{"id":191677,"date":"2021-03-07T18:03:32","date_gmt":"2021-03-07T18:03:32","guid":{"rendered":"https:\/\/bm.dev.synology.me\/?p=191677"},"modified":"2026-04-08T09:47:32","modified_gmt":"2026-04-08T09:47:32","slug":"schimbari-la-butoanele-bursiere-ursii-iau-locul-taurilor-pe-fondul-cresterii-randamentelor-bondurilor-americane","status":"publish","type":"post","link":"https:\/\/bm.dev.synology.me\/?p=191677","title":{"rendered":"Schimb\u0103ri la butoanele bursiere: ur\u015fii iau locul taurilor pe fondul cre\u015fterii randamentelor bondurilor americane"},"content":{"rendered":"

\nVineri \u00eens\u0103 Wall Street s-a mai \u00eensufle\u0163it dup\u0103 raportul NFP, care a ar\u0103tat o \u00eembun\u0103t\u0103\u0163ire \u015fi o dep\u0103\u015fire a a\u015ftept\u0103rilor de locuri de munc\u0103 nou create.<\/strong><\/p>\n

\nPrima s\u0103pt\u0103m\u00e2n\u0103 din martie a adus sc\u0103deri ample pe bursa american\u0103, determinate \u00een principal de cre\u015fterea randamentelor la certificatele ame\u00adricane de trezorerie pe 10 ani, la circa 1,55% pe an, nivel nemai\u00eent\u00e2lnit din februarie 2020.<\/p>\n

\nCa atare, investitorii s-au \u00eengrijorat \u00een contextul \u00een care randamentele ridicate erodeaz\u0103 fluxurile de cash ale companiilor, ceea ce pune presiune pe profitabilitatea acestora.<\/p>\n

\nIar astfel, primele \u015fedin\u0163e din prim\u0103var\u0103 au adus o schimbare la \u201ebutoanele\u201c bursiere, a\u015fa c\u0103 pie\u0163ele de capital au intrat din coarnele taurilor (bull markets) \u00een col\u0163ii ur\u015filor (bear markets).<\/p>\n

\nEvident, \u00eentrebarea este c\u00e2t va dura aceast\u0103 cre\u015ftere a randamentelor? Padhraic Garvey, \u015feful diviziei de cercetare pentru America din cadrul ING, spune c\u0103 ar putea ajunge la 2% anul acesta, \u00een timp ce al\u0163i anali\u015fti spun c\u0103 bursele, chiar dac\u0103 sunt \u00een sc\u0103dere \u00een ultimele zile, au trecut printr-o corec\u0163ie s\u0103n\u0103toas\u0103, potrivit MarketWatch.<\/p>\n

\nVineri \u00eens\u0103 bursa american\u0103 a fost pe plus \u00een contextul \u00een care raportul non farm payrolls (NFP), cea mai important\u0103 raportare a s\u0103pt\u0103m\u00e2nii, a dep\u0103\u015fit a\u015ftept\u0103rile anali\u015ftilor pe fondul a 379.000 de locuri de munc\u0103 create \u00een februarie. Consensul era de circa 182.000 de locuri de munc\u0103. Chiar dac\u0103 este un c\u00e2\u015ftig, economia american\u0103 \u00eenc\u0103 este la 10 milioane de locuri de munc\u0103 diferen\u0163\u0103 fa\u0163\u0103 de nivelul din februarie 2020, potrivit XTB.<\/p>\n

\n\u00cen Europa, declinul indicelui pan-european Stoxx 600 a fost condus de agen\u0163iile de turism, care se tem c\u0103 sezonul estival ar putea primi o lovitur\u0103 \u015fi anul acesta, iar petrolului a f\u0103cut un salt dup\u0103 ce alian\u0163a OPEC\u0102 i-a surprins pe traderi cu decizia de a men\u0163ine nivelul de produc\u0163ie neschimbat. \u00cen plus, cota\u0163ia barilului West Texas Intermediate a trecut peste pragul de 65 de dolari pentru prima dat\u0103 din ianuarie 2020.<\/p>\n

