{"id":1555,"date":"2024-12-02T15:53:08","date_gmt":"2024-12-02T12:53:08","guid":{"rendered":"https:\/\/market-monitor.staginghub.net\/?p=1555"},"modified":"2024-12-08T21:36:22","modified_gmt":"2024-12-08T18:36:22","slug":"market-monitor-15","status":"publish","type":"post","link":"https:\/\/market-monitor.staginghub.net\/ro\/2024\/12\/02\/market-monitor-15\/","title":{"rendered":"MARKET MONITOR 15"},"content":{"rendered":"\n<h4 class=\"wp-block-heading\"><strong>2 DECEMBRIE<\/strong><\/h4>\n\n\n\n<p>Bun venit venit la edi\u021bia s\u0103pt\u0103m\u00e2nal\u0103 a newsletter-ului nostru despre pie\u021bele interna\u021bionale.&nbsp;<\/p>\n\n\n\n<p>Acest material este structurat pe<strong> 3 categorii de informa\u021bii, <\/strong>pentru o lectur\u0103 mai facil\u0103 \u0219i urm\u0103rirea cursiv\u0103:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Informa\u021bii de lucru &#8211; MARKET PERFORMANCE&nbsp;<\/strong><\/li>\n\n\n\n<li><strong>Informa\u021bii utile &#8211; ADDITIONAL RESOURCES&nbsp;<\/strong><\/li>\n\n\n\n<li><strong>Informa\u021bii educative &#8211; EDUCATION GUIDE&nbsp;<\/strong><\/li>\n<\/ul>\n\n\n\n<p>Acest newsletter are scop pur informativ \u0219i educativ, prin urmare nu con\u021bine recomand\u0103ri de investi\u021bii.&nbsp;<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h3 class=\"wp-block-heading\"><strong><em>SEC\u021aIUNEA: MARKET PERFORMANCE&nbsp;<\/em><\/strong><\/h3>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Rezumatul s\u0103pt\u0103m\u00e2nii precedente:&nbsp;<\/strong><\/h4>\n\n\n\n<p><strong>25 &#8211; 29 Noiembrie 2024&nbsp;<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>INDICII S&amp;P 500 \u0218I DOW JONES AU ATINS NOI RECORDURI.<\/strong>&nbsp;<\/li>\n<\/ul>\n\n\n\n<p>Indicii S&amp;P 500 si Dow Jones Industrial Average au \u00eencheiat s\u0103pt\u0103m\u00e2na la noi niveluri record.<\/p>\n\n\n\n<p>Aceasta \u00een contextul vanzarilor a\u0219teptate de Black Friday \u0219i a perspectivei de t\u0103iere a ratei dobanzii cu \u00eenc\u0103 0,25% a\u0219teptat\u0103 pentru luna decembrie. (cite\u0219te tot articolul aici <a href=\"https:\/\/www.reuters.com\/markets\/us\/wall-st-week-ahead-jobs-data-set-pave-way-rates-path-stocks-2024-11-29\/\">Wall St Week Ahead Jobs data set to pave way for rates path, stocks | Reuters<\/a>)&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>CUM AU AR\u0102TAT RAPOARTELE S\u0102PT\u0102M\u00c2NII TRECUTE \u0218I CE PREV\u0102D ELE.&nbsp;<\/strong><\/li>\n<\/ul>\n\n\n\n<p>Chiar dac\u0103 a fost o s\u0103pt\u0103m\u00e2n\u0103 cu mai pu\u021bine zile de tranzac\u021bionare (joi a fost Thanksgiving Holiday iar vineri a fost zi scurt\u0103), s\u0103pt\u0103m\u00e2na a avut volume neobi\u0219nuit de ridicate pe burs\u0103.<\/p>\n\n\n\n<p>Unul dintre factorii care au contribuit la aceasta ar putea fi publicarea miercuri a unei serii de rapoarte economice foarte atent urm\u0103rite.&nbsp;<\/p>\n\n\n\n<p>\u00cen cea mai mare parte, acestea au fost aproximativ \u00een conformitate cu a\u0219tept\u0103rile, dar au existat unele excep\u021bii.<\/p>\n\n\n\n<p><strong>1. PCE Index (infla\u021bia)<\/strong> m\u0103surat\u0103 pentru un an de zile (Octombrie 2023 Octombrie 2024)) a crescut u\u0219or la 2,3%, conform cu a\u0219tept\u0103rile, de la 2,1% \u00een raportarea anterioar\u0103. Reamintim c\u0103 \u021binta de infla\u021bie a Fed pentru finalul anului 2024 este de 2%.<\/p>\n\n\n\n<p><strong>2. Consumer Confidence<\/strong> a ar\u0103tat foarte bine, a ajuns la 111,7 fa\u021b\u0103 de o previziune de 111 \u0219i o valoare anterioar\u0103 de 108,7 &#8211; ceea ce arat\u0103 o cre\u0219tere a \u00eencrederii consumatorului american at\u00e2t \u00een economie c\u00e2t \u0219i \u00een finan\u021bele personale.