{"id":173797,"date":"2026-08-09T14:46:08","date_gmt":"2026-08-09T14:46:08","guid":{"rendered":"https:\/\/www.europesays.com\/cz\/173797\/"},"modified":"2026-08-09T14:46:08","modified_gmt":"2026-08-09T14:46:08","slug":"evropske-akcie-se-vraceji-do-hry","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/cz\/173797\/","title":{"rendered":"Evropsk\u00e9 akcie se vracej\u00ed do hry"},"content":{"rendered":"

Evropsk\u00e9 akcie se znovu dost\u00e1vaj\u00ed do hled\u00e1\u010dku velk\u00fdch investor\u016f. Podle agentury Bloomberg u\u017e nejde jen o s\u00e1zku na levn\u011bj\u0161\u00ed trh proti Wall Street, ale o \u0161ir\u0161\u00ed obrat v zisc\u00edch firem, ekonomick\u00e9 n\u00e1lad\u011b i toku pen\u011bz do fond\u016f. Index Stoxx Europe 600 letos p\u0159id\u00e1v\u00e1 11 procent a \u010d\u00e1st strat\u00e9g\u016f v\u011b\u0159\u00ed, \u017ee evropsk\u00e1 rally m\u016f\u017ee pokra\u010dovat i ve druh\u00e9 polovin\u011b roku.<\/p>\n

Evropsk\u00e9 akcie maj\u00ed za sebou silnou j\u00edzdu a podle \u010d\u00e1sti investor\u016f nemus\u00ed j\u00edt jen o kr\u00e1tkodob\u00fd v\u00fdkyv. Jak p\u00ed\u0161e agentura Bloomberg<\/a>, na evropsk\u00e9m trhu se zlep\u0161uje hned n\u011bkolik v\u011bc\u00ed najednou: firemn\u00ed zisky, ekonomick\u00e9 momentum, n\u00e1lada investor\u016f i p\u0159\u00edliv pen\u011bz do fond\u016f.<\/p>\n

Index Stoxx Europe 600 rostl minul\u00fd t\u00fdden ka\u017ed\u00fd den, co\u017e byla jeho nejdel\u0161\u00ed s\u00e9rie od \u010dervna. Od za\u010d\u00e1tku roku p\u0159id\u00e1v\u00e1 11 procent a n\u011bkter\u00e9 hlavn\u00ed evropsk\u00e9 indexy, v\u010detn\u011b n\u011bmeck\u00e9ho DAX, francouzsk\u00e9ho CAC 40 a italsk\u00e9ho FTSE MIB, vystoupaly na historick\u00e1 maxima.<\/p>\n

\u201eV Evrop\u011b je c\u00edtit z\u0159eteln\u00e9 nad\u0161en\u00ed,\u201c uvedla Helen Jewellov\u00e1 z BlackRocku. Podle n\u00ed trh p\u0159ekvapila odolnost regionu a popt\u00e1vka z\u016fst\u00e1v\u00e1 siln\u011bj\u0161\u00ed, ne\u017e se \u010dekalo.<\/p>\n

Dlouho platilo, \u017ee hlavn\u00edm argumentem pro evropsk\u00e9 akcie byla jejich n\u00edzk\u00e1 cena v\u016f\u010di USA. Te\u010f se ale podle Bloombergu p\u0159id\u00e1v\u00e1 i lep\u0161\u00ed fundament. Evropsk\u00e9 firmy vykazuj\u00ed nejlep\u0161\u00ed r\u016fst zisk\u016f za \u010dty\u0159i roky, a to o 17 procent. Ekonomika m\u00e1 z\u00e1rove\u0148 nejsiln\u011bj\u0161\u00ed momentum od b\u0159ezna 2023.<\/p>\n

\t\t\"SpaceX<\/p>\n

\t\tElon Musk vyhl\u00e1sil v\u00e1lku mobiln\u00edm oper\u00e1tor\u016fm. Jde po stamiliard\u00e1ch dolar\u016f
\n\t\tTrhy<\/a><\/p>\n

Prvn\u00ed v\u00fdsledky doned\u00e1vna nejhodnotn\u011bj\u0161\u00edho startupu sv\u011bta SpaceX nazna\u010dily hodn\u011b o potenci\u00e1ln\u00edm byznysu spole\u010dnosti, kter\u00e1 se sice prezentuje hlavn\u011b jako dobyvatel vesm\u00edru, z\u00e1rove\u0148 ale nab\u00edz\u00ed mnoho slu\u017eeb tak\u00e9 pozem\u0161\u0165an\u016fm. A v jeden moment veden\u00ed SpaceX potvrdilo, \u017ee jeho bezprost\u0159edn\u00edm z\u00e1jmem bude snaha z\u00edskat v\u00fdrazn\u00fd pod\u00edl na trhu mobiln\u00edch oper\u00e1tor\u016f. Ten p\u0159itom celosv\u011btov\u011b p\u0159edstavuje stamiliardov\u00e9 tr\u017eby ro\u010dn\u011b.<\/p>\n

