A1 Capital taraf\u0131ndan yay\u0131mlanan G\u00fcnl\u00fck B\u00fclten\u2019de, Hazine\u2019nin 10-30 y\u0131l vadeli tahvillerde geri al\u0131m b\u00fcy\u00fckl\u00fc\u011f\u00fcn\u00fc i\u015flem ba\u015f\u0131na en az 4 milyar dolara \u00e7\u0131karma karar\u0131n\u0131n ilk etapta uzun vadeli faizleri a\u015fa\u011f\u0131 \u00e7ekti\u011fi belirtildi. Ancak piyasan\u0131n bu ad\u0131m\u0131n yap\u0131sal sorunu \u00e7\u00f6zmedi\u011fi kanaatine vard\u0131\u011f\u0131, ABD\u2019nin y\u00fcksek b\u00fct\u00e7e a\u00e7\u0131\u011f\u0131, 40 trilyon dolar\u0131 a\u015fan kamu borcu, artan tahvil arz\u0131 ve petrol kaynakl\u0131 enflasyon riski nedeniyle sat\u0131\u015flar\u0131n geri geldi\u011fi aktar\u0131ld\u0131. G\u00fcn i\u00e7inde ABD 30 y\u0131ll\u0131k tahvil faizinin yeniden yakla\u015f\u0131k y\u00fczde 5,23\u2019e, 10 y\u0131ll\u0131k tahvil faizinin ise y\u00fczde 4,69 civar\u0131na y\u00fckseldi\u011fi ifade edildi.<\/p>\n
Hazine\u2019nin hamlesinin piyasaya bir miktar likidite sa\u011flad\u0131\u011f\u0131 ancak faizlerin y\u00fckselme nedenini ortadan kald\u0131rmad\u0131\u011f\u0131 kaydedildi. Y\u00fcksek iskonto oranlar\u0131n\u0131n \u00f6zellikle uzun vadeli nakit ak\u0131mlar\u0131na y\u00fcksek de\u011fer bi\u00e7ilen teknoloji ve b\u00fcy\u00fcme hisseleri a\u00e7\u0131s\u0131ndan negatif oldu\u011fu belirtildi. Wall Street\u2019te sat\u0131\u015f\u0131n tek nedeninin tahvil faizleri olmad\u0131\u011f\u0131 ifade edilen b\u00fcltende, Walmart\u2019\u0131n bilan\u00e7osunun da t\u00fcketici taraf\u0131ndaki endi\u015feleri art\u0131rd\u0131\u011f\u0131 aktar\u0131ld\u0131. Walmart\u2019\u0131n ABD ayn\u0131 ma\u011faza sat\u0131\u015flar\u0131n\u0131n yaln\u0131zca y\u00fczde 2,6 artt\u0131\u011f\u0131, beklentinin yakla\u015f\u0131k y\u00fczde 3,8 oldu\u011fu ve bunun \u015firket i\u00e7in son alt\u0131 y\u0131l\u0131n en zay\u0131f kar\u015f\u0131la\u015ft\u0131r\u0131labilir sat\u0131\u015f b\u00fcy\u00fcmesi oldu\u011fu belirtildi. Walmart hissesinin yakla\u015f\u0131k y\u00fczde 10 geriledi\u011fi kaydedildi.<\/p>\n
Walmart\u2019\u0131n y\u00fcksek benzin fiyatlar\u0131 ve ya\u015fam maliyetinin \u00f6zellikle d\u00fc\u015f\u00fck ve orta gelirli t\u00fcketicilerin harcama davran\u0131\u015f\u0131n\u0131 bozdu\u011funa y\u00f6nelik de\u011ferlendirmelerine yer verilen b\u00fcltende, t\u00fcketicilerin temel ihtiya\u00e7 \u00fcr\u00fcnlerine daha fazla y\u00f6neldi\u011fi ve ihtiyari harcamalarda daha se\u00e7ici davrand\u0131\u011f\u0131 aktar\u0131ld\u0131. Zay\u0131f ayn\u0131 ma\u011faza sat\u0131\u015flar\u0131n\u0131n ABD t\u00fcketicisinin durumuna ili\u015fkin endi\u015feleri yeniden g\u00fcndeme getirdi\u011fi ifade edildi. Makro verilerin ise t\u00fcketici g\u00f6r\u00fcn\u00fcm\u00fcnden daha g\u00fc\u00e7l\u00fc geldi\u011fi belirtildi. ABD haftal\u0131k i\u015fsizlik maa\u015f\u0131 ba\u015fvurular\u0131n\u0131n 206 bin ile beklentinin alt\u0131nda kald\u0131\u011f\u0131, Philadelphia Fed imalat endeksinin 41,4\u2019ten 47,4\u2019e y\u00fckseldi\u011fi ve piyasan\u0131n yakla\u015f\u0131k 24 seviyesinde beklenti ta\u015f\u0131d\u0131\u011f\u0131 aktar\u0131ld\u0131. \u0130stihdam alt endeksinin de g\u00fc\u00e7l\u00fc geldi\u011fi kaydedildi. G\u00fc\u00e7l\u00fc verilerin ABD ekonomisinin dayan\u0131kl\u0131l\u0131\u011f\u0131na i\u015faret etmesine kar\u015f\u0131n Fed\u2019in faiz art\u0131r\u0131m\u0131 i\u00e7in alan\u0131 oldu\u011fu beklentisini destekledi\u011fi ve tahvil faizlerinin a\u015fa\u011f\u0131 gelmesini zorla\u015ft\u0131rd\u0131\u011f\u0131 ifade edildi.<\/p>\n
