{"id":186593,"date":"2026-08-21T04:35:14","date_gmt":"2026-08-21T04:35:14","guid":{"rendered":"https:\/\/www.europesays.com\/cz\/186593\/"},"modified":"2026-08-21T04:35:14","modified_gmt":"2026-08-21T04:35:14","slug":"problem-pro-vlady-riziko-pro-investory-staty-si-pujcuji-nejdraz-od-krize-2008","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/cz\/186593\/","title":{"rendered":"Probl\u00e9m pro vl\u00e1dy, riziko pro investory. St\u00e1ty si p\u016fj\u010duj\u00ed nejdr\u00e1\u017e od krize 2008"},"content":{"rendered":"

V\u00fdnos t\u0159icetilet\u00fdch francouzsk\u00fdch dluhopis\u016f te\u010f vystoupal na nejvy\u0161\u0161\u00ed \u00farove\u0148 od roku 2008, americk\u00e9 obdobn\u00e9 dluhopisy nesou p\u0159es 5,2\u00a0procenta, nejv\u00edc od roku 2007.\u00a0Rostou i\u00a0v\u00fdnosy n\u011bmeck\u00fdch, britsk\u00fdch a\u00a0italsk\u00fdch dluhopis\u016f, v\u00a0Japonsku dos\u00e1hl v\u00fdnos desetilet\u00fdch dluhopis\u016f maxima za posledn\u00edch 30\u00a0let.<\/p>\n

\u201eDlouhodob\u00e9 v\u00fdnosy pravd\u011bpodobn\u011b vzrostou na 5,60\u00a0a\u017e 5,70\u00a0procenta. Jejich r\u016fst by se nav\u00edc mohl zrychlit pot\u00e9, co prolomily p\u00e1smo, ve kter\u00e9m se pohybovaly posledn\u00edch zhruba t\u0159i roky,\u201c \u0159ekl stanici CNBC<\/a> o\u00a0americk\u00fdch dluhopisech technick\u00fd strat\u00e9g Fundstratu Mark Newton.<\/p>\n

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K nap\u011bt\u00ed na trz\u00edch v\u00fdrazn\u011b p\u0159isp\u00edv\u00e1 v\u00e1lka Spojen\u00fdch st\u00e1t\u016f a\u00a0Izraele s\u00a0\u00cdr\u00e1nem, kter\u00e1 trv\u00e1 u\u017e p\u016fl roku a\u00a0jej\u00ed rychl\u00fd konec se ne\u010dek\u00e1. Konflikt naru\u0161il dod\u00e1vky energi\u00ed a\u00a0zdra\u017eil ropu, co\u017e zvy\u0161uje obavy z\u00a0n\u00e1vratu inflace a\u00a0komplikuje centr\u00e1ln\u00edm bank\u00e1m rozhodov\u00e1n\u00ed o\u00a0sazb\u00e1ch. Mezin\u00e1rodn\u00ed m\u011bnov\u00fd fond varuje, \u017ee del\u0161\u00ed v\u00e1lka by mohla je\u0161t\u011b v\u00edc zpomalit sv\u011btov\u00e9 hospod\u00e1\u0159stv\u00ed.<\/p>\n

Ceny ropy minul\u00fd t\u00fdden kv\u016fli nap\u011bt\u00ed na Bl\u00edzk\u00e9m v\u00fdchod\u011b vysko\u010dily o\u00a0\u0161est procent a\u00a0r\u016fst pokra\u010doval i\u00a0v pond\u011bl\u00ed, navzdory diplomatick\u00fdm snah\u00e1m USA a\u00a0\u00cdr\u00e1nu o\u00a0ukon\u010den\u00ed konfliktu.<\/p>\n

