{"id":83828,"date":"2016-08-25T12:57:24","date_gmt":"2016-08-25T10:57:24","guid":{"rendered":"http:\/\/gazdasagportal.hu\/?p=83828"},"modified":"2016-08-25T12:57:24","modified_gmt":"2016-08-25T10:57:24","slug":"egyre-tobb-hosszu-tavu-erv-mutat-arra-hogy-kockazatosak-a-reszvenypiacok","status":"publish","type":"post","link":"https:\/\/gazdasagportal.hu\/index.php\/egyre-tobb-hosszu-tavu-erv-mutat-arra-hogy-kockazatosak-a-reszvenypiacok\/","title":{"rendered":"Egyre t\u00f6bb hossz\u00fa t\u00e1v\u00fa \u00e9rv mutat arra, hogy kock\u00e1zatosak a r\u00e9szv\u00e9nypiacok"},"content":{"rendered":"<p><strong>Most mindenki a Jackson Hole jegybank\u00e1ri konferenci\u00e1t\u00f3l v\u00e1rja, hogy a besz\u0171k\u00fclt piacot felr\u00e1zza p\u00e1r h\u00faz\u00f3s nyilatkozat. De m\u00e1s t\u00e9nyez\u0151ket is illene figyelembe venni, mint p\u00e9ld\u00e1ul a v\u00e1llalati eredm\u00e9nyess\u00e9gek, a short \u00e1llom\u00e1ny, a FED kamatemel\u00e9se, politikai kock\u00e1zatok, szezonalit\u00e1s.<\/strong><!--more--><\/p>\n<div class=\"ads-in-post1\"><div id=\"gazdasagportal.hu_fullbanner_wideboard\"><\/div>\r\n<\/div>\n<p>A m\u00e9rleg pozit\u00edv serpeny\u0151j\u00e9ben v\u00e1ltozatlanul ott van a bevallottan az unalomig ism\u00e9telt jegybanki stimulus hat\u00e1s. A nagy jegybankok QE (quantitative easing, vagyis mennyis\u00e9gi laz\u00edt\u00e1s: a k\u00f6zponti bankok n\u00f6velik a p\u00e9nzmennyis\u00e9get a gazdas\u00e1gban az\u00e1ltal, hogy \u00e1llam- \u00e9s mag\u00e1nszektorbeli k\u00f6tv\u00e9nyeket (ad\u00f3ss\u00e1got) v\u00e1s\u00e1rolnak) programjai k\u00f6vetkezt\u00e9ben megn\u0151tt p\u00e9nzmennyis\u00e9g a piacokon csap\u00f3dik le \u00e9s ez n\u00f6veli az \u00e1rfolyamokat.<\/p>\n<p><a href=\"https:\/\/gazdasagportal.hu\/wp-content\/uploads\/2016\/06\/stock-down-tozsde-eses-zuhanas.jpg\"><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/gazdasagportal.hu\/wp-content\/uploads\/2016\/06\/stock-down-tozsde-eses-zuhanas-300x199.jpg\" alt=\"stock-down-tozsde-eses-zuhanas\" width=\"300\" height=\"199\" class=\"alignleft size-medium wp-image-81434\" srcset=\"https:\/\/gazdasagportal.hu\/wp-content\/uploads\/2016\/06\/stock-down-tozsde-eses-zuhanas-300x199.jpg 300w, https:\/\/gazdasagportal.hu\/wp-content\/uploads\/2016\/06\/stock-down-tozsde-eses-zuhanas-1024x682.jpg 1024w, https:\/\/gazdasagportal.hu\/wp-content\/uploads\/2016\/06\/stock-down-tozsde-eses-zuhanas.jpg 1240w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/><\/a>Viszont ha megn\u00e9zz\u00fck, a m\u00e9rleg negat\u00edv serpeny\u0151je k\u00e9t r\u00e9szre bonthat\u00f3. Egyr\u00e9szt megtal\u00e1lhat\u00f3ak itt a QE-programok kev\u00e9sb\u00e9 \u00e1tbesz\u00e9lt, negat\u00edv hat\u00e1sai. Ezek k\u00f6z\u00f6tt kiemelend\u0151 a m\u00falt h\u00e9ten Bill Gross \u00e1ltal is jelzett beruh\u00e1z\u00e1sok \u00e9s produktivit\u00e1s lassul\u00e1sa, ami semmik\u00e9ppen nem tesz j\u00f3t a gazdas\u00e1gnak. M\u00e1sr\u00e9szt, szint\u00e9n a negat\u00edv serpeny\u0151ben jelenik meg az a j\u00f3 p\u00e1r t\u00e9nyez\u0151, amit a Bank of America n\u00e9h\u00e1ny nappal ezel\u0151tt egy