<\/p>\n\n\n\n<p><strong>3. Venitul personal<\/strong> a crescut cu 0,6% \u00een Octombrie, dublu fa\u021b\u0103 de estim\u0103ri, \u00een timp ce cheltuielile personale au sc\u0103zut fa\u021b\u0103 de luna anterioar\u0103 &#8211; de la 0,5% la 0,4%.<\/p>\n\n\n\n<p><strong>4. V\u00e2nz\u0103rile de locuin\u021be noi<\/strong> pe Octombrie au venit \u00een sc\u0103dere fa\u021b\u0103 de a\u0219tept\u0103ri, la 630,000 fa\u021b\u0103 de previziuni de 725,000 \u0219i o valoare anterioar\u0103 de 738,000 de mii.<\/p>\n\n\n\n<p>V\u00e2nz\u0103rile de locuin\u021be noi este un leading indicator (inclus \u00een LEI) \u0219i poate oferi semne timpurii ale schimb\u0103rilor economice, deoarece pie\u021bele imobiliare tind s\u0103 reac\u021bioneze la modific\u0103rile condi\u021biilor economice, cum ar fi schimb\u0103rile ratelor dob\u00e2nzilor, nivelurile de ocupare a for\u021bei de munc\u0103 sau sentimentul consumatorilor, \u00eenainte ca aceste tendin\u021be s\u0103 se manifeste pe deplin \u00een alte p\u0103r\u021bi ale economiei.<\/p>\n\n\n\n<p>Cu toate acestea, trebuie remarcat faptul c\u0103 datele privind v\u00e2nz\u0103rile de locuin\u021be noi pot fi volatile \u0219i supuse revizuirii, astfel \u00eenc\u00e2t acestea sunt adesea interpretate \u00eempreun\u0103 cu al\u021bi indicatori pentru o imagine mai clar\u0103 a s\u0103n\u0103t\u0103\u021bii economice.&nbsp;<\/p>\n\n\n\n<p>5.<strong> \u00cen schimb, sectorul de produc\u021bie<\/strong> pare s\u0103 r\u0103m\u00e2n\u0103 \u00een criz\u0103. Comenzile de bunuri de folosin\u021b\u0103 \u00eendelungat\u0103 au \u00een\u0219elat a\u0219tept\u0103rile \u00een octombrie, \u00eenregistr\u00e2nd o cre\u0219tere de numai 0,2%, cu mult sub a\u0219tept\u0103rile consensuale de aproximativ 0,5%.&nbsp;<\/p>\n\n\n\n<p><strong>Urm\u0103toarea \u0219edin\u021b\u0103 a FED pentru o eventual\u0103 t\u0103iere a dob\u00e2nzii de referin\u021b\u0103 este pe 17-18 decembrie.<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>&nbsp;<strong>PIERDERI ESTIMATE DE 17% PENTRU PRODUC\u0102TORII AUTO DAC\u0102 SUA IMPUN NOI TARIFE DE IMPORT.&nbsp;<\/strong><\/li>\n<\/ul>\n\n\n\n<p>Trump inten\u021bioneaz\u0103 s\u0103 impun\u0103 rapid tarife de 25% la importurile din Mexic \u0219i Canada, \u00eempreun\u0103 cu un tarif suplimentar de 10% la importurile din China.&nbsp;<\/p>\n\n\n\n<p>La deschiderea \u0219edin\u021bei de tranzac\u021bionare de mar\u021bea trecut\u0103, ac\u021biunile Ford \u0219i General Motors (GM) au sc\u0103zut brusc ca urmare a \u0219tirii &#8211; GM a sc\u0103zut cu 8,99 % \u00een cursul zilei &#8211; din cauza \u00eengrijor\u0103rilor legate de dependen\u021ba puternic\u0103 a produc\u0103torilor auto de comer\u021bul transfrontalier cu Canada \u0219i Mexic, care implic\u0103 at\u00e2t expedierea de piese auto, c\u00e2t \u0219i asamblarea final\u0103.<\/p>\n\n\n\n<p>Produc\u0103torii auto europeni \u0219i americani vor pierde p\u00e2n\u0103 la 17% din profiturile lor anuale combinate dac\u0103 SUA impun tarife de import \u00een Europa, Mexic \u0219i Canada, a declarat vineri S&amp;P Global \u00eentr-un raport.<\/p>\n\n\n\n<p>Produc\u0103torii de automobile premium Volvo, Jaguar Land Rover, care produce \u00een principal \u00een Europa \u0219i grupul General Motors, care asambleaz\u0103 volume mari de ma\u0219ini \u00een Mexic \u0219i Canada, sunt cele mai expuse amenin\u021b\u0103rii unor tarife mai mari, a spus agen\u021bia S&amp;P Global. (cite\u0219te tot articolul aici <a href=\"https:\/\/www.reuters.com\/business\/autos-transportation\/trumps-tariffs-could-cost-carmakers-up-17-combined-core-profits-sp-says-2024-11-29\/\">Trump&#8217;s tariffs could cost carmakers up to 17% of combined core profits, S&amp;P says | Reuters<\/a>)<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>&nbsp;<strong>ALEGEREA LUI SCOTT BESSENT CA PRE\u0218EDINTE AL TREZORERIEI AMERICANE D\u0102 \u00ceNCREDERE MEDIULUI DE BUSINESS.