:29:56","slug":"teknoloji-karlarinda-temkinli-gorunum-orta-dogudaki-catisma-petrol-ve-tahvil-getirilerini-yukseltirken-avrupa-hisseleri-geriledi","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/tr-mena\/live-updates\/teknoloji-karlarinda-temkinli-gorunum-orta-dogudaki-catisma-petrol-ve-tahvil-getirilerini-yukseltirken-avrupa-hisseleri-geriledi\/","title":{"rendered":"Teknoloji k\u00e2rlar\u0131nda temkinli g\u00f6r\u00fcn\u00fcm; Orta Do\u011fu\u2019daki \u00e7at\u0131\u015fma petrol ve tahvil getirilerini y\u00fckseltirken Avrupa hisseleri geriledi"},"content":{"rendered":"

Gece a\u00e7\u0131klanan ABD teknoloji bilan\u00e7olar\u0131, man\u015fet beklenti a\u015f\u0131mlar\u0131na ra\u011fmen temkinli bir ton olu\u015fturdu. Alphabet, TAC hari\u00e7 geliri 103,6 mlr $ ile beklenen 101,2 mlr $\u2019\u0131n \u00fczerinde a\u00e7\u0131klad\u0131; Cloud gelir b\u00fcy\u00fcmesi y\u0131ll\u0131k bazda %82\u2019ye h\u0131zlan\u0131rken Gemini uygulamas\u0131 950 mn MAU\u2019ya ula\u015ft\u0131. Ancak capex beklentisinin 195\u2013215 mlr $\u2019a y\u00fckseltilmesi (ba\u015fka bir kalemde ise 26 mali y\u0131l\u0131 art\u0131\u015f\u0131n\u0131n %8 ile 195\u2013205 mlr $ aral\u0131\u011f\u0131na i\u015faret etmesi) sonras\u0131 hisse yakla\u015f\u0131k %3 geriledi. Tesla, d\u00fczeltilmi\u015f EPS\u2019nin 0,33 $ ile beklenen 0,51 $\u2019\u0131n alt\u0131nda kalmas\u0131, otomotiv faaliyet marj\u0131n\u0131n %1,4 gelmesi ve serbest nakit ak\u0131\u015f\u0131n\u0131n -1,09 mlr $ olmas\u0131yla yakla\u015f\u0131k %4 d\u00fc\u015ft\u00fc; \u015firket capex\u2019i 25 mlr $\u2019\u0131n \u00fczerine ta\u015f\u0131yor. OpenAI, 2030\u2019a kadar \u00f6ng\u00f6r\u00fclen bulut harcamas\u0131n\u0131 600 mlr $\u2019dan 750 mlr $\u2019a y\u00fckseltti; IBM 26 mali y\u0131l\u0131 gelir b\u00fcy\u00fcmesini %4\u20135\u2019e indirdi; ServiceNow ise 26 mali y\u0131l\u0131 abonelik gelirini %21 sabit kur baz\u0131nda art\u0131\u015fla 15,77 mlr $\u2019a y\u00fckseltti. Avrupa g\u00fcne d\u00fc\u015f\u00fc\u015fle ba\u015flad\u0131: FTSE %0,08 ekside 10.708,21 ve FTSE MIB %1,43 ekside 52.036,00 seviyesinde. STMicroelectronics, 3\u00c7 gelirini 3,70 mlr $ olarak y\u00f6nlendirmesinin ard\u0131ndan %13,5 d\u00fc\u015ft\u00fc; Soitec %22\u2019ye kadar s\u0131\u00e7rad\u0131. BNP Paribas ve UniCredit gerilerken Nestl\u00e9 %6,5 d\u00fc\u015ft\u00fc, Roche %2,5 y\u00fckseldi.<\/p>\n\n

