{"id":58040,"date":"2025-03-11T17:14:00","date_gmt":"2025-03-11T15:14:00","guid":{"rendered":"https:\/\/economic.karpat.in.ua\/?p=58040"},"modified":"2025-03-10T23:16:58","modified_gmt":"2025-03-10T21:16:58","slug":"a-vamhaboru-maris-ranyomta-a-belyeget-az-amerikai-vallalatokra","status":"publish","type":"post","link":"https:\/\/economic.karpat.in.ua\/?p=58040&lang=hu","title":{"rendered":"A v\u00e1mh\u00e1bor\u00fa m\u00e1ris r\u00e1nyomta a b\u00e9lyeg\u00e9t az amerikai v\u00e1llalatokra"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><strong>A HSBC br\u00f3kerc\u00e9g az amerikai r\u00e9szv\u00e9nyek min\u0151s\u00edt\u00e9s\u00e9t \u201esemlegesre\u201d cs\u00f6kkentette, az eur\u00f3pai r\u00e9szv\u00e9nyek besorol\u00e1s\u00e1t pedig a britek kiv\u00e9tel\u00e9vel \u201ealuls\u00falyoz\u00e1sr\u00f3l\u201d \u201et\u00fals\u00falyoz\u00e1sra\u201d emelte. Az ok a v\u00e1mh\u00e1bor\u00fa. A HSBC szerint az Egyes\u00fclt \u00c1llamok megingott t\u00e1mogat\u00e1sa a NATO \u00e9s Ukrajna ir\u00e1nt egy \u201ev\u00edzv\u00e1laszt\u00f3 pillanat\u201d kataliz\u00e1tora Eur\u00f3pa sz\u00e1m\u00e1ra, de a jelent\u0151s n\u00e9met k\u00f6lts\u00e9gvet\u00e9si \u00f6szt\u00f6nz\u0151k is befoly\u00e1solj\u00e1k a t\u0151zsd\u00e9ket.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">M\u00edg a Trump-korm\u00e1nyzat gazdas\u00e1gpolitikai, els\u0151sorban kereskedelmi l\u00e9p\u00e9sei bizonytalans\u00e1got okoztak, addig Eur\u00f3pa 1200 000 milli\u00e1rd doll\u00e1r \u00e9rt\u00e9kben \u00f6nt p\u00e9nzt a gazdas\u00e1gba, \u00e9s K\u00edna is egyre er\u0151sebb jeleket mutat a technol\u00f3giai versenyben. Mindez azzal j\u00e1r, hogy a befektet\u0151k egyre ink\u00e1bb elfordulnak az Egyes\u00fclt \u00c1llamokt\u00f3l \u2013 magyar\u00e1zza a Reuters elemz\u00e9se.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"682\" src=\"https:\/\/economic.karpat.in.ua\/wp-content\/uploads\/2025\/03\/hsbc.jpg\" alt=\"\" class=\"wp-image-58041\" srcset=\"https:\/\/economic.karpat.in.ua\/wp-content\/uploads\/2025\/03\/hsbc.jpg 1024w, https:\/\/economic.karpat.in.ua\/wp-content\/uploads\/2025\/03\/hsbc-300x200.jpg 300w, https:\/\/economic.karpat.in.ua\/wp-content\/uploads\/2025\/03\/hsbc-768x512.jpg 768w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n<\/div>\n\n\n<p class=\"wp-block-paragraph\">Alastair Pinder, a HSBC glob\u00e1lis r\u00e9szv\u00e9nystrat\u00e9g\u00e1ja hangs\u00falyozta, hogy \u201enem fordulunk negat\u00edv ir\u00e1nyba az amerikai r\u00e9szv\u00e9nyekkel kapcsolatban \u2013 de taktikailag egyel\u0151re m\u00e1shol l\u00e1tunk jobb lehet\u0151s\u00e9geket\u201d.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A bank szerint a kiss\u00e9 gyeng\u00e9bb amerikai n\u00f6veked\u00e9s el\u0151ny\u00f6s lehet, ha kiv\u00e1ltja a Federal Reserve alkalmazkod\u00e1s\u00e1t \u00e9s alacsonyabb k\u00f6tv\u00e9nyhozamokat eredm\u00e9nyez.