{"id":159802,"date":"2026-07-27T11:51:10","date_gmt":"2026-07-27T11:51:10","guid":{"rendered":"https:\/\/www.europesays.com\/cz\/159802\/"},"modified":"2026-07-27T11:51:10","modified_gmt":"2026-07-27T11:51:10","slug":"na-financnich-trzich-se-deje-neco-vyjimecneho-cesku-skokove-zdrazuji-pujcky-pocitit-to-mohou-vsichni","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/cz\/159802\/","title":{"rendered":"Na finan\u010dn\u00edch trz\u00edch se d\u011bje n\u011bco v\u00fdjime\u010dn\u00e9ho. \u010cesku skokov\u011b zdra\u017euj\u00ed p\u016fj\u010dky, poc\u00edtit to mohou v\u0161ichni"},"content":{"rendered":"<p>Neb\u00fdv\u00e1 obvykl\u00e9, aby se cena st\u00e1tn\u00edch <a href=\"https:\/\/www.e15.cz\/byznys\/finance-a-bankovnictvi\/obri-zajem-o-statni-dluhopisy-cesi-do-nich-ulozili-rekordnich-74-miliard-korun-1434355\" rel=\"nofollow noopener\" target=\"_blank\">dluhopis\u016f<\/a> ot\u0159\u00e1sala v\u00edce ne\u017e akciov\u00e9 trhy. U\u017e v\u016fbec nen\u00ed b\u011b\u017en\u00e9, aby b\u011bhem pouh\u00fdch dvou t\u00fddn\u016f vl\u00e1dn\u00ed bondy znehodnotily o\u00a0v\u00edce ne\u017e dv\u011b procenta. T\u00e9m\u011b\u0159 alarmuj\u00edc\u00ed je pak situace, kdy b\u011bhem takto kr\u00e1tk\u00e9 doby vyst\u0159el\u00ed n\u00e1klady na <a href=\"https:\/\/www.e15.cz\/nazory-a-analyzy\/dluhopis-republiky-jako-investicni-hit-bytelne-vynosy-lezi-i-jinde-nez-u-schillerove-1432905\" rel=\"nofollow noopener\" target=\"_blank\">financov\u00e1n\u00ed<\/a> st\u00e1tu na t\u00e9m\u011b\u0159 \u010dty\u0159let\u00e9 maximum. T\u0159i zm\u00edn\u011bn\u00e9 dramatick\u00e9 faktory se p\u0159esto se\u0161ly, a\u00a0to na tom z\u00a0pohledu \u010ceska nejm\u00e9n\u011b p\u0159\u00edjemn\u00e9m m\u00edst\u011b. Toti\u017e na dluhopisech \u010desk\u00e9ho st\u00e1tu.<\/p>\n<p>D\u016fvody maj\u00ed podle expert\u016f svou glob\u00e1ln\u00ed i\u00a0\u010dist\u011b \u010deskou linku. \u201eGlob\u00e1ln\u00ed p\u0159\u00edb\u011bh je to v\u00a0t\u00e9 rovin\u011b, \u017ee op\u011btovn\u00e1 eskalace konfliktu na Bl\u00edzk\u00e9m v\u00fdchod\u011b \u017eene nahoru ceny energetick\u00fdch komodit, co\u017e o\u017eivuje obavu z\u00a0dlouhodob\u011b zv\u00fd\u0161en\u00e9 inflace,\u201c uv\u00e1d\u00ed Adam Ruschka z\u00a0J&amp;T Banky. Investo\u0159i tak aktu\u00e1ln\u011b v\u00a0budoucnu \u010dekaj\u00ed i\u00a0podstatn\u011b vy\u0161\u0161\u00ed sazby centr\u00e1ln\u00edch bank v\u010detn\u011b \u010desk\u00e9. \u201eV\u00a0\u010cesku pak specifickou roli m\u016f\u017ee sehr\u00e1t v\u00fdhled na vysok\u00e9 deficity st\u00e1tn\u00edho rozpo\u010dtu a\u00a0p\u0159\u00edpadn\u00e9 dal\u0161\u00ed rozvoln\u011bn\u00ed <a href=\"https:\/\/www.e15.cz\/byznys\/finance-a-bankovnictvi\/konflikt-v-iranu-se-naplno-propise-do-rustu-inflace-v-cesku-ovlivni-to-chystane-statni-dluhopisy-1432165\" rel=\"nofollow noopener\" target=\"_blank\">rozpo\u010dtov\u00fdch<\/a> pravidel,\u201c dod\u00e1v\u00e1 Ruschka.<\/p>\n<p>Stra\u0161\u00e1k Hormuz se vrac\u00ed<\/p>\n<p>\u010cesk\u00e9 st\u00e1tn\u00ed dluhopisy dostaly z\u00e1sah u\u017e na samotn\u00e9m startu hormuzsk\u00e9 krize na po\u010d\u00e1tku leto\u0161n\u00edho b\u0159ezna. Investo\u0159i bleskurychle p\u0159eskupili pen\u00edze na bezpe\u010dn\u011bj\u0161\u00ed adresy a\u00a0m\u011bny, co\u017e se odrazilo ve v\u00fdprodeji tuzemsk\u00fdch vl\u00e1dn\u00edch bond\u016f, s\u00a0\u010d\u00edm\u017e se automaticky poj\u00ed i\u00a0r\u016fst po\u017eadovan\u00fdch \u00farok\u016f investory za p\u016fj\u010dku \u010cesku. Zhruba od poloviny kv\u011btna se ale situace za\u010d\u00ednala uklid\u0148ovat a\u00a0trh p\u0159estal s\u00e1zet nejen na druhou vlnu konfliktu, ale i\u00a0na to, \u017ee se Hormuz prop\u00ed\u0161e do st\u0159edn\u011bdob\u011b vy\u0161\u0161\u00ed inflace a\u00a0t\u00edm i\u00a0vy\u0161\u0161\u00edch sazeb a\u00a0dra\u017e\u0161\u00edch pen\u011bz. Bl\u00edzkov\u00fdchodn\u00ed v\u00fdvoj v\u00a0posledn\u00edch dvou t\u00fddnech ale znovu zm\u011bnil situaci.<\/p>\n","protected":false},"excerpt":{"rendered":"Neb\u00fdv\u00e1 obvykl\u00e9, aby se cena st\u00e1tn\u00edch dluhopis\u016f ot\u0159\u00e1sala v\u00edce ne\u017e akciov\u00e9 trhy. U\u017e v\u016fbec nen\u00ed b\u011b\u017en\u00e9, aby b\u011bhem&hellip;\n","protected":false},"author":2,"featured_media":159803,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[12],"tags":[67,68,42,2138,21832,686,1099,1387,137,3737,9775],"class_list":["post-159802","post","type-post","status-publish","format-standard","has-post-thumbnail","category-byznys","tag-business","tag-byznys","tag-cesko","tag-dluhopis","tag-ekonom","tag-inflace","tag-investor","tag-pujcka","tag-rozpocet","tag-statni-dluh","tag-urok"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@cz\/116991799028870021","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts\/159802","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/comments?post=159802"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts\/159802\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/media\/159803"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/media?parent=159802"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/categories?post=159802"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/tags?post=159802"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}