Jeopolitik geli\u015fmeler faizler ve emtialar\u0131 y\u00f6nlendirdi. ABD CENTCOM, \u0130ran\u2019a y\u00f6nelik sald\u0131r\u0131larda 12\u2019nci ard\u0131\u015f\u0131k geceyi kayda ge\u00e7ti; ilk B-1 g\u00f6revine i\u015faret eden haberler \u00f6ne \u00e7\u0131karken \u0130ran\u2019\u0131n Kuveyt\u2019teki ABD \u00fcslerini hedef ald\u0131\u011f\u0131 ve Kuveyt hava savunmas\u0131n\u0131n \u0130HA\u2019lar\u0131 \u00f6nledi\u011fi bildirildi. IRGC, H\u00fcrm\u00fcz\u2019\u00fcn g\u00fcneyinde \u00fc\u00e7 petrol tankerinden birinde yang\u0131n \u00e7\u0131kt\u0131\u011f\u0131n\u0131 s\u00f6yledi; Husiler ise K\u0131z\u0131ldeniz\u2019de Encelia dahil Suudi tankerlerine sald\u0131rd\u0131klar\u0131n\u0131, m\u00fcrettebat\u0131n g\u00fcvende oldu\u011funu belirtti. Brent yakla\u015f\u0131k %3,8 art\u0131\u015fla 97,6 $\u2019a (sonras\u0131nda %4,1 art\u0131da), WTI %3,3 y\u00fckseldi. Tahvil getirileri iki ay\u0131n zirvelerine t\u0131rmand\u0131: 10 y\u0131ll\u0131k Bund %3,20, OAT %4,01, gilt %5,08, ABD 10 y\u0131ll\u0131k tahvil %4,68 ve JGB %2,75. Alt\u0131n %1 geriledi (sonras\u0131nda %-0,8). ECB\u2019nin 12:15 GMT\u2019de faizi sabit tutmas\u0131 bekleniyordu; piyasalar bu hafta faiz art\u0131\u015f\u0131 olas\u0131l\u0131\u011f\u0131n\u0131 yakla\u015f\u0131k %5, eyl\u00fclde 25 bp ad\u0131m\u0131 i\u00e7in yakla\u015f\u0131k %84\u201390 fiyatl\u0131yordu. EUR\/USD 1,1425, GBP\/USD 1,3375 (12 ayda 75 bp fiyatlan\u0131yor) ve USD\/JPY 163,40\u2019\u0131n \u00fczerine \u00e7\u0131kt\u0131. Veriler taraf\u0131nda G\u00fcney Kore 2\u00c7 GSYH %0,6 \u00e7\/\u00e7 ve %3,7 y\/y artt\u0131; Avustralya 76,3 bin istihdam ekledi, i\u015fsizlik %4,4 oldu; AB27\u2019de haziran yeni ara\u00e7 tescilleri \u00f6nceki %3,2\u2019ye kar\u015f\u0131 %13,6 y\u00fckseldi; Tayvan sanayi \u00fcretimi %23,0 y\/y artt\u0131.<\/p>\n\n

Petrol, Faiz ve Oynakl\u0131k \u015eoklar\u0131na G\u00f6re Pozisyon Alma<\/h3>\n

K\u0131z\u0131ldeniz ve H\u00fcrm\u00fcz Bo\u011faz\u0131\u2019nda t\u0131rmanan gerilim nedeniyle Brent\u2019in varil ba\u015f\u0131na 100 $\u2019a yakla\u015fmas\u0131yla kal\u0131c\u0131 bir petrol fiyat \u015fokuna g\u00f6re pozisyon almal\u0131y\u0131z. Tarihsel olarak 2022 enerji krizi gibi jeopolitik arz \u015foklar\u0131nda, ani kesintilere kar\u015f\u0131 korunma ama\u00e7l\u0131 i\u015flemlerle ham petrol call opsiyonu hacimleri %45\u2019in \u00fczerinde artt\u0131. Denizcilik riskleri geni\u015flerken ilave yukar\u0131 potansiyeli yakalamak i\u00e7in \u201cout-of-the-money\u201d Brent call opsiyonlar\u0131 al\u0131nmas\u0131n\u0131 \u00f6neriyoruz.<\/p>\n\n

K\u00fcresel tahvil getirileri\u2014\u00f6rne\u011fin 10 y\u0131ll\u0131k giltlerin %5,08\u2019e ve ABD 10 y\u0131ll\u0131k tahvillerin %4,68\u2019e \u00e7\u0131kmas\u0131yla\u2014\u00e7ok ayl\u0131k zirvelere ula\u015f\u0131rken, faizlerde kal\u0131c\u0131 yukar\u0131 y\u00f6nl\u00fc bask\u0131ya haz\u0131rl\u0131kl\u0131 olmal\u0131y\u0131z. Tarihsel olarak gilt getirileri %5\u2019in \u00fczerine \u00e7\u0131kt\u0131\u011f\u0131nda, MOVE endeksi gibi sabit getirili oynakl\u0131k endeksleri s\u0131kl\u0131kla 120 puan\u0131n \u00fczerine t\u0131rman\u0131r. Enerji kaynakl\u0131 enflasyonun yeniden h\u0131zlanmas\u0131 kar\u015f\u0131s\u0131nda merkez bankalar\u0131 bask\u0131 alt\u0131ndayken, uzun vadeli devlet tahvili vadeli i\u015flemlerinde put opsiyonlar\u0131 alarak tahvil fiyatlar\u0131ndaki d\u00fc\u015f\u00fc\u015ften faydalanmay\u0131 \u00f6neriyoruz.<\/p>\n\n