Fed taraf\u0131nda FOMC tutanaklar\u0131n\u0131n etkisinin s\u00fcrd\u00fc\u011f\u00fc belirtilirken, bir\u00e7ok \u00fcyenin enflasyonun y\u00fczde 2 hedefine yeterince h\u0131zl\u0131 yakla\u015fmamas\u0131 halinde ek faiz art\u0131r\u0131m\u0131na a\u00e7\u0131k oldu\u011fu aktar\u0131ld\u0131. Petrol fiyatlar\u0131n\u0131n 90 dolar\u0131n \u00fczerinde kalmas\u0131n\u0131n da Fed\u2019in tamamen kenara \u00e7ekildi\u011fi beklentisini desteklemedi\u011fi kaydedildi. Almanya\u2019da \u00fcretici fiyatlar\u0131n\u0131n \u00fc\u00e7 y\u0131ldan uzun s\u00fcrenin en h\u0131zl\u0131 art\u0131\u015f\u0131n\u0131 g\u00f6stermesinin Avrupa\u2019daki enflasyon kayg\u0131lar\u0131n\u0131 canl\u0131 tuttu\u011fu belirtildi. Brent petrol\u00fcn 90 dolar\u0131n \u00fczerinde kalmas\u0131n\u0131n Avrupa\u2019n\u0131n ithalat faturas\u0131n\u0131 y\u00fckseltti\u011fi, \u015firket maliyetlerini art\u0131rd\u0131\u011f\u0131 ve ECB\u2019nin faiz art\u0131rma ihtimalini g\u00fc\u00e7lendirdi\u011fi ifade edildi.<\/p>\n
\u00c7in taraf\u0131nda temmuz ay\u0131 sanayi \u00fcretimi, perakende sat\u0131\u015flar ve kredi verilerinin zay\u0131f olmas\u0131na ra\u011fmen Pekin\u2019in faizleri agresif \u015fekilde indirmek istemedi\u011fi aktar\u0131ld\u0131. Bankalar\u0131n net faiz marjlar\u0131n\u0131n \u00e7ok d\u00fc\u015fm\u00fc\u015f olmas\u0131n\u0131n parasal gev\u015feme alan\u0131n\u0131 s\u0131n\u0131rlad\u0131\u011f\u0131, bunun yerine altyap\u0131 harcamalar\u0131 ve se\u00e7ici mali te\u015fviklerle b\u00fcy\u00fcmenin desteklenmesinin tercih edildi\u011fi belirtildi. \u00c7in piyasas\u0131nda geni\u015f tabanl\u0131 bir ucuz para rallisi yerine daha se\u00e7ici bir g\u00f6r\u00fcn\u00fcm bulundu\u011fu, AI, robotik, yar\u0131 iletken ve stratejik teknoloji hisselerinin destek bulabilece\u011fi, i\u00e7 t\u00fcketime ve gayrimenkule ba\u011fl\u0131 \u015firketlerde ise makro g\u00f6r\u00fcn\u00fcm\u00fcn daha zay\u0131f oldu\u011fu ifade edildi. Alt\u0131n taraf\u0131nda ise bir \u00f6nceki g\u00fcn ABD Hazine hamlesiyle dolar ve tahvil faizlerinin gerilemesinin ons alt\u0131n\u0131 4.500 dolar\u0131n \u00fczerine ta\u015f\u0131d\u0131\u011f\u0131, ancak 20 A\u011fustos\u2019ta uzun vadeli faizlerin yeniden y\u00fckselmesinin alt\u0131n\u0131n yukar\u0131 hareketini s\u0131n\u0131rlad\u0131\u011f\u0131 belirtildi. Jeopolitik risk ve y\u00fcksek kamu borcunun alt\u0131n\u0131 desteklerken y\u00fcksek reel faizlerin bask\u0131 olu\u015fturdu\u011fu kaydedildi.<\/p>\n
Yurti\u00e7i piyasalarda \u00f6nceki g\u00fcnk\u00fc y\u00fczde 2,3\u2019l\u00fck y\u00fckseli\u015fin ard\u0131ndan bir miktar kar realizasyonunun beklendi\u011fi belirtildi. BIST Banka\u2019n\u0131n yakla\u015f\u0131k y\u00fczde 1,7 d\u00fc\u015ferek 15.680 civar\u0131na geriledi\u011fi ve endeksin genelinden daha k\u00f6t\u00fc performans g\u00f6sterdi\u011fi aktar\u0131ld\u0131. Bu g\u00f6r\u00fcn\u00fcmde k\u00fcresel uzun vadeli faizlerin yeniden y\u00fckselmesi, i\u00e7eride TL faizlerin y\u00fcksek seyretmesi ve yabanc\u0131 yat\u0131r\u0131mc\u0131n\u0131n tahvil taraf\u0131nda yeniden sat\u0131\u015fa d\u00f6nmesinin etkili oldu\u011fu ifade edildi.<\/p>\n