<\/strong><\/li>\n<\/ul>\n\n\n\n<p>Alegerea lui Scott Bessent de c\u0103tre Trump ca lider al Trezoreriei a p\u0103rut s\u0103 determine o sc\u0103dere brusc\u0103 a randamentelor pe termen lung ale Trezoreriei pe parcursul s\u0103pt\u0103m\u00e2nii, randamentul obliga\u021biunilor de referin\u021b\u0103 pe 10 ani sc\u0103z\u00e2nd cu aproximativ 15 puncte de baz\u0103 (0,15 puncte procentuale) la cel mai sc\u0103zut nivel din 24 octombrie &#8211; pre\u021burile obliga\u021biunilor \u0219i randamentele se mi\u0219c\u0103 \u00een direc\u021bii opuse.<\/p>\n\n\n\n<p>El va juca un rol cheie la conducerea Departamentului Trezoreriei, o pozi\u0163ie de prestigiu \u00een cadrul guvernului, cu rol de consultan\u0163\u0103, gestionare a bugetului federal \u015fi supervizare a politicii economice.<\/p>\n\n\n\n<p>Scott Bessent va trebui, \u00een special, s\u0103 creasc\u0103 \u015fi s\u0103 sus\u0163in\u0103 reducerile de taxe f\u0103cute \u00een timpul primului mandat al lui Donald Trump (2017-2021) \u015fi care vor expira \u00een 2025.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>&nbsp;SEZONUL RAPORT\u0102RILOR FINANCIARE&nbsp;&nbsp;&nbsp;<\/strong><\/h4>\n\n\n\n<p><strong>Sezonul raport\u0103rilor financiare se apropie de sf\u00e2r\u0219it, tot mai pu\u021bine companii au mai r\u0103mas s\u0103-\u0219i prezinte public rapoartele financiare.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<\/strong><\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Ce s-a \u00eent\u00e2mplat s\u0103pt\u0103m\u00e2na trecut\u0103<\/strong><\/h4>\n\n\n\n<p>S-au aflat rezultatele financiare de la c\u00e2teva companii mai importante: <strong>Zoom (ZM)<\/strong>, <strong>Dell (DELL),<\/strong> <strong>CrowdStrike (CRWD)<\/strong> \u0219i altele, dup\u0103 cum se poate vedea \u00een tabelul de mai jos.<\/p>\n\n\n\n<p>Raport\u0103rile au fost \u00een mare majoritate pozitive.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-rt.googleusercontent.com\/docsz\/AD_4nXc1T9zvFoXd81YdmYbTWixnPo0laS04_e6vaiqQ4FQlCU1ofjymixwdo7XSwaw4rgCJT4uWuAPp9wOvDEkobKO0sNXXVphGCdU1ME_otXLxFharpUDcUtb7zwy8xdA9LfPJXROhjeIAHnK60oaTGsA?key=VS86KRLKURd7wAz9gV5VSmwn\" alt=\"\"\/><\/figure>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Ce se va \u00eent\u00e2mpla s\u0103pt\u0103m\u00e2na aceasta:<\/strong><\/h4>\n\n\n\n<p>S\u0103pt\u0103m\u00e2na asta vom avea raport\u0103ri pentru <strong>ZScaler (ZS), Salesforce (CRM), Marvell (MRVL) \u0219i RBC (RY)<\/strong>, c\u00e2teva dintre companiile cele mai tranzac\u021bionate.&nbsp;<\/p>\n\n\n\n<p>Vezi toate raport\u0103rile s\u0103pt\u0103m\u00e2nii aici:<\/p>\n\n\n\n<p><a href=\"https:\/\/www.investing.com\/earnings-calendar\">https:\/\/www.investing.com\/earnings-calendar<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>ANALIZA PRINCIPALILOR INDICI<\/strong><\/h4>\n\n\n\n<p><\/p>\n\n\n\n<p>To\u021bi cei 3 indici americani au continuat sa creasc\u0103 \u0219i s\u0103pt\u0103m\u00e2na trecut\u0103:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>S&amp;P 500 (simbol US500\/SPX) a crescut cu <\/strong><strong>1,06%<\/strong><strong>&nbsp;<\/strong><\/li>\n\n\n\n<li><strong>Dow Jones Industrial Average (simbol DJI) a crescut&nbsp; cu <\/strong><strong>1,39%<\/strong><strong>&nbsp;<\/strong><\/li>\n\n\n\n<li><strong>Nasdaq Composite (simbol IXIC) a crescut cu <\/strong><strong>1,13%<\/strong><strong>&nbsp;<\/strong><\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-rt.googleusercontent.com\/docsz\/AD_4nXeB6LXbc2Eu6SMAYI2zGSeHEwChgG-4uY5u_QZL4-tMigEmxDsN_edxTtIhf6AL0s04eyhu16FQy6NNCevKBbuxf7x8nelUnRuFBKg11VuRObPfHl65hRzcJBowd9ohqfmxmgEP2tMkjcNl_zJPa0c?key=VS86KRLKURd7wAz9gV5VSmwn\" alt=\"\"\/><\/figure>\n\n\n\n<p><strong><em>S&amp;P 500 (US) &#8211; grafic