{"id":24072,"date":"2023-03-08T01:12:41","date_gmt":"2023-03-08T00:12:41","guid":{"rendered":"http:\/\/www.infokuryr.cz\/n\/?p=24072"},"modified":"2023-03-07T18:17:15","modified_gmt":"2023-03-07T17:17:15","slug":"inflace-se-odrazi-i-na-vynosech-ceskych-statnich-dluhopisu","status":"publish","type":"post","link":"https:\/\/www.infokuryr.cz\/n\/2023\/03\/08\/inflace-se-odrazi-i-na-vynosech-ceskych-statnich-dluhopisu\/","title":{"rendered":"Inflace se odr\u00e1\u017e\u00ed i na v\u00fdnosech \u010desk\u00fdch st\u00e1tn\u00edch dluhopis\u016f"},"content":{"rendered":"<div id=\"fb-root\"><\/div>\n<p><strong>Meziro\u010dn\u00ed inflace podle \u010cesk\u00e9ho statistick\u00e9ho \u00fa\u0159adu v lednu 2023 dos\u00e1hla 17,5 procenta. V\u00fdnos \u010desk\u00fdch st\u00e1tn\u00edch dluhopis\u016f na del\u0161\u00edch splatnostech, jako je nap\u0159\u00edklad 10let\u00fd vl\u00e1dn\u00ed dluhopis, lze dozajista vn\u00edmat jako odraz inflace. Ostatn\u011b rekordn\u00ed propad cen st\u00e1tn\u00edch dluhopis\u016f, a tedy r\u016fst jejich v\u00fdnos\u016f, kter\u00fd jsme u \u010desk\u00fdch dluhopis\u016f pozorovali v posledn\u00edch t\u00fddnech, odr\u00e1\u017e\u00ed jist\u00fd ne\u00fasp\u011bch boje proti r\u016fstu v\u0161eobecn\u00e9 cenov\u00e9 hladiny.<\/strong><\/p>\n<p>Nov\u011b zve\u0159ejn\u011bn\u00e1 data PPI p\u0159ekvapila zejm\u00e9na silnou mezim\u011bs\u00ed\u010dn\u00ed dynamikou cen, kdy ceny producent\u016f rostly a\u017e o +5,8 %, p\u0159i\u010dem\u017e meziro\u010dn\u011b ceny zvolnily pouze z 20,1 % na 19,1 %. Infla\u010dn\u00ed tlaky tedy st\u00e1le mnoh\u00e9 p\u0159ekvapuj\u00ed svoj\u00ed setrva\u010dnost\u00ed a zd\u00e1 se, \u017ee se n\u00e1m pevn\u011bji usazuj\u00ed v dom\u00e1c\u00ed ekonomice.<\/p>\n<p>M\u00edra, se kterou se infla\u010dn\u00ed o\u010dek\u00e1v\u00e1n\u00ed propisuje do v\u00fdnosov\u00e9 k\u0159ivky je denn\u011b ovliv\u0148ov\u00e1na nov\u00fdmi daty a zpr\u00e1vami. Skute\u010dnost v budoucnu m\u016f\u017ee b\u00fdt,\u00a0 a na del\u0161\u00edch horizontech t\u00e9m\u011b\u0159 jist\u011b i bude, zna\u010dn\u011b odli\u0161n\u00e1 od moment\u00e1ln\u00edho sentimentu.<\/p>\n<p><span style=\"font-size: 18pt;\"><strong>Trhy vyhl\u00ed\u017eej\u00ed ni\u017e\u0161\u00ed inflaci<\/strong><\/span><\/p>\n<p>Z hlediska st\u0159edn\u011bdob\u00e9ho v\u00fdvoje trhy o\u010dek\u00e1vaj\u00ed v horizontu 6 m\u011bs\u00edc\u016f m\u00edrn\u00fd pokles sazeb pod \u00farove\u0148 7 %. Klesaj\u00edc\u00ed v\u00fdnosov\u00e1 k\u0159ivka u \u010desk\u00fdch st\u00e1tn\u00edch dluhopis\u016f signalizuje, \u017ee trh vedle klesaj\u00edc\u00edch sazeb vyhl\u00ed\u017e\u00ed i postupn\u011b sni\u017euj\u00edc\u00ed se inflaci.<\/p>\n<p>S aktu\u00e1ln\u00edmi tr\u017en\u00edmi o\u010dek\u00e1v\u00e1n\u00edmi m\u016f\u017ee je\u0161t\u011b zah\u00fdbat statistika CPI o v\u00fdvoji spot\u0159ebitelsk\u00fdch cen za \u00fanor zve\u0159ejn\u011bn\u00e1 v b\u0159eznu. Ta by mohla v p\u0159\u00edpad\u011b zrychlen\u00ed r\u016fstu cen p\u0159esv\u011bd\u010dit centr\u00e1ln\u00ed banku o dal\u0161\u00edm zvy\u0161ov\u00e1n\u00ed \u00farokov\u00fdch sazeb, co\u017e by se projevilo na r\u016fstu v\u00fdnos\u016f nap\u0159\u00ed\u010d splatnostmi. Sou\u010dasn\u00fd v\u00fdvoj na dluhopisov\u00fdch trz\u00edch nastavuje \u010cesk\u00e1 n\u00e1rodn\u00ed banka zrcadlo v kontextu jej\u00ed progn\u00f3zy o v\u00fdhledu inflace. Ukazuje, \u017ee o\u010dek\u00e1v\u00e1n\u00ed na\u0161\u00ed kl\u00ed\u010dov\u00e9 m\u011bnov\u00e9 instituce ohledn\u011b 2,1 % inflace v roce 2024 m\u016f\u017ee b\u00fdt p\u0159\u00edli\u0161 optimistick\u00e9.