Devasa AI altyap\u0131 harcamalar\u0131 ile k\u0131sa vadeli getirilerde zay\u0131flama aras\u0131ndaki sert tezat, STMicroelectronics\u2019in %15\u2019e varan d\u00fc\u015f\u00fc\u015f\u00fcnde g\u00f6r\u00fcld\u00fc\u011f\u00fc \u00fczere teknoloji sekt\u00f6r\u00fcnde b\u00fcy\u00fck dalgalanmalar\u0131 tetikliyor. B\u00fcy\u00fck teknoloji oyuncular\u0131 capex hedeflerini yukar\u0131 \u00e7ekerken serbest nakit ak\u0131\u015flar\u0131 k\u00fc\u00e7\u00fcld\u00fc\u011f\u00fcnde, teknoloji endekslerinde ima edilen oynakl\u0131k tarihsel olarak takip eden haftalarda %15\u201320 y\u00fckselme e\u011filimi g\u00f6sterir. Yakla\u015fan bilan\u00e7olar \u00f6ncesinde yar\u0131 iletken ETF\u2019lerinde veya hiperskala teknoloji hisselerinde straddle al\u0131m\u0131yla bu ortam de\u011ferlendirilebilir.<\/p>\n\n

Jeopolitik ve Enerji Riskleri i\u00e7in Stratejik \u0130\u015flemler<\/h3>\n

Piyasan\u0131n ECB\u2019nin olas\u0131 eyl\u00fcl faiz art\u0131r\u0131m\u0131na haz\u0131rlanmas\u0131na ra\u011fmen Orta Do\u011fu \u00e7at\u0131\u015fmas\u0131na kar\u015f\u0131 tehlikeli \u00f6l\u00e7\u00fcde rehavette kalmas\u0131yla Euro \u00fczerinde a\u015fa\u011f\u0131 y\u00f6nl\u00fc bask\u0131 bekliyoruz. Tarihsel olarak enerji \u015foklar\u0131 Euro B\u00f6lgesi ekonomisini belirgin \u015fekilde a\u015fa\u011f\u0131 \u00e7eker ve b\u00fcy\u00fck bir petrol fiyat s\u0131\u00e7ramas\u0131n\u0131 izleyen haftalarda EUR\/USD\u2019yi s\u0131kl\u0131kla %2\u20133 a\u015fa\u011f\u0131 iter. Jeopolitik t\u0131rmanma ve Avrupa\u2019da b\u00fcy\u00fcme yava\u015flamas\u0131na kar\u015f\u0131 korunmak i\u00e7in EUR\/USD put opsiyonlar\u0131 al\u0131nmas\u0131 de\u011ferlendirilmeli.<\/p>\n\n\n\n

Hemen i\u015flem yapmaya ba\u015flay\u0131n \u2014 ger\u00e7ek VT Markets hesab\u0131n\u0131z\u0131 olu\u015fturmak i\u00e7in buraya<\/a> t\u0131klay\u0131n.<\/b>\n\n<\/p>","protected":false},"excerpt":{"rendered":"

ABD bilan\u00e7olar\u0131nda capex \u015foku risk i\u015ftah\u0131n\u0131 t\u00f6rp\u00fcledi: Alphabet ve Tesla gerilerken Avrupa zay\u0131f. Orta Do\u011fu gerilimi Brent\u2019i 100$\u2019a yakla\u015ft\u0131rd\u0131, tahvil faizleri s\u0131\u00e7rad\u0131; opsiyonla korunma \u00f6ne \u00e7\u0131k\u0131yor.<\/p>\n","protected":false},"author":87,"featured_media":49959,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[71],"tags":[],"class_list":["post-51546","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\/51546","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=51546"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/posts\/51546\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/media\/49959"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/media?parent=51546"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/categories?post=51546"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/tags?post=51546"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}