daily<\/em><\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-rt.googleusercontent.com\/docsz\/AD_4nXewY-PEHUKK1D-w1HQrHrDCGSrrZlPQjJl7DBAlxMexJ0goy84Ypq1eL6bizEYcG3Zj4lwNOMmNrUYs0DAiffsVevDnqjtwZjSxXtVwPxGhjSwYMTAkqmh1tPJe9kPx_6DNSB5h4m3Bqlqnd-3BWUw?key=VS86KRLKURd7wAz9gV5VSmwn\" alt=\"\"\/><\/figure>\n\n\n\n<p><strong><em>DJI (US) &#8211; grafic daily&nbsp;&nbsp;<\/em><\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-rt.googleusercontent.com\/docsz\/AD_4nXeuUEhn5CbVm-ln9yg6Mbcv43FPw576ICcfirF1RlkWrtKJu68PP1wFJvVX_DsdQiWl9wP4pa1txfb9bOXQ-micHjDW7qKgdTuLuNNSsV_Y9nOTfvrXaQOd17NRuT2XChsQSjUWx9uRL0jHYjuKmSw?key=VS86KRLKURd7wAz9gV5VSmwn\" alt=\"\"\/><\/figure>\n\n\n\n<p><strong><em>IXIC (US) &#8211; grafic daily&nbsp;&nbsp;<\/em><\/strong><\/p>\n\n\n\n<p><em>Sursa graficelor: investing.com&nbsp;<\/em><\/p>\n\n\n\n<p>Indicii americani <strong>S&amp;P 500<\/strong> si <strong>Dow Jones <\/strong>au atins noi maxime istorice \u00een sesiunea de vineri, 29 noiembrie, iar <strong>Nasdaq Composite <\/strong>testeaz\u0103 \u0219i el maximul anterior, situat \u00een jurul valorii de 19.300 de puncte.<\/p>\n\n\n\n<p>Cu toate acestea, indicatorul momentul RSI r\u0103m\u00e2ne \u00een zona neutr\u0103, sub valoarea de 70, pentru to\u021bi cei trei indici.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>EVOLU\u021aII PE SECTOARE, S\u0102PT\u0102M\u00c2NA TRECUT\u0102 \/ 25-29 Noiembrie<\/strong><\/h4>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-rt.googleusercontent.com\/docsz\/AD_4nXeixexKEzs0A21WkkebypB9K3Hbvpm7BdmGrECthrkAqUZvMT33nIujy5GGkfWF6rSJBCxXXCtTZbsd94DUm86BjVSUrLaVQ-zAle5hQn3OocLkCfisLX8L7s9JgKRWcwrsW8IOVrnE8U0OP9m4wIw?key=VS86KRLKURd7wAz9gV5VSmwn\" alt=\"\"\/><\/figure>\n\n\n\n<p><em>Sursa: Finviz<\/em><\/p>\n\n\n\n<p><strong>O s\u0103pt\u0103m\u00e2n\u0103 cu 10 sectoare pe cre\u0219tere \u0219i numai 1 sector pe sc\u0103dere.<\/strong><\/p>\n\n\n\n<p>Ac\u021biunile din sectorul <strong>Energy <\/strong>&nbsp;au sc\u0103zut \u00een urma \u0219tirii \u00eencet\u0103rii focului \u00eentre Israel \u0219i Hezbollah, deoarece pre\u021bul petrolului au sc\u0103zut ca r\u0103spuns la diminuarea temerilor legate de extinderea unui conflict care implic\u0103 Iranul.<\/p>\n\n\n\n<p><strong>Cre\u0219teri:<\/strong><\/p>\n\n\n\n<p>\u25a0 <strong>Consumer Cyclical, <\/strong>cu o cre\u0219tere&nbsp; de +3,08%<\/p>\n\n\n\n<p>\u25a0 <strong>Healthcare, <\/strong>cu o cre\u0219tere&nbsp; de +2,85%<\/p>\n\n\n\n<p>\u25a0 <strong>Real Estate, <\/strong>cu o cre\u0219tere de +2,7%<\/p>\n\n\n\n<p>\u25a0 <strong>Consumer Defensive, <\/strong>cu o cre\u0219tere de +2,53%<\/p>\n\n\n\n<p>\u25a0 <strong>Industrials, <\/strong>cu o cre\u0219tere&nbsp; de +2,33%<\/p>\n\n\n\n<p>\u25a0 <strong>Financial, <\/strong>cu o cre\u0219tere&nbsp; de +2,23%<\/p>\n\n\n\n<p>\u25a0 <strong>Communication Services, <\/strong>cu o cre\u0219tere de +1,34%<\/p>\n\n\n\n<p>\u25a0 <strong>Utilities, <\/strong>cu o cre\u0219tere de +0,98%<\/p>\n\n\n\n<p>\u25a0 <strong>Basic materials, <\/strong>cu o cre\u0219tere &nbsp; de +0,78%<\/p>\n\n\n\n<p>\u25a0 <strong>Technology, <\/strong>cu o cre\u0219tere de&nbsp; +0,21%<\/p>\n\n\n\n<p><strong>Sc\u0103deri:<\/strong><\/p>\n\n\n\n<p>\u25a0 <strong>Energy, <\/strong>o sc\u0103dere de -1,05%<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>CALENDARUL S\u0102PT\u0102M\u00c2NII \u00ceN CURS \/ 2 &#8211; 6 DECEMBRIE<\/strong><\/h4>\n\n\n\n<p><strong>O s\u0103pt\u0103m\u00e2n\u0103 cu c\u00e2teva evenimente importante &#8211; investitorii vor fi aten\u021bi la cum vor evolua ISM Manufacturing \u0219i Services, iar vineri se vor uita la cifrele din pia\u021ba muncii &#8211; cum se mi\u0219c\u0103 joburile din zona non-farm \u0219i, foarte important, \u0219omajul. Sunt cifre de care va \u021bine cont Fed la \u0219edin\u021ba de dob\u00e2nd\u0103 monetar\u0103 din aceast\u0103 lun\u0103, care este programat\u0103 pentru 17-18 Decembrie.