Investo\u0159i nav\u00edc \u010dekaj\u00ed, \u017ee centr\u00e1ln\u00ed banky budou muset kv\u016fli inflaci sazby d\u00e1l zvy\u0161ovat, a\u00a0to na dluhopisy tla\u010d\u00ed je\u0161t\u011b v\u00edc. Podle den\u00edku The Guardian<\/a> trhy odhaduj\u00ed t\u00e9m\u011b\u0159 85procentn\u00ed \u0161anci, \u017ee Evropsk\u00e1 centr\u00e1ln\u00ed banka zv\u00fd\u0161\u00ed sazby u\u017e v\u00a0z\u00e1\u0159\u00ed. Americk\u00fd Fed sazby zat\u00edm nezv\u00fd\u0161il, ale podle CNBC<\/a> \u010d\u00e1st jeho p\u0159edstavitel\u016f kv\u016fli inflaci prosazuje dal\u0161\u00ed zp\u0159\u00edsn\u011bn\u00ed, a\u00a0trhy po\u010d\u00edtaj\u00ed, \u017ee by k\u00a0tomu mohlo doj\u00edt na z\u00e1\u0159ijov\u00e9m zased\u00e1n\u00ed.<\/p>\n

Roli hraje i\u00a0to, \u017ee o\u00a0pen\u00edze na trhu \u017e\u00e1d\u00e1 \u010d\u00edm d\u00e1l v\u00edc z\u00e1jemc\u016f. Vedle vl\u00e1d si ve velk\u00e9m p\u016fj\u010duj\u00ed i\u00a0technologi\u010dt\u00ed giganti financuj\u00edc\u00ed rozvoj um\u011bl\u00e9 inteligence\u00a0\u2013 firmy Alphabet, Amazon a\u00a0Meta letos podle dat LSEG vydaly dluhopisy za t\u00e9m\u011b\u0159 220\u00a0miliard dolar\u016f, tedy 4,6\u00a0bilionu korun, v\u00edc ne\u017e dvojn\u00e1sobek lo\u0148sk\u00e9ho objemu.<\/p>\n

\u201eKv\u016fli v\u011bcem, jako je neust\u00e1le rychlej\u0161\u00ed budov\u00e1n\u00ed um\u011bl\u00e9 inteligence, se nedostatek voln\u00e9ho kapit\u00e1lu prohlubuje a\u00a0projevuje se to i\u00a0ve v\u00fdnosech dluhopis\u016f,\u201c \u0159ekl Vivek Paul, hlavn\u00ed investi\u010dn\u00ed strat\u00e9g BlackRock Investment Institute pro Velkou Brit\u00e1nii.<\/p>\n

Agentura Reuters<\/a> p\u0159ipomn\u011bla, \u017ee rozpo\u010dtov\u00fd schodek USA by letos m\u011bl \u010dinit kolem \u0161esti procent HDP, tedy 1,9\u00a0bilionu dolar\u016f, v\u00a0p\u0159epo\u010dtu 39,9\u00a0bilionu korun, ve Francii p\u011bt procent a\u00a0v Brit\u00e1nii \u010dty\u0159i procenta. \u201eV Evrop\u011b jsou v\u00fddaje na obranu, energetickou bezpe\u010dnost a\u00a0infrastrukturu d\u016fle\u017eit\u011bj\u0161\u00ed ne\u017e v\u00fddaje na um\u011blou inteligenci,\u201c uvedl Al Cattermole ze \u0161v\u00fdcarsk\u00e9 spole\u010dnosti Mirabaud Asset Management.<\/p>\n

<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"V\u00fdnos t\u0159icetilet\u00fdch francouzsk\u00fdch dluhopis\u016f te\u010f vystoupal na nejvy\u0161\u0161\u00ed \u00farove\u0148 od roku 2008, americk\u00e9 obdobn\u00e9 dluhopisy nesou p\u0159es 5,2\u00a0procenta,…\n","protected":false},"author":2,"featured_media":186594,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[12],"tags":[67,68,3903,106,1080,1387,16047,113],"class_list":["post-186593","post","type-post","status-publish","format-standard","has-post-thumbnail","category-byznys","tag-business","tag-byznys","tag-dluhopisy","tag-evropa","tag-investori","tag-pujcka","tag-stat","tag-usa"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@cz\/117131642702601878","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts\/186593","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=186593"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts\/186593\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/media\/186594"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/media?parent=186593"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/categories?post=186593"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/tags?post=186593"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}