<\/p>\n
Orta Do\u011fu’da devam eden \u00e7at\u0131\u015fmalar ve tansiyonun daha geni\u015f \u00e7evrelere yay\u0131lma ihtimaline kar\u015f\u0131n tahvil faizleri y\u00fckseli\u015f e\u011filimini s\u00fcrd\u00fcr\u00fcyor.<\/p>\n
Analistler, tahvil faizleri ile tahvil fiyatlar\u0131n\u0131n ters y\u00f6nde hareket etti\u011fini hat\u0131rlatarak, y\u00fckselen tahvil faizinin asl\u0131nda “tahvilin fiyat\u0131n\u0131n d\u00fc\u015fmesi ve tahvil sat\u0131\u015flar\u0131n\u0131n artt\u0131\u011f\u0131” anlam\u0131na geldi\u011fini bildirdi.<\/p>\n
ABD Merkez Bankas\u0131’n\u0131n (Fed) politika faizini beklenenden daha uzun s\u00fcre bu seviyelerde tutabilece\u011fi endi\u015fesi s\u00f6z konusu bask\u0131y\u0131 desteklerken, \u00fclkede ekonomik aktivitenin istenilen d\u00fczeyde yava\u015flamad\u0131\u011f\u0131n\u0131 g\u00f6steren makroekonomik veriler de bu seyirde \u00f6nemli rol oynuyor.<\/p>\n
ABD’nin 10 y\u0131ll\u0131k tahvil faizi, ge\u00e7en hafta yakla\u015f\u0131k 30 baz puan y\u00fckseli\u015fle 17 Temmuz 2007’den bu yana en y\u00fcksek haftal\u0131k kapan\u0131\u015f\u0131n\u0131 ger\u00e7ekle\u015ftirirken, yeni haftan\u0131n ilk i\u015flem g\u00fcn\u00fcnde de yakla\u015f\u0131k 6 puan artarak y\u00fczde 4,99’a \u00e7\u0131kt\u0131.<\/p>\n
Almanya’n\u0131n 10 y\u0131ll\u0131k tahvil faizi y\u00fczde 2,94 ile son 12 y\u0131l\u0131n, \u0130ngiltere’nin 10 y\u0131ll\u0131k tahvil faizi de y\u00fczde 4,68 ile son 15 y\u0131l\u0131n zirvesine yak\u0131n seyrediyor.<\/p>\n
Fransa’n\u0131n 10 y\u0131ll\u0131k tahvil faizi y\u00fczde 3,56 ile son 12 y\u0131l\u0131n, \u0130talya’n\u0131n 10 y\u0131ll\u0131k tahvil faizi y\u00fczde 4,93 ve Japonya’n\u0131n 10 y\u0131ll\u0131k tahvil faizi y\u00fczde 0,87 ile son 10 y\u0131l\u0131n en y\u00fckse\u011finde bulunuyor.<\/p>\n
\u00d6zellikle ABD’de g\u00fc\u00e7l\u00fc enflasyon endi\u015felerinin devam etmesi ve makroekonomik verilerin ekonominin hala s\u0131cak kalmay\u0131 s\u00fcrd\u00fcrd\u00fc\u011f\u00fcn\u00fc g\u00f6stermesine dikkati \u00e7eken analistler, bu durumun tahvil piyasalar\u0131ndaki sat\u0131\u015f bask\u0131s\u0131n\u0131n ba\u015fl\u0131ca sebebi konumunda oldu\u011funu bildirdi.<\/p>\n
Analistler, para piyasalar\u0131ndaki fiyatlamalarda Fed’in gelecek 3 toplant\u0131da b\u00fcy\u00fck ihtimalle politika faizini sabit b\u0131rakaca\u011f\u0131n\u0131n \u00f6ng\u00f6r\u00fcld\u00fc\u011f\u00fcn\u00fc, buna kar\u015f\u0131n Fed Ba\u015fkan\u0131 Jerome Powell’\u0131n, ge\u00e7en hafta gerekmesi halinde faiz oranlar\u0131n\u0131 tekrar art\u0131rabilece\u011fine y\u00f6nelik a\u00e7\u0131klamalar\u0131n\u0131n, yat\u0131r\u0131mc\u0131lar\u0131 temkinli olmaya y\u00f6nlendirdi\u011fini kaydetti.<\/p>\n
ABD ba\u015fta olmak \u00fczere bir\u00e7ok \u00fclkenin, yakla\u015fan tahvil ihaleleri oldu\u011funu da hat\u0131rlatan analistler, tahvil arz\u0131ndaki art\u0131\u015fa kar\u015f\u0131n merkez bankalar\u0131n\u0131n geli\u015fmi\u015f \u00fclkelerde tahvil talebi y\u00fck\u00fcn\u00fc \u00e7ekti\u011fini ve bu durumun tahvil faizleri \u00fczerindeki etkisinin s\u0131n\u0131rl\u0131 oldu\u011funu s\u00f6yledi.<\/p>\n
– Tahvil piyasalar\u0131ndaki fiyatlamalar pay piyasalar\u0131n\u0131 da etkiliyor<\/p>\n
Tahvil faizlerinin y\u00fckseli\u015f e\u011filimi, k\u00fcresel piyasalarda yat\u0131r\u0131mc\u0131lar\u0131n karar alma s\u00fcre\u00e7lerini \u00f6nemli derecede etkilerken, bu durum pay piyasalar\u0131nda oynakl\u0131\u011f\u0131n artmas\u0131na neden oluyor.<\/p>\n
Yat\u0131r\u0131mc\u0131lar\u0131n y\u00fczde 5 seviyelerine kadar y\u00fckselen tahvil getirileri kar\u015f\u0131s\u0131nda risk alg\u0131lar\u0131n\u0131n devreye girdi\u011fini aktaran analistler, bu seviyelerdeki getirilerin, baz\u0131 yat\u0131r\u0131mc\u0131lar\u0131 tahvil al\u0131m\u0131na y\u00f6neltmesi nedeniyle pay piyasalar\u0131nda sat\u0131\u015f bask\u0131s\u0131n\u0131n artt\u0131\u011f\u0131n\u0131 ifade etti.<\/p>\n
Analistler, y\u00fckselen tahvil faizlerinin, \u015firketlerin fonlama maliyetlerini de art\u0131rd\u0131\u011f\u0131n\u0131 ve \u015firketlerin karl\u0131l\u0131\u011f\u0131n\u0131 olumsuz etkileyebilece\u011fi endi\u015fesiyle pay piyasalar\u0131ndaki d\u00fc\u015f\u00fc\u015f e\u011filiminde \u00f6nemli rol oynad\u0131\u011f\u0131n\u0131 vurgulad\u0131.<\/p>\n
S\u00f6z konusu geli\u015fmelerle Avrupa pay piyasalar\u0131nda kar\u0131\u015f\u0131k bir seyir \u00f6ne \u00e7\u0131karken, ABD’de endeks vadeli i\u015flem kontralar\u0131 yakla\u015f\u0131k y\u00fczde 0,3 sat\u0131c\u0131l\u0131 seyrediyor.<\/p>\n