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Az amerikai r\u00e9szv\u00e9nyek semlegesre t\u00f6rt\u00e9n\u0151 lemin\u0151s\u00edt\u00e9se ellen\u00e9re az HSBC tov\u00e1bbra is optimista az amerikai technol\u00f3giai r\u00e9szv\u00e9nyek \u00e9rt\u00e9kel\u00e9s\u00e9vel kapcsolatban, mivel a nagy technol\u00f3giai v\u00e1llalatok alulteljes\u00edt\u00e9se nagyobb egy r\u00e9szv\u00e9nyre jut\u00f3 nyeres\u00e9get (EPS) hoz. A bank kiemelte, hogy az amerikai r\u00e9szv\u00e9nyek alapvet\u0151en tov\u00e1bbra is er\u0151sek, \u00e9s 2024 negyedik negyed\u00e9v\u00e9re 18 sz\u00e1zal\u00e9kos r\u00e9szv\u00e9nyenk\u00e9nti profitn\u00f6veked\u00e9st v\u00e1r, ugyanakkor a piac m\u00e1r 2025 els\u0151 fel\u00e9re a nyeres\u00e9gcs\u00f6kken\u00e9ssel sz\u00e1mol.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A bank \u00fagy v\u00e9li, hogy a r\u00e9szv\u00e9nyek k\u00f6z\u00e9p- \u00e9s hossz\u00fa t\u00e1v\u00fa kil\u00e1t\u00e1sai akkor javulhatnak, ha a v\u00e1mhelyzet stabiliz\u00e1l\u00f3dik, \u00e9s tov\u00e1bbi k\u00f6lts\u00e9gvet\u00e9si \u00e9s deregul\u00e1ci\u00f3s int\u00e9zked\u00e9seket vezetnek be az Egyes\u00fclt \u00c1llamokban.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Pinder szerint az amerikai r\u00e9szv\u00e9nyek \u00e1rfolyama volatilis lesz a j\u00f6v\u0151ben, f\u0151leg az \u00e1prilis elej\u00e9n esed\u00e9kes b\u00fcntet\u0151v\u00e1mok fel\u00fclvizsg\u00e1lata miatt, ugyanakkor a k\u00f6zelm\u00faltbeli eur\u00f3pai k\u00f6lts\u00e9gvet\u00e9si fejlem\u00e9nyek \u00e9s K\u00edna magasabb k\u00f6lts\u00e9gvet\u00e9si t\u00e1mogat\u00e1sa pozit\u00edv elmozdul\u00e1st jelezhet a glob\u00e1lis r\u00e9szv\u00e9nypiacnak \u2013 \u00f6sszegezte az investing.com.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A kereskedelmi h\u00e1bor\u00fa miatt az S&amp;P 500 a febru\u00e1r 19-i rekordj\u00e1hoz k\u00e9pest mintegy 6,1 sz\u00e1zal\u00e9kot esett. A Wall Street att\u00f3l tart, hogy a v\u00e1mh\u00e1bor\u00fa er\u0151s\u00f6d\u00e9se miatt cs\u00f6kkennek a v\u00e1llalati profitok \u00e9s az amerikai gazdas\u00e1g recesszi\u00f3ba s\u00fcllyed. Donald Trump eln\u00f6k vas\u00e1rnap elismerte, hogy a v\u00e1mint\u00e9zked\u00e9sei negat\u00edvan \u00e9rinthetik az amerikai gazdas\u00e1got.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"781\" height=\"410\" src=\"https:\/\/economic.karpat.in.ua\/wp-content\/uploads\/2025\/03\/grafi.jpg\" alt=\"\" class=\"wp-image-58042\" srcset=\"https:\/\/economic.karpat.in.ua\/wp-content\/uploads\/2025\/03\/grafi.jpg 781w, https:\/\/economic.karpat.in.ua\/wp-content\/uploads\/2025\/03\/grafi-300x157.jpg 300w, https:\/\/economic.karpat.in.ua\/wp-content\/uploads\/2025\/03\/grafi-768x403.jpg 768w\" sizes=\"auto, (max-width: 781px) 100vw, 781px\" \/><\/figure>\n<\/div>\n\n\n<p class=\"wp-block-paragraph\">Michael Wilson, a Morgan Stanley r\u00e9szv\u00e9nystrat\u00e9g\u00e1ja h\u00e9tf\u0151i jegyzete szerint a technol\u00f3giai r\u00e9szv\u00e9nyek \u00e1tlag\u00e1t mutat\u00f3 index az \u00e9v k\u00f6zep\u00e9ig tov\u00e1bbi 5 sz\u00e1zal\u00e9kkal, 5500 pontra eshet majd az \u00e9vet 6500 pont magass\u00e1g\u00e1ban z\u00e1rhatja, ami 12,7 sz\u00e1zal\u00e9kos emelked\u00e9st jelentene az ir\u00e1nyad\u00f3 index legut\u00f3bbi z\u00e1r\u00f3 \u00e9rt\u00e9k\u00e9hez k\u00e9pest. Az elemz\u0151 volatilit\u00e1st v\u00e1r a technol\u00f3giai r\u00e9szv\u00e9nyek \u00e9rt\u00e9k\u00e9ben.