<\/strong><\/p>\n\n\n\n<p><strong>LUNI \/ 2 DECEMBRIE&nbsp;<\/strong><\/p>\n\n\n\n<p><strong>ORA 16.00&nbsp;<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>ISM Manufacturing PMI (Purchasing Managers&#8217; Index) &#8211; <\/strong>este un indice important pentru economie, ce ofer\u0103 semnale legate de s\u0103n\u0103tatea economiei lu\u00e2nd \u00een considerare activitatea din sectorul manufacturier.<\/li>\n<\/ul>\n\n\n\n<p>Acesta este v\u0103zut \u00een cre\u0219tere pe noiembrie, urc\u00e2nd de la de la 46,5 \u00een luna trecut\u0103 la 47,5, ceea ce indic\u0103 o expansiune a sectorului. Chiar dac\u0103 se afl\u0103 sub borna de 50, evolu\u021bia pozitiv\u0103 a acestui indice arat\u0103 o cre\u0219tere a economiei.<\/p>\n\n\n\n<p><strong>MIERCURI \/ 4 DECEMBRIE&nbsp;<\/strong><\/p>\n\n\n\n<p><strong>ORA 16.00&nbsp;<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Factory Orders (MoM)<\/strong> &#8211; cu cre\u0219tere previzionat\u0103 pentru luna Octombrie de la -0,5% la +0,3%. Comenzile din fabric\u0103 sunt un indicator economic cheie care m\u0103soar\u0103 modificarea valorii totale a comenzilor noi de achizi\u021bie plasate la produc\u0103tori, de obicei de la o lun\u0103 la alta (MoM).<\/li>\n\n\n\n<li><strong>ISM Services PMI &#8211; <\/strong>acest indice ofer\u0103 informa\u021bii legate de activitatea sectorului de servicii din SUA, un sector care genereaz\u0103 75% din PIB-ul american.<strong> Este a\u0219teptat\u0103 o sc\u0103dere a acestuia de la 56 la 55,5<\/strong>. Consumul de servicii, care a sus\u021binut cre\u0219terea economic\u0103 recent\u0103, a \u00eenceput s\u0103 dea semne de sl\u0103biciune, \u00een principal din cauza sc\u0103derii ritmului de cre\u0219tere a salariilor \u0219i a \u00eencetinirii angaj\u0103rilor. Acest lucru reflect\u0103 o temperare a cheltuielilor de consum &#8211;<strong> vezi raportul referitor la cheltuielile personale, din prima parte a acestui newsletter &#8211;<\/strong>, afect\u00e2nd industriile de servicii care depind de acestea.<\/li>\n<\/ul>\n\n\n\n<p><strong>VINERI \/ 6 DECEMBRIE\u00a0<\/strong><\/p>\n\n\n\n<p><strong>Ora 14,30<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Non-Farm Payroll &#8211;<\/strong> joburile din zona neagricol\u0103, cu previziune de cre\u0219tere de la 12,000 la 202,000 joburi. Cifra anterioar\u0103 este denaturat\u0103 de greva de la Boeing din var\u0103 \u0219i de cele doua uragane care au afectat SUA \u00een acest an.<\/li>\n\n\n\n<li><strong>Unemployment Rate &#8211; <\/strong>\u0218omajul pentru luna noiembrie, un indicator foarte important pentru economie,<strong> are previziuni de u\u0219oar\u0103 cre\u0219tere, de la 4,1% la 4,2%.&nbsp;<\/strong><\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>ANALIZA TRENDURILOR PRINCIPALILOR INDICI BURSIERI<\/strong><\/h4>\n\n\n\n<p>Iat\u0103 cum au stat lucrurile s\u0103pt\u0103m\u00e2na trecut\u0103 pentru 5 dintre indicii globali:&nbsp;<\/p>\n\n\n\n<p>\u25cf <strong>S&amp;P500, US (simbol US500) <\/strong>a \u00eenregistrat o cre\u0219tere de <strong>1,06%<\/strong> \u00een ultima s\u0103pt\u0103m\u00e2n\u0103;<\/p>\n\n\n\n<p>\u25cf <strong>DAX, Germania (simbol DE40) <\/strong>a \u00eenregistrat o cre\u0219tere de <strong>1,57%<\/strong> &nbsp;\u00een ultima s\u0103pt\u0103m\u00e2n\u0103;&nbsp;<\/p>\n\n\n\n<p>\u25cf&nbsp; <strong>Shanghai, China (SSEC) <\/strong>a \u00eenregistrat o cre\u0219tere de <strong>1,81%<\/strong> \u00een ultima s\u0103pt\u0103m\u00e2n\u0103;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>&nbsp;<strong>Nikkei 225, Japonia (simbol JP225) <\/strong>a \u00eenregistrat o sc\u0103dere de <strong>0,20%<\/strong> \u00een ultima s\u0103pt\u0103m\u00e2n\u0103;&nbsp;<\/li>\n<\/ul>\n\n\n\n<p>\u25cf <strong>Nifty, India (NFTY) <\/strong>a \u00eenregistrat&nbsp; cre\u0219tere de <strong>0,15% <\/strong>&nbsp;\u00een ultima s\u0103pt\u0103m\u00e2n\u0103.