<\/p>\n<p><strong>Patrik Novotn\u00fd, Investi\u010dn\u00ed strat\u00e9g Colosseum, a.s<\/strong>.<\/p>\n<p><strong>Colosseum, a.s. <\/strong><em>je ryze \u010desk\u00fd obchodn\u00edk s cenn\u00fdmi pap\u00edry p\u016fsob\u00edc\u00ed na trhu od roku 1997. Produktov\u00e9 portfolio zahrnuje investi\u010dn\u00ed program ivy, kter\u00fd p\u0159in\u00e1\u0161\u00ed vyv\u00e1\u017een\u00e9 portfolio s\u00a0orientac\u00ed na optimalizaci v\u00fdnos\u016f a rizika a \u0159ad\u00ed se mezi nej\u00fasp\u011b\u0161n\u011bj\u0161\u00ed produkty sv\u00e9ho druhu na trhu. Vedle toho Colosseum poskytuje slu\u017ebu TOP ETF, kter\u00e1 klient\u016fm zprost\u0159edkov\u00e1v\u00e1 pravideln\u00e9 investice do ETF jednodu\u0161e. Colosseum je distributorem nemovitostn\u00edho fondu NEMO, kter\u00fd prost\u0159ednictv\u00edm investic do pr\u00e9miov\u00fdch \u010desk\u00fdch kancel\u00e1\u0159sk\u00fdch budov nab\u00edz\u00ed stabiln\u00ed v\u00fdnos, kter\u00fd v roce 2023 c\u00edl\u00ed na 8 % p.a. Objem investic u spole\u010dnosti Colosseum dosahuje t\u00e9m\u011b\u0159 jedn\u00e9 miliardy korun.<\/em><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"wp-image-19187 aligncenter\" src=\"http:\/\/www.infokuryr.cz\/n\/wp-content\/uploads\/2022\/12\/1-PRO-300x36.jpg\" alt=\"\" width=\"1150\" height=\"138\" srcset=\"https:\/\/www.infokuryr.cz\/n\/wp-content\/uploads\/2022\/12\/1-PRO-300x36.jpg 300w, https:\/\/www.infokuryr.cz\/n\/wp-content\/uploads\/2022\/12\/1-PRO.jpg 699w\" sizes=\"(max-width: 1150px) 100vw, 1150px\" \/><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"wp-image-22607 aligncenter\" src=\"http:\/\/www.infokuryr.cz\/n\/wp-content\/uploads\/2023\/02\/cesko_proti_bide-239x300.png\" alt=\"\" width=\"746\" height=\"936\" srcset=\"https:\/\/www.infokuryr.cz\/n\/wp-content\/uploads\/2023\/02\/cesko_proti_bide-239x300.png 239w, https:\/\/www.infokuryr.cz\/n\/wp-content\/uploads\/2023\/02\/cesko_proti_bide-816x1024.png 816w, https:\/\/www.infokuryr.cz\/n\/wp-content\/uploads\/2023\/02\/cesko_proti_bide-768x964.png 768w, https:\/\/www.infokuryr.cz\/n\/wp-content\/uploads\/2023\/02\/cesko_proti_bide.png 846w\" sizes=\"(max-width: 746px) 100vw, 746px\" \/><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Meziro\u010dn\u00ed inflace podle \u010cesk\u00e9ho statistick\u00e9ho \u00fa\u0159adu v lednu 2023 dos\u00e1hla 17,5 procenta. V\u00fdnos \u010desk\u00fdch st\u00e1tn\u00edch&#8230;<\/p>\n","protected":false},"author":2,"featured_media":24073,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[6],"tags":[1042,4544,683],"_links":{"self":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/posts\/24072"}],"collection":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/comments?post=24072"}],"version-history":[{"count":1,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/posts\/24072\/revisions"}],"predecessor-version":[{"id":24074,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/posts\/24072\/revisions\/24074"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/media\/24073"}],"wp:attachment":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/media?parent=24072"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/categories?post=24072"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/tags?post=24072"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}