{"id":3867,"date":"2011-08-08T09:40:34","date_gmt":"2011-08-08T06:40:34","guid":{"rendered":"http:\/\/www.bilgeyatirimci.com\/?p=3867"},"modified":"2011-08-08T09:40:49","modified_gmt":"2011-08-08T06:40:49","slug":"guvenli-limanda-dalgalanma","status":"publish","type":"post","link":"https:\/\/www.bilgeyatirimci.com\/i\/guvenli-limanda-dalgalanma\/","title":{"rendered":"&#8220;G\u00fcvenli limanda&#8221; dalgalanma"},"content":{"rendered":"<p>\u00dc\u00e7 derecelendirme kurumundan ikisi,\u00a0 ge\u00e7en hafta Amerika&#8217;n\u0131n\u00a0 bor\u00e7 tavan\u0131n\u0131n y\u00fckseltilmesi karar\u0131ndan sonra AAA olan notunu de\u011fi\u015ftirmeyi gerekli g\u00f6rmezlerken, Standart and Poor&#8217;s&#8217;un\u00a0 70 y\u0131ll\u0131k tarihinde ilk kez Amerika&#8217;n\u0131n notunda indirime gitmesi, g\u00f6r\u00fcn\u00fcm\u00fcn\u00fc de negatife \u00e7evirmesi, risksiz getirinin kar\u015f\u0131l\u0131\u011f\u0131 olan Amerikan tahvilinin g\u00fcvenli liman olma \u00f6zelli\u011finin sorgulanmas\u0131na neden oldu. O nedenle b\u00fct\u00fcn geli\u015fmekte olan piyasalarda oldu\u011fu gibi bizim piyasam\u0131zda da bu haftan\u0131n olumsuzluklarla ba\u015flamas\u0131 bekleniyor.<\/p><div class=\"bilge-yaziust\" style=\"margin-top: 10px;margin-bottom: 10px;\" id=\"bilge-3647362080\"><ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-7495567325667578\"\r\n     data-ad-slot=\"9580705384\"\r\n     data-ad-format=\"rectangle\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n(adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p>\u00dc\u00e7 derecelendirme kurulu\u015fundan ikisi Mody&#8217;s ve Fitch bor\u00e7 tavan\u0131 anla\u015fmas\u0131n\u0131n ard\u0131ndan Amerika&#8217;n\u0131n notunda bir de\u011fi\u015fime gitmeyip Amerika&#8217;n\u0131n notunu ge\u00e7en hafta\u00a0 AAA&#8217;da b\u0131rakt\u0131lar. Buna kar\u015f\u0131l\u0131k\u00a0 Standard and Poor&#8217;s 1941 y\u0131l\u0131ndan,\u00a0 kurulu\u015fundan bu yana en y\u00fcksek yat\u0131r\u0131m yap\u0131labilir notunu verdi\u011fi Amerika&#8217;n\u0131n AAA olan notunu AA + seviyesine indirip g\u00f6r\u00fcn\u00fcm\u00fcn\u00fc de negatife \u00e7evirdi. Bunu de\u011ferlendiren baz\u0131 uzmanlar ekonomi kitaplar\u0131na g\u00f6re risksiz getiri olarak tan\u0131mlad\u0131klar\u0131 Amerikan tahvilinin &#8220;g\u00fcvenli liman\u0131nda&#8221; dalgalanma ya\u015fand\u0131\u011f\u0131n\u0131 ve yeni g\u00fcvenli liman aray\u0131\u015f\u0131na girenlerin alt\u0131n g\u00fcm\u00fc\u015f ve \u0130svi\u00e7re frang\u0131na y\u00f6nelebilece\u011fini \u00f6ne s\u00fcrd\u00fcler. Baz\u0131 uzmanlar ise kredi derecelendirme kurumlar\u0131n\u0131n kendi g\u00fcven sorunlar\u0131 oldu\u011funu, bu not d\u00fc\u015f\u00fcrmenin bir olumsuzluk yaratsa da tahvil piyasas\u0131nda hi\u00e7bir \u015fekilde \u00e7\u00f6k\u00fc\u015fe neden olmayaca\u011f\u0131n\u0131 iddia ettiler.<\/p>\n<p>Ancak b\u00fct\u00fcn uzmanlar t\u0131pk\u0131 d\u00fcnya \u00fclkelerinin liderleri gibi yat\u0131r\u0131mc\u0131lar\u0131n da teyakkuz i\u00e7ersinde ve risklerden uzak durmalar\u0131n\u0131 \u00f6neriyorlar. Ayn\u0131 zamanda b\u00fct\u00fcn geli\u015fmekle olan \u00fclke piyasalar\u0131nda ve T\u00fcrkiye&#8217;de yeni ba\u015flayan haftada\u00a0 mali piyasalarda bir \u00e7alkant\u0131 olmas\u0131n\u0131n ka\u00e7\u0131n\u0131lmaz oldu\u011fu konusunda da birle\u015fiyorlar.