<\/p>\n\n\n\n<p><strong>Indicele DAX <\/strong>din Germania a continuat sa creasca \u0219i s\u0103pt\u0103m\u00e2na aceasta \u0219i testeaz\u0103 maximul anterior, \u00eenregistrat la mijlocul lunii octombrie.&nbsp;<\/p>\n\n\n\n<p><strong>Indicele Shanghai Composite<\/strong> continu\u0103 s\u0103 se echilibreze dup\u0103 cre\u0219terea abrupt\u0103 \u00eenceput\u0103 \u00een luna septembrie. Un suport important este zona gap-ului de la 3,090 &#8211; 3,160.<\/p>\n\n\n\n<p><strong>Indicele din India<\/strong> <strong>Nifty <\/strong>a revenit de la linia de trend care define\u0219te trendul pozitiv pe termen lung.&nbsp;<\/p>\n\n\n\n<p><strong>Indicele japonez Nikkei <\/strong>continu\u0103 continu\u0103 s\u0103 evolueze \u00een trendul lateral pe termen scurt \u00een intervalul 37.700 \u0219i 40.000.<\/p>\n\n\n\n<p><strong>Vezi graficele de mai jos:&nbsp;<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-rt.googleusercontent.com\/docsz\/AD_4nXf_Yqwa57eHBeSkAOBD_ckZjydSOQDYmyvDNyV9BM95Fse-eOp58EHK_TwcFCaZamoMEYX96ffLbCpupWJyjuLaKq_eyD1aUVMKfwDD9tYpzjoCnLkio6fUl8jKWWmF8NjvKSbQJ4pxl5n3E4MRAhw?key=VS86KRLKURd7wAz9gV5VSmwn\" alt=\"\"\/><\/figure>\n\n\n\n<p><strong><em>DAX (Germania) &#8211; grafic daily&nbsp; &nbsp; &nbsp; <\/em><\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-rt.googleusercontent.com\/docsz\/AD_4nXerh39YjkCb14U98kv5SivwEx9S4h_37StAv7rnpqaPcI9h7Ip8lwyhaKN1HicXsQ5_Que6g7nPpbBeiBQY0IU245kVoPuRLEhundzN0utu8zwMPQyJxL3qvz7reSJUev17jtv02ULdF3wp6P0H-A?key=VS86KRLKURd7wAz9gV5VSmwn\" alt=\"\"\/><\/figure>\n\n\n\n<p><strong><em> <\/em><\/strong><strong><em>Shanghai Composite (China) &#8211; daily<\/em><\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-rt.googleusercontent.com\/docsz\/AD_4nXc2Q9uXPtqxtIcN4zm7SpWOQML6OSUViXLp3XxISpqFxAQ8snvqMKT6KUi-3mi9s1ADB4Q0MR6HfKjAKBDi1QODfjsc_TxBSivL9vA-THAUmW8j-GcQOIy5mfYSB1sk6Od7hA9zh1gU081qygg1-yQ?key=VS86KRLKURd7wAz9gV5VSmwn\" alt=\"\"\/><\/figure>\n\n\n\n<p><strong><em>Indicele <\/em>NFTY <\/strong>(<em>I<\/em><strong><em>ndia) &#8211; grafic daily&nbsp; <\/em><\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-rt.googleusercontent.com\/docsz\/AD_4nXemdCixD8mg5soZvyQYI--7izyh66J39GekfNh2j0rM1hmCOuMo8NMWC8SJTMS7wT6dKSdI-CApVUYugyc55h7doocXiRa_04rfFqCZMhDytEsCtz4G43YjA7FqJIQhlVhk4vTGjHm3Cu43qQz2loM?key=VS86KRLKURd7wAz9gV5VSmwn\" alt=\"\"\/><\/figure>\n\n\n\n<p><strong><em>Nikkei 225 (Japonia) &#8211; grafic daily<\/em><\/strong><\/p>\n\n\n\n<p><em>Sursa investing.com&nbsp; <\/em><strong><em>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <\/em><\/strong><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>OPINII \u0218I PERSPECTIVE &#8211; CE SPUN ANALI\u0218TII<\/strong><\/h4>\n\n\n\n<p><strong>\u25cf <\/strong><strong>ANALI\u0218TII PREV\u0102D O TEMPERARE A AV\u00c2NTULUI FED \u00ceN T\u0102IEREA DOB\u00c2NZILOR.<\/strong><\/p>\n\n\n\n<p>Pie\u021bele se a\u0219teapt\u0103 \u00een general ca Rezerva Federal\u0103 s\u0103 reduc\u0103 ratele dob\u00e2nzilor pentru a treia oar\u0103 \u00een acest an la reuniunea din Decembrie. \u00centrebarea este ce va face banca central\u0103 anul viitor.<\/p>\n\n\n\n<p>Rezultatele recente privind infla\u021bia \u0219i dovezile c\u0103 economia SUA cre\u0219te \u00eentr-un ritm solid au ridicat \u00eendoieli cu privire la faptul c\u0103 Fed va reduce ratele la fel de rapid cum a indicat anterior. \u00cen septembrie, Summary of Economic Projections (SEP) al Fed prevedea patru reduceri ale ratei dob\u00e2nzii anul viitor.<\/p>\n\n\n\n<p>\u00cen prezent, anali\u0219tii din pie\u021be preconizeaz\u0103 numai dou\u0103 reduceri \u00een 2025, conform datelor oferite de Bloomberg.<\/p>\n\n\n\n<p><a href=\"https:\/\/finance.yahoo.com\/news\/wall-street-sees-slower-pace-of-fed-rate-cuts-in-2025-100030857.html\">Wall street sees slower pace of fed rate cuts in 2025<\/a><\/p>\n\n\n\n<p><strong>\u25cf<\/strong> <strong>MARKET WATCH: INFLA\u021aIA SE DEP\u0102RTEAZ\u0102 DE \u021aINTA DE 2% PROPUS\u0102 DE FED PENTRU 2024.