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A HSBC r\u00e1mutat arra is, hogy a glob\u00e1lis v\u00e1mt\u00e9rk\u00e9p \u00f6sszetett, a bev\u00e9telek rugalmass\u00e1ga r\u00e9gi\u00f3nk\u00e9nt elt\u00e9r\u0151. P\u00e9ld\u00e1nak hozta fel, hogy egy 10 sz\u00e1zal\u00e9kos v\u00e1memel\u00e9s jelent\u0151sen befoly\u00e1soln\u00e1 Mexik\u00f3 bev\u00e9teleit, m\u00edg K\u00edn\u00e1ra csak minim\u00e1lis hat\u00e1st gyakorolna.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A c\u00e9g szerint Eur\u00f3p\u00e1ban a v\u00e1llalatok amerikai kitetts\u00e9ge kisebb, mint amennyire a piac azt gondolja. A br\u00f3kerek arra sz\u00e1m\u00edtanak, hogy a leend\u0151 n\u00e9met korm\u00e1nykoal\u00edci\u00f3 megszerzi a Bundestag j\u00f3v\u00e1hagy\u00e1s\u00e1t a fisk\u00e1lis \u00f6szt\u00f6nz\u0151 int\u00e9zked\u00e9sekhez, ami \u201eseg\u00edthet fenntartani az eur\u00f3pai r\u00e9szv\u00e9nyek lend\u00fclet\u00e9t\u201d.<\/p>\n\n\n\n<p class=\"has-text-align-right wp-block-paragraph\"><strong><a href=\"https:\/\/www.vg.hu\/penz-es-tokepiac\/2025\/03\/vamhaboru-maris-leminositettek-az-amerikaiakat?utm_source=hirstart&amp;utm_medium=referral&amp;utm_campaign=hiraggregator\" target=\"_blank\" rel=\"noreferrer noopener\">(vg.hu)<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A HSBC br\u00f3kerc\u00e9g az amerikai r\u00e9szv\u00e9nyek min\u0151s\u00edt\u00e9s\u00e9t \u201esemlegesre\u201d cs\u00f6kkentette, az eur\u00f3pai r\u00e9szv\u00e9nyek besorol\u00e1s\u00e1t pedig a britek kiv\u00e9tel\u00e9vel \u201ealuls\u00falyoz\u00e1sr\u00f3l\u201d \u201et\u00fals\u00falyoz\u00e1sra\u201d emelte. Az ok a v\u00e1mh\u00e1bor\u00fa.<\/p>\n","protected":false},"author":12,"featured_media":58041,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[41,11,39],"tags":[587950,51153,28519],"class_list":["post-58040","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cikkek","category-kiemelt-tema","category-vilag","tag-hsbc-brokerceg","tag-leminosites","tag-vamhaboru"],"_links":{"self":[{"href":"https:\/\/economic.karpat.in.ua\/index.php?rest_route=\/wp\/v2\/posts\/58040","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/economic.karpat.in.ua\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/economic.karpat.in.ua\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/economic.karpat.in.ua\/index.php?rest_route=\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/economic.karpat.in.ua\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=58040"}],"version-history":[{"count":1,"href":"https:\/\/economic.karpat.in.ua\/index.php?rest_route=\/wp\/v2\/posts\/58040\/revisions"}],"predecessor-version":[{"id":58043,"href":"https:\/\/economic.karpat.in.ua\/index.php?rest_route=\/wp\/v2\/posts\/58040\/revisions\/58043"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/economic.karpat.in.ua\/index.php?rest_route=\/wp\/v2\/media\/58041"}],"wp:attachment":[{"href":"https:\/\/economic.karpat.in.ua\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=58040"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/economic.karpat.in.ua\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=58040"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/economic.karpat.in.ua\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=58040"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}