TCMB menkul k\u0131ymet istatistiklerine g\u00f6re yabanc\u0131 yat\u0131r\u0131mc\u0131n\u0131n 14 A\u011fustos haftas\u0131nda 176,1 milyon dolarl\u0131k hisse ald\u0131\u011f\u0131, buna kar\u015f\u0131l\u0131k D\u0130BS taraf\u0131nda yakla\u015f\u0131k 306 milyon dolarl\u0131k sat\u0131\u015f yapt\u0131\u011f\u0131 belirtildi. B\u00f6ylece yabanc\u0131 yat\u0131r\u0131mc\u0131n\u0131n tahvilde dokuz haftan\u0131n ard\u0131ndan yeniden sat\u0131c\u0131 konumuna ge\u00e7ti\u011fi aktar\u0131ld\u0131.<\/p>\n
BIST\u2019te hikayenin bozulmad\u0131\u011f\u0131 ancak 14.500 civar\u0131nda kar realizasyonunun ba\u015flad\u0131\u011f\u0131 de\u011ferlendirilirken, yabanc\u0131 yat\u0131r\u0131mc\u0131n\u0131n tahvilde sat\u0131\u015f yaparken hisse almaya devam etmesinin dikkat \u00e7ekti\u011fi ifade edildi. \u00d6n\u00fcm\u00fczdeki hafta TCMB haftal\u0131k verilerinde yabanc\u0131 hisse al\u0131m\u0131n\u0131n devam etmesi ve D\u0130BS sat\u0131\u015f\u0131n\u0131n durmas\u0131n\u0131n BIST a\u00e7\u0131s\u0131ndan daha g\u00fc\u00e7l\u00fc bir sinyal olaca\u011f\u0131, tahvil sat\u0131\u015f\u0131n\u0131n hisse taraf\u0131na da yay\u0131lmas\u0131 halinde ise mevcut hareketin kar realizasyonundan ziyade global riskten ka\u00e7\u0131\u015f\u0131n T\u00fcrkiye\u2019ye yans\u0131mas\u0131 olarak de\u011ferlendirilebilece\u011fi kaydedildi.<\/p>\n
<\/strong> \u0130stanbul, 21 A\u011fustos (Hibya) \u2013 A1 Capital, ABD Hazine Bakanl\u0131\u011f\u0131\u2019n\u0131n uzun vadeli tahvil geri al\u0131mlar\u0131n\u0131 art\u0131rmas\u0131n\u0131n yaratt\u0131\u011f\u0131 rahatlaman\u0131n d\u00fcn \u00f6\u011fleden sonra da\u011f\u0131ld\u0131\u011f\u0131n\u0131, piyasan\u0131n yeniden y\u00fcksek petrol, y\u00fckselen uzun vadeli tahvil faizleri ve ABD t\u00fcketicisinde yava\u015flama sinyalleri eksenine d\u00f6nd\u00fc\u011f\u00fcn\u00fc duyurdu.<\/p>\n","protected":false},"author":1,"featured_media":136067,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"googlesitekit_rrm_CAow07ekDA:productID":"","footnotes":""},"categories":[12,4,1,9],"tags":[],"class_list":["post-136066","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-spor","category-dunya","category-ekonomi","category-manset"],"_links":{"self":[{"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/posts\/136066","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/comments?post=136066"}],"version-history":[{"count":0,"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/posts\/136066\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/media\/136067"}],"wp:attachment":[{"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/media?parent=136066"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/categories?post=136066"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/tags?post=136066"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nEKONOM\u0130 GAZETES\u0130 <\/p>\n","protected":false},"excerpt":{"rendered":"