<\/p>\n<p>Bir ba\u015fka \u00fczerinde durulan konu da Merkez Bankas\u0131&#8217;n\u0131n son ald\u0131\u011f\u0131 \u00f6nlemlerle k\u00fcresel sorunlara kar\u015f\u0131, kriz modunda savunmaya ge\u00e7ti\u011fi de\u011ferlendirmesi. Merkez Bankas\u0131n\u0131n ge\u00e7en hafta i\u00e7inde ald\u0131\u011f\u0131 \u00f6nlemler piyasalarda\u00a0 tam alg\u0131lanmay\u0131p &#8220;\u015fa\u015fk\u0131nl\u0131kla&#8221; kar\u015f\u0131lanm\u0131\u015ft\u0131. Bu nedenle k\u0131sa vadede belirsizli\u011fe neden olaca\u011f\u0131 yorumlar\u0131 yap\u0131lm\u0131\u015ft\u0131. Ancak, Merkez Bankas\u0131&#8217;n\u0131n\u00a0 bu savunma pozisyonunun orta ve uzun vadede, d\u0131\u015far\u0131da ya\u015fanacak olumsuzluklara kar\u015f\u0131 tahribat\u0131 azaltaca\u011f\u0131 d\u00fc\u015f\u00fcncesi son geli\u015fmeler \u00fczerine \u00f6nem kazan\u0131yor. Bu d\u00f6nemde en iyi tutumun risklerden uzak durmak oldu\u011fu konusu a\u011f\u0131rl\u0131k kazan\u0131yor.<\/p>\n<p>Uzmanlar son geli\u015fmenin ard\u0131ndan Amerikan Merkez Bankas\u0131 Fed&#8217;in sal\u0131 g\u00fcn\u00fc yapaca\u011f\u0131 toplant\u0131 kararlar\u0131 ile ay sonunda yap\u0131lacak Jackson Hill toplant\u0131s\u0131n\u0131n ard\u0131ndan a\u00e7\u0131klanacak kararlar\u0131n \u00f6nemli olaca\u011f\u0131n\u0131 belirtiyorlar. Avrupa Merkez Bankas\u0131&#8217;n\u0131n hafta sonunda yapt\u0131\u011f\u0131 toplant\u0131n\u0131n kararlar\u0131n\u0131n a\u00e7\u0131klanmas\u0131n\u0131n da piyasalardaki geli\u015fme a\u00e7\u0131s\u0131ndan \u00f6nemli oldu\u011funu belirtiyorlar. Almanya&#8217;n\u0131n Avrupa Merkez Bankas\u0131&#8217;n\u0131 \u0130talyan tahvili almama y\u00f6n\u00fcnde zorlamas\u0131n\u0131n sonucunun da \u00f6nemli oldu\u011funu iddia ediyorlar. Almanya&#8217;n\u0131n tutumunu s\u00fcrd\u00fcrmesi halinde bunun piyasalarda yeni bir olumsuzluk yaratabilece\u011fi \u00fczerinde duruyorlar.<\/p>\n<p>Do\u011fald\u0131r ki, bu geli\u015fmeler b\u00fct\u00fcn d\u00fcnya geli\u015fen piyasalar\u0131nda oldu\u011fu gibi bizim piyasam\u0131zda da belirsizli\u011fin ve g\u00fcvensizli\u011fin artmas\u0131na neden olacakt\u0131r. Bunun sonucunda borsada d\u00fc\u015f\u00fc\u015f\u00fcn s\u00fcrmesi, dolar\u0131n y\u00fckselmesinin devam\u0131 g\u00fcndeme gelebilecektir. Bize do\u011frudan ba\u011fl\u0131 olmayan bu durum kar\u015f\u0131s\u0131nda &#8220;temkinli&#8221; olmak ve &#8220;risk yaratacak ani davran\u0131\u015flardan ka\u00e7\u0131nmak&#8221;, yat\u0131r\u0131mc\u0131lar a\u00e7\u0131s\u0131ndan do\u011fru tutum olacakt\u0131r.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u00dc\u00e7 derecelendirme kurumundan ikisi,\u00a0 ge\u00e7en hafta Amerika&#8217;n\u0131n\u00a0 bor\u00e7 tavan\u0131n\u0131n y\u00fckseltilmesi karar\u0131ndan sonra AAA olan notunu de\u011fi\u015ftirmeyi gerekli g\u00f6rmezlerken, Standart and Poor&#8217;s&#8217;un\u00a0 70 y\u0131ll\u0131k tarihinde ilk&hellip;<\/p>\n","protected":false},"author":22,"featured_media":903,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-3867","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tumyazilar"],"_links":{"self":[{"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/posts\/3867","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/users\/22"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/comments?post=3867"}],"version-history":[{"count":0,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/posts\/3867\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/media\/903"}],"wp:attachment":[{"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/media?parent=3867"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/categories?post=3867"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/tags?post=3867"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}