elemz\u00e9sben \u00f6sszefoglalt, t\u00f6bb pontba szedve:<\/p><div id=\"gazda-3125190208\" class=\"gazda-tartalomban gazda-entity-placement\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-layout-key=\"-6t+ed+2i-1n-4w\"\r\n     data-ad-client=\"ca-pub-1959107119989764\"\r\n     data-ad-slot=\"4008251320\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p>    &#8211; v\u00e1llalati szektor nyeres\u00e9gess\u00e9ge<\/p>\n<p>    &#8211; piaci short \u00e1llom\u00e1ny cs\u00f6kken\u00e9s<\/p>\n<p>    &#8211; politikai kock\u00e1zatok<\/p>\n<p>    &#8211; FED kamatemel\u00e9s<\/p>\n<p>    &#8211; szeptember szezonalit\u00e1sa<\/p>\n<p>Pleschinger Gyula (az MKB Bank igazgat\u00f3ja) szerint ezeket a faktorokat figyelembe v\u00e9ve v\u00e1ltozatlanul \u00fagy gondolj\u00e1k, hogy a r\u00e9szv\u00e9nypiaci befektet\u00e9sek ilyen magas \u00e1rfolyamszintek mellett kock\u00e1zatosak \u00e9s r\u00f6vid t\u00e1von ink\u00e1bb az \u00f3vatosabb befektet\u00e9si strat\u00e9gi\u00e1kat javasolj\u00e1k.<\/p>\n<p><iframe loading=\"lazy\" width=\"509\" height=\"319\" src=\"http:\/\/gazdasagtv.hu\/iframe.php?id=10531\" style=\"border: none; overflow: hidden\" scrolling=\"no\"><\/iframe><br \/>Forr\u00e1s: <a href=\"http:\/\/gazdasagtv.hu\" style=\"color: #df1100; font-weight: bold; text-decoration: none;\" target=\"_blank\" rel=\"noopener\">Gazdas\u00e1gTV.hu<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Most mindenki a Jackson Hole jegybank\u00e1ri konferenci\u00e1t\u00f3l v\u00e1rja, hogy a besz\u0171k\u00fclt piacot felr\u00e1zza p\u00e1r h\u00faz\u00f3s nyilatkozat. De m\u00e1s t\u00e9nyez\u0151ket is illene figyelembe venni, mint p\u00e9ld\u00e1ul a v\u00e1llalati eredm\u00e9nyess\u00e9gek, a short \u00e1llom\u00e1ny, a FED kamatemel\u00e9se, politikai kock\u00e1zatok, szezonalit\u00e1s.<\/p>\n","protected":false},"author":1,"featured_media":81434,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[146,389,8,7],"tags":[],"_links":{"self":[{"href":"https:\/\/gazdasagportal.hu\/index.php\/wp-json\/wp\/v2\/posts\/83828"}],"collection":[{"href":"https:\/\/gazdasagportal.hu\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/gazdasagportal.hu\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/gazdasagportal.hu\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/gazdasagportal.hu\/index.php\/wp-json\/wp\/v2\/comments?post=83828"}],"version-history":[{"count":1,"href":"https:\/\/gazdasagportal.hu\/index.php\/wp-json\/wp\/v2\/posts\/83828\/revisions"}],"predecessor-version":[{"id":83829,"href":"https:\/\/gazdasagportal.hu\/index.php\/wp-json\/wp\/v2\/posts\/83828\/revisions\/83829"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/gazdasagportal.hu\/index.php\/wp-json\/wp\/v2\/media\/81434"}],"wp:attachment":[{"href":"https:\/\/gazdasagportal.hu\/index.php\/wp-json\/wp\/v2\/media?parent=83828"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/gazdasagportal.hu\/index.php\/wp-json\/wp\/v2\/categories?post=83828"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/gazdasagportal.hu\/index.php\/wp-json\/wp\/v2\/tags?post=83828"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}