<\/strong><\/p>\n\n\n\n<p>Rata infla\u021biei pe 12 luni a crescut u\u0219or de la 2,1% la 2,3%, r\u0103m\u00e2n\u00e2nd departe de obiectivul de 2% al Fed. Potrivit economi\u0219tilor, rata infla\u021biei va continua probabil s\u0103 creasc\u0103 p\u00e2n\u0103 la sf\u00e2r\u0219itul anului.<\/p>\n\n\n\n<p>\u00centre timp, consumatorii care caut\u0103 condi\u021bii mai bune pentru cump\u0103rarea unei locuin\u021be sau a unei ma\u0219ini vor trebui s\u0103 a\u0219tepte. Ratele dob\u00e2nzilor din SUA nu se a\u0219teapt\u0103 s\u0103 scad\u0103 at\u00e2t de repede pe c\u00e2t spera Wall Street \u00een urm\u0103 cu doar c\u00e2teva luni.<\/p>\n\n\n\n<p><a href=\"https:\/\/www.marketwatch.com\/story\/inflation-rate-climbs-for-the-first-time-since-the-summer-fed-weighs-how-much-to-cut-rates-fe420832?mod=home-page\">Inflation rate climbs for the first time since the summer fed weighs how much to cut rates<\/a><\/p>\n\n\n\n<p><strong>\u25cf<\/strong> <strong>O POSIBIL\u0102 VOLATILITATE MAI MARE A BURSEI \u00ceN 2025.<\/strong><\/p>\n\n\n\n<p>\u201ePrima jum\u0103tate a anului a fost dominat\u0103 de companiile cu capitalizare mare\u201d, a declarat Kevin Gordon, senior investment strategist la Schwab. Ac\u021biunile medii pur \u0219i simplu nu se descurcau foarte bine, a spus el, ceea ce f\u0103cea ca pia\u021ba s\u0103 fie fragil\u0103.&nbsp;<\/p>\n\n\n\n<p>Dar la mijlocul verii, situa\u021bia s-a schimbat, pe m\u0103sur\u0103 ce cre\u0219terea s-a extins pentru a include mai multe ac\u021biuni. \u201eCam toat\u0103 lumea particip\u0103 la parad\u0103\u201d, a spus Gordon, ad\u0103ug\u00e2nd c\u0103 povestea economic\u0103 \u0219i cea a pie\u021bei bursiere par acum mai \u00een armonie.<\/p>\n\n\n\n<p>Totu\u0219i, necunoa\u0219terea gradului de agresivitate al lui Trump \u00een ceea ce prive\u0219te tarifele sau imigra\u021bia r\u0103m\u00e2ne un risc \u00een 2025. \u201dAsta nu \u00eenseamn\u0103 c\u0103 pie\u021bele scad, dar readuce volatilitatea ca un risc mai mare\u201d, a spus Gordon.<\/p>\n\n\n\n<p><a href=\"https:\/\/www.marketwatch.com\/story\/stocks-are-rallying-hard-as-the-economy-refuses-to-buckle-will-it-last-in-2025-6e62f100?mod=home-page\">Stocks are rallying hard as the economy refuses to buckle will it last in 2025<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p><em>La final, dup\u0103 ce ai fost pus la curent cu informa\u021biile importante din ultima s\u0103pt\u0103m\u00e2n\u0103,<\/em><em> <\/em><em>am ajuns \u0219i la <\/em><strong><em>capitolul s\u0103pt\u0103m\u00e2nal de educa\u021bie<\/em><\/strong><em>.<\/em><em>&nbsp;<\/em><\/p>\n\n\n\n<p><em>Vei primi informa\u021bii peste nivelul cursurilor clasice, cu<\/em><em> <\/em><em>analize pe cazuri concrete, de analiz\u0103 fundamental\u0103 \u0219i analiz\u0103 tehnic\u0103, ce te vor ajuta s\u0103 \u00een\u021belegi mai bine pia\u021ba.<\/em><em>&nbsp;<\/em><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h3 class=\"wp-block-heading\"><strong><em>SEC\u021aIUNEA DE EDUCA\u021aIE&nbsp;<\/em><\/strong><\/h3>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Analiza Fundamental\u0103.<\/strong><\/h4>\n\n\n\n<p><strong>EBITDA \u0218I INDICATORUL EV\/EBITDA<\/strong><\/p>\n\n\n\n<p>\u00cen articolul de ast\u0103zi vom vorbi despre doi indicatori de profitabilitate care sunt folosi\u021bi \u00een analiza fundamental\u0103 a unei companii : EBITDA \u0219i indicatorul calculat pe baza acestuia, EV\/EBITDA.<\/p>\n\n\n\n<p><strong>Ce este \u0219i cum se calculeaza EBITDA ?<\/strong><\/p>\n\n\n\n<p>EBITDA (earnings before interest, taxes, depreciation and amortization) s-ar traduce prin castiguri \u00eenainte de dob\u00e2nzi, taxe, depreciere \u0219i amortizare.<\/p>\n\n\n\n<p>Dup\u0103 cum sugereaz\u0103 \u0219i numele, formula de calcul este urm\u0103toarea :<\/p>\n\n\n\n<p><strong>EBITDA = profit net + dob\u00e2nzi + taxe + depreciere + amortizare<\/strong><\/p>\n\n\n\n<p><strong>Cum a aparut EBITDA?