Stanislav \u0160ulc<\/p>\n

\tP\u0159e\u010d\u00edst \u010dl\u00e1nek<\/a><\/p>\n

Podle Marka Haefeleho z UBS Global Wealth Management nastal \u010das evropsk\u00e9 akcie znovu posoudit a p\u0159\u00edpadn\u011b do nich p\u0159idat. D\u016fvodem je podle n\u011bj \u0161ance, \u017ee firemn\u00ed v\u00fdsledky za aktu\u00e1ln\u00ed \u010dtvrtlet\u00ed p\u0159ekonaj\u00ed o\u010dek\u00e1v\u00e1n\u00ed.<\/p>\n

Zm\u011bna je vid\u011bt i na pozicov\u00e1n\u00ed investor\u016f. Nejnov\u011bj\u0161\u00ed pr\u016fzkum Bank of America uk\u00e1zal, \u017ee \u010dist\u00e1 dv\u011b procenta spr\u00e1vc\u016f fond\u016f maj\u00ed evropsk\u00e9 akcie nadv\u00e1\u017een\u00e9. Je\u0161t\u011b v \u010dervnu p\u0159itom bylo 15 procent spr\u00e1vc\u016f podv\u00e1\u017een\u00fdch. Podle anal\u00fdzy Citigroup byla Evropa v posledn\u00edm \u010dervencov\u00e9m t\u00fddnu jedin\u00fdm v\u00fdznamn\u00fdm regionem, kde se v\u00fdrazn\u011b zlep\u0161ila chu\u0165 investor\u016f riskovat.<\/p>\n

Rally nav\u00edc nestoj\u00ed jen na \u00fazk\u00e9 skupin\u011b titul\u016f. Zhruba 75 procent firem z indexu Stoxx 600 se obchoduje nad sv\u00fdm 200denn\u00edm klouzav\u00fdm pr\u016fm\u011brem, tedy pobl\u00ed\u017e horn\u00ed hranice za posledn\u00ed dek\u00e1du.<\/p>\n

N\u00e1lad\u011b pom\u00e1h\u00e1 tak\u00e9 \u00fastup \u010d\u00e1sti geopolitick\u00fdch obav. Zn\u00e1mky ochlazov\u00e1n\u00ed nap\u011bt\u00ed mezi Washingtonem a Teher\u00e1nem podpo\u0159ily sentiment, i kdy\u017e nejistota kolem \u00fapln\u00e9ho znovuotev\u0159en\u00ed Hormuzsk\u00e9ho pr\u016flivu z\u016fst\u00e1v\u00e1. Ropa od \u010dervencov\u00e9ho maxima zlevnila, co\u017e zm\u00edrnilo infla\u010dn\u00ed obavy.<\/p>\n

AI u\u017e nen\u00ed jen americk\u00fd p\u0159\u00edb\u011bh<\/p>\n

Dal\u0161\u00edm d\u016fvodem, pro\u010d Evropa p\u0159itahuje pozornost, je prom\u011bna s\u00e1zky na um\u011blou inteligenci. Investo\u0159i u\u017e nehledaj\u00ed jen firmy, kter\u00e9 do AI masivn\u011b investuj\u00ed. Za\u010d\u00ednaj\u00ed se d\u00edvat tak\u00e9 po spole\u010dnostech a sektorech, kter\u00e9 mohou z t\u011bchto v\u00fddaj\u016f t\u011b\u017eit nebo si d\u00edky AI zlep\u0161it mar\u017ee.<\/p>\n

To pom\u00e1h\u00e1 evropsk\u00fdm polovodi\u010dov\u00fdm firm\u00e1m. ASML Holding a Infineon Technologies letos podle Bloombergu vysko\u010dily o v\u00edce ne\u017e 60 procent a pat\u0159\u00ed mezi hlavn\u00ed tahouny indexu Stoxx 600.<\/p>\n

Z\u00e1jem je ale \u0161ir\u0161\u00ed. Ko\u0161 evropsk\u00fdch firem vyu\u017e\u00edvaj\u00edc\u00edch AI, kter\u00fd sestavila Bank of America, letos p\u0159idal 14 procent. Pat\u0159\u00ed do n\u011bj nap\u0159\u00edklad ABB, Standard Chartered nebo E.On. P\u0159ekonal tak americk\u00e9 hyperscalery, kte\u0159\u00ed ve stejn\u00e9m obdob\u00ed pos\u00edlili o t\u0159i procenta.<\/p>\n