\nDe regul\u0103, c\u00e2nd ac\u0163iunile sunt \u00een cre\u015ftere, investitorii decid s\u0103 p\u0103r\u0103seasc\u0103 bondurile \u015fi \u00ee\u015fi \u00eendreapt\u0103 aten\u0163ia asupra pie\u0163ei de capital. \u00cen consecin\u0163\u0103, c\u00e2nd bursele revin \u00een mod inevitabil la normal, sau c\u00e2nd apare o problem\u0103 economic\u0103 sever\u0103, investitorii se re\u00eentorc la siguran\u0163a pe care o implic\u0103 bondurile.<\/p>\n

\nZilele trecute, cre\u015fterea randamentelor obliga\u0163iunilor americane a continuat s\u0103 tulbure investitorii din toat\u0103 lumea, care \u00ee\u015fi spun speran\u0163ele \u00een datele Rezervei Federale (Fed). Peste dou\u0103 s\u0103pt\u0103m\u00e2ni, institu\u0163ia va organiza o \u015fedin\u0163\u0103 de politic\u0103 monetar\u0103 \u00eentr-un moment \u00een care optimismul pentru 2022 \u00eencepe s\u0103 creasc\u0103, iar impactul provocat de pandemie continu\u0103 gradual s\u0103 dispar\u0103, fapt ce va rezulta \u00eentr-o performan\u0163\u0103 solid\u0103 a economiei.<\/p>\n

\nPre\u015fedintele Fed, Jerome Powell, a afirmat recent c\u0103 monitorizeaz\u0103 expansiunea randamentelor obliga\u0163iunilor din SUA \u015fi va men\u0163ine creditarea relaxat\u0103 p\u00e2n\u0103 \u00een momentul c\u00e2nd economia va atinge un anumit grad de normalitate, \u00eens\u0103 investitorii r\u0103m\u00e2n sceptici \u015fi spun c\u0103 nu \u00ee\u015fi va putea \u0163ine promisiunea odat\u0103 ce va lua sf\u00e2r\u015fit pandemia.<\/p>\n

\n\u201eAvem \u00een fa\u0163\u0103 o gam\u0103 larg\u0103 de condi\u0163ii financiare. Trebuie s\u0103 lu\u0103m \u00een calcul mai multe aspecte. Cred c\u0103 recomand\u0103rile privind reducerea achizi\u0163iilor de active prezint\u0103 un anumit grad de ra\u0163iune\u201c, spune Powell, ad\u0103ug\u00e2nd c\u0103 Rezerva Federal\u0103 nu va reduce achizi\u0163iile de bonduri \u00een viitorul apropiat.<\/p>\n

\nBanca american\u0103 Goldman Sachs estimeaz\u0103 c\u0103 randamentul titlurilor de trezorerie pe 10 ani ar putea ajunge la 1,9% p\u00e2n\u0103 la finalul anului , cit\u00e2nd \u201eun stimul fiscal considerabil \u015fi un program accelerat de vaccinare \u00een mas\u0103\u201c, care vor alimenta cre\u015fterile \u015fi infla\u0163ia \u00een urm\u0103toarele luni.<\/p>\n","protected":false},"excerpt":{"rendered":"

Prima s\u0103pt\u0103m\u00e2n\u0103 din martie a adus sc\u0103deri ample pe bursa american\u0103, determinate \u00een principal de cre\u015fterea randamentelor la certificatele ame\u00adricane de trezorerie pe 10 ani, la circa 1,55% pe an, nivel nemai\u00eent\u00e2lnit din februarie 2020.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[510],"tags":[48175,368,7633,369,8351,8884,10839],"class_list":["post-191677","post","type-post","status-publish","format-standard","hentry","category-actualitate","tag-bonduri-americane","tag-burse","tag-investitori","tag-obligatiuni","tag-randamente","tag-rezerva-federala","tag-wall-street"],"_links":{"self":[{"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=\/wp\/v2\/posts\/191677","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=191677"}],"version-history":[{"count":1,"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=\/wp\/v2\/posts\/191677\/revisions"}],"predecessor-version":[{"id":191699,"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=\/wp\/v2\/posts\/191677\/revisions\/191699"}],"wp:attachment":[{"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=191677"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=191677"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=191677"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}