Singapur\u2019un i\u015fsizlik oran\u0131 ikinci \u00e7eyrekte %2 seviyesinde ger\u00e7ekle\u015ferek d\u00f6nem boyunca istikrarl\u0131 i\u015fg\u00fcc\u00fc piyasas\u0131 ko\u015fullar\u0131na i\u015faret etti. Bu okuma, y\u0131l ortas\u0131nda i\u015fsizlik g\u00f6r\u00fcn\u00fcm\u00fcne dair bir foto\u011fraf sunuyor ve i\u015fe al\u0131m ivmesi ile i\u015fg\u00fcc\u00fcne kat\u0131l\u0131m e\u011filimlerindeki de\u011fi\u015fimleri takip etmek i\u00e7in yayg\u0131n \u015fekilde kullan\u0131l\u0131yor.<\/p>\n
2\u00c7\u2019de %2 seviyesindeki oran, i\u015fg\u00fcc\u00fc piyasas\u0131nda s\u0131n\u0131rl\u0131 at\u0131l kapasiteye i\u015faret ederken; \u00fccret art\u0131\u015flar\u0131, hanehalk\u0131 harcamalar\u0131 ve daha geni\u015f ekonomik aktivite a\u00e7\u0131s\u0131ndan sonu\u00e7lar do\u011furuyor. \u00d6n\u00fcm\u00fczdeki \u00e7eyreklerde ko\u015fullar\u0131n istikrarl\u0131 kal\u0131p kalmad\u0131\u011f\u0131n\u0131 ya da yumu\u015famaya ba\u015flay\u0131p ba\u015flamad\u0131\u011f\u0131n\u0131 de\u011ferlendirmek i\u00e7in bu veri di\u011fer i\u015fg\u00fcc\u00fc g\u00f6stergeleriyle birlikte izlenecek.<\/p>\n
Singapur\u2019un 2\u00c7 i\u015fsizlik oran\u0131n\u0131n s\u0131k\u0131 bir seviye olan %2\u2019de sabit kalmas\u0131, yurt i\u00e7i i\u015fg\u00fcc\u00fc piyasas\u0131n\u0131n ola\u011fan\u00fcst\u00fc dayan\u0131kl\u0131l\u0131\u011f\u0131n\u0131 korudu\u011funu teyit ediyor. Bu kal\u0131c\u0131 s\u0131k\u0131l\u0131\u011f\u0131n, \u00f6n\u00fcm\u00fczdeki \u00e7eyreklerde \u00fccret art\u0131\u015flar\u0131n\u0131 desteklemeyi s\u00fcrd\u00fcrmesini ve yurt i\u00e7i hizmet enflasyonunu kat\u0131 (yap\u0131\u015fkan) tutmas\u0131n\u0131 bekliyoruz. T\u00fcrev i\u015flemcileri a\u00e7\u0131s\u0131ndan bu g\u00fc\u00e7l\u00fc ekonomik zemin, Singapur Para Otoritesi\u2019nin (MAS) yak\u0131n vadede bir parasal gev\u015femeye gitme olas\u0131l\u0131\u011f\u0131n\u0131 neredeyse ortadan kald\u0131r\u0131yor.<\/p>\n
D\u00f6viz yat\u0131r\u0131mc\u0131lar\u0131na, ABD Dolar\u0131\u2019na (USD) kar\u015f\u0131 k\u0131sa vadeli Singapur Dolar\u0131 (SGD) al\u0131m (call) opsiyonlar\u0131 alarak SGD\u2019de s\u00fcregelen g\u00fcce pozisyon al\u0131nmas\u0131n\u0131 \u00f6neriyoruz. Tarihsel olarak yerel i\u015fsizlik oran\u0131 %2 e\u015fi\u011finde veya alt\u0131nda seyretti\u011finde MAS, enflasyonu \u00e7\u0131palamak amac\u0131yla SGD Nominal Efektif D\u00f6viz Kuru\u2019nu (NEER) de\u011ferlenme patikas\u0131nda tutmay\u0131 tercih ediyor. Mevcut piyasa fiyatlamas\u0131ndan yararlanarak \u00f6n\u00fcm\u00fczdeki birka\u00e7 hafta i\u00e7in SGD g\u00fcc\u00fcn\u00fc kilitlemek, olduk\u00e7a elveri\u015fli bir risk-getiri profili sunuyor.<\/p>\n
Faiz t\u00fcrevleri piyasas\u0131nda, yurt i\u00e7i likiditenin s\u0131k\u0131 olmas\u0131 nedeniyle Singapur Gecelik Ortalama Faiz Oran\u0131\u2019n\u0131n (SORA) y\u00fcksek seyrini korumas\u0131n\u0131 bekliyoruz. Yat\u0131r\u0131mc\u0131lar, faizlerin daha uzun s\u00fcre y\u00fcksek kalmas\u0131ndan yararlanmak i\u00e7in 1 y\u0131ll\u0131k SORA gecelik endeksli swaplarda (OIS) sabit faiz \u00f6deyen pozisyon (pay fixed) almay\u0131 de\u011ferlendirmeli. Bu yakla\u015f\u0131m, s\u0131k\u0131 i\u015fg\u00fcc\u00fc piyasas\u0131n\u0131n, k\u00fcresel merkez bankalar\u0131 gev\u015femeye ba\u015flasa bile, yurt i\u00e7i swap faizlerinde a\u015fa\u011f\u0131 y\u00f6nl\u00fc d\u00f6n\u00fc\u015f\u00fc geciktirdi\u011fi tarihsel d\u00f6ng\u00fclerle de destekleniyor.<\/p>\n
Hisse senedi t\u00fcrevleri i\u015flemcileri i\u00e7in, emek yo\u011fun sekt\u00f6rlerde marj daralmas\u0131na kar\u015f\u0131 korunma amac\u0131yla MSCI Singapur Endeksi \u00fczerinde sat\u0131m (put) opsiyonlar\u0131n\u0131n kullan\u0131lmas\u0131n\u0131 \u00f6neriyoruz. Yerel bankalar y\u00fcksek faizlerin s\u00fcrmesinden fayda sa\u011flayacak olsa da, artan \u00fccret faturalar\u0131 sanayi ve t\u00fcketici hizmetleri \u015firketlerinin k\u00e2r marjlar\u0131n\u0131 ka\u00e7\u0131n\u0131lmaz olarak bask\u0131layacakt\u0131r. Bu savunmac\u0131 opsiyon stratejilerinin \u015fimdiden devreye al\u0131nmas\u0131, s\u00f6z konusu kurumsal maliyet bask\u0131lar\u0131 yo\u011funla\u015ft\u0131k\u00e7a daha geni\u015f portf\u00f6y getirilerinin korunmas\u0131na yard\u0131mc\u0131 olacakt\u0131r.<\/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":" Singapur\u2019da i\u015fsizlik 2\u00c7\u2019de %2\u2019de kald\u0131: s\u0131k\u0131 istihdam \u00fccretleri ve hizmet enflasyonunu diri tutabilir. MAS gev\u015femesi zay\u0131f; SGD call, 1Y SORA pay-fixed; MSCI Singapur\u2019da putla korunma.<\/p>\n","protected":false},"author":87,"featured_media":49977,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[71],"tags":[],"class_list":["post-52099","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-live-updates"],"acf":{"acf_article_selection_author":null},"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t