\t\t\"Akcie<\/p>\n

\t\tProbl\u00e9my luxusn\u00edch zna\u010dek pokra\u010duj\u00ed. Akcie letos oslabuj\u00ed o des\u00edtky procent
\n\t\tTrhy<\/a><\/p>\n

Jedn\u00edm z odv\u011btv\u00ed, kter\u00e1 letos \u010del\u00ed dlouhodob\u00e9mu odlivu investor\u016f, je luxury segment. Kl\u00ed\u010dov\u00e9 spole\u010dnosti v \u010dele s francouzsk\u00fdm konglomer\u00e1tem LVMH letos odepisuj\u00ed i des\u00edtky procent z hodnoty. A v\u00fdsledky za prvn\u00ed pololet\u00ed trend neobr\u00e1tily. Co je p\u0159ekvapiv\u011bj\u0161\u00ed: pad\u00e1 i dlouhodob\u00fd kr\u00e1l luxusu, spole\u010dnost Herm\u00e8s.<\/p>\n

Stanislav \u0160ulc<\/p>\n

\tP\u0159e\u010d\u00edst \u010dl\u00e1nek<\/a><\/p>\n

Evrop\u011b z\u00e1rove\u0148 nahr\u00e1v\u00e1, \u017ee investo\u0159i hledaj\u00ed alternativu k rozkol\u00edsan\u00e9mu technologick\u00e9mu obchodu. Banky a pr\u016fmyslov\u00e9 firmy se proto st\u00e1vaj\u00ed atraktivn\u00edm dopl\u0148kem portfoli\u00ed. Index Stoxx 600 Banks letos roste o 22 procent a pat\u0159\u00ed k nejv\u011bt\u0161\u00edm v\u00edt\u011bz\u016fm evropsk\u00e9ho trhu.<\/p>\n

Evropsk\u00fd Stoxx 600 se nyn\u00ed obchoduje za 15n\u00e1sobek o\u010dek\u00e1van\u00fdch zisk\u016f. To znamen\u00e1 nejmen\u0161\u00ed diskont v\u016f\u010di americk\u00e9mu indexu S&P 500 za \u010dty\u0159i roky. Skeptici ale upozor\u0148uj\u00ed, \u017ee Evropa m\u00e1 proti USA st\u00e1le slab\u0161\u00ed dlouhodob\u00fd r\u016fstov\u00fd p\u0159\u00edb\u011bh. V\u00fdvoj by podle \u010d\u00e1sti investor\u016f mohlo naru\u0161it nap\u0159\u00edklad dal\u0161\u00ed zv\u00fd\u0161en\u00ed sazeb Fedu.<\/p>\n

Celkov\u00fd sm\u011br ale podle Ariane Hayateov\u00e9 z Edmond de Rothschild Asset Management z\u016fst\u00e1v\u00e1 pozitivn\u00ed. Podobn\u011b to vid\u00ed Daniel Murray z EFG Asset Management. Podle n\u011bj za\u0161la skepse v\u016f\u010di evropsk\u00fdm akci\u00edm p\u0159\u00edli\u0161 daleko.<\/p>\n

\u201eVych\u00e1z\u00edte z prost\u0159ed\u00ed, kde je pozicov\u00e1n\u00ed negativn\u00ed, ale n\u00e1lada se zlep\u0161uje,\u201c uvedl Murray. \u201eTo je docela p\u0159\u00edjemn\u00e1 kombinace.\u201c<\/p>\n","protected":false},"excerpt":{"rendered":"Evropsk\u00e9 akcie se znovu dost\u00e1vaj\u00ed do hled\u00e1\u010dku velk\u00fdch investor\u016f. Podle agentury Bloomberg u\u017e nejde jen o s\u00e1zku na…\n","protected":false},"author":2,"featured_media":173798,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[3],"tags":[842,412,42194,109,108,106,34395,1688,69,1080,42195,4130,845],"class_list":["post-173797","post","type-post","status-publish","format-standard","has-post-thumbnail","category-evropa","tag-ai","tag-akcie","tag-dax","tag-europa","tag-europe","tag-evropa","tag-evropske-akcie","tag-fed","tag-investice","tag-investori","tag-stoxx-europe-600","tag-trhy","tag-umela-inteligence"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@cz\/117066097515639364","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts\/173797","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=173797"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts\/173797\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/media\/173798"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/media?parent=173797"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/categories?post=173797"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/tags?post=173797"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}