<\/strong><\/p>\n\n\n\n<p>Deoarece profitul net poate fi influen\u021bat de politici locale privind rata de taxare a acestuia precum \u0219i rata de depreciere \u0219i amortizare a activelor fixe, EBITDA elimina aceste neajunsuri.<\/p>\n\n\n\n<p>Aten\u021bie \u00eens\u0103 : EBITDA nu este un indicator standard inclus \u00een situa\u021biile financiare publicate de companiile listate. Prezentarea lui este op\u021bional\u0103 \u0219i uneori trebuie calculat separat.&nbsp;&nbsp;<\/p>\n\n\n\n<p><strong>EBITDA utilizat \u00een evaluare (EV\/EBITDA)<\/strong><\/p>\n\n\n\n<p>Un indicator derivat din EBITDA este Enterprise Value\/EBITDA&nbsp; (EV \/EBITDA).<\/p>\n\n\n\n<p><strong>Cum se calculeaz\u0103 EV\/EBITDA ?<\/strong><\/p>\n\n\n\n<p><strong>EV\/ EBITDA = \u200bValoarea companiei (EV)\/ EBITDA<\/strong><\/p>\n\n\n\n<p>Unde :<\/p>\n\n\n\n<p>EV = Enterprise Value (valoarea companiei) = capitalizarea companiei + total \u00eemprumuturi \u2212 numerar \u0219i echivalente de numerar<br><\/p>\n\n\n\n<p><strong>Interpretarea indicatorului EV\/ EBITDA :<\/strong><\/p>\n\n\n\n<p>Atunci c\u00e2nd se compar\u0103 dou\u0103 companii, raportul Enterprise Value\/EBITDA poate fi utilizat pentru a ar\u0103ta investitorilor dac\u0103 o companie este supraevaluat\u0103 (raport ridicat) sau subevaluat\u0103 (raport sc\u0103zut).<\/p>\n\n\n\n<p>Este important s\u0103 compar\u0103m companii din acela\u0219i sector \u0219i industrie, deoarece diferitele industrii au indicatori EV\/ EBITDA foarte diferi\u021bi (valori mari pentru industriile cu cre\u0219tere mare, rate sc\u0103zute pentru industriile cu cre\u0219tere sc\u0103zut\u0103).&nbsp;<\/p>\n\n\n\n<p><strong>Exemplu de calcul EBITDA \u0219i EV\/EBITDA<\/strong><\/p>\n\n\n\n<p><strong>Calculul EBITDA<\/strong><\/p>\n\n\n\n<p>Ca exemplu vom calcula cei doi indicatori pentru compania AppLovin Corporation (simbol APP) la 30 septembrie 2024.<\/p>\n\n\n\n<p>Pentru calculul indicatorilor avem nevoie de datele publicate \u00een situa\u021biile financiare pentru ultimele 12 luni (TTM) :<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Profitul net pentru ultimele 12 luni \u00eel g\u0103sim \u00een Contul de profit \u0219i pierdere (cifrele sunt in mii USD) :&nbsp;&nbsp;<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-rt.googleusercontent.com\/docsz\/AD_4nXfgrbH5ojDgUWSxqwaRQLgBsVJKVY8o4y8K9r2jXziYi0dimSHIGfmdTeJ75DOuKHygb4LfjovApItIfdpyFgPNcgxpW9-F5unVhY8ZOnDmbw_DbMNgDxmD3kWgtk8FnNssqSCA5r1kbP4Pft2lLg?key=VS86KRLKURd7wAz9gV5VSmwn\" alt=\"\"\/><\/figure>\n\n\n\n<p>Sursa:<a href=\"https:\/\/finance.yahoo.com\/quote\/APP\/financials\/\"> AppLovin Corporation (APP) Income Statement &#8211; Yahoo Finance<\/a><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Cheltuielile cu dob\u00e2nzile, precum \u0219i cheltuielile cu taxele la ultimele 12 luni le g\u0103sim de asemenea \u00een Contul de profit \u0219i pierdere :&nbsp;&nbsp;<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-rt.googleusercontent.com\/docsz\/AD_4nXc7Md1VeAzPdeYhqCaBi5dPwGAH1pFox0YZF_dBq1IVXr8BG9Md5HhE3U7LFe6H6eePJLn5_s9aKJT4za0fpU-P1kJKakuDPalGmyGlVPsrUA7Sq6s55gTQV-2vUiA4qdiiN9bcyPWIQ9dayaN4mCc?key=VS86KRLKURd7wAz9gV5VSmwn\" alt=\"\"\/><\/figure>\n\n\n\n<p><strong>Sursa:<\/strong><a href=\"https:\/\/finance.yahoo.com\/quote\/APP\/financials\/\"><strong> <\/strong><strong>AppLovin Corporation (APP) Income Statement &#8211; Yahoo Finance<\/strong><\/a><\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-rt.googleusercontent.com\/docsz\/AD_4nXd_v177pI2PSY5fEdXDFkeaML8vFCmD1k8MYHROOwLFXQE6KdGTc_jnLzTfuBwoaKqla6bmUD4-MYTnt6A9ggTSjTvbKlZPQe-lzBFuRSRN07huyZW7JJROofUr9PAjYN7jWzu2R7GU78XBQ3PxeA?key=VS86KRLKURd7wAz9gV5VSmwn\" alt=\"\"\/><\/figure>\n\n\n\n<p><strong>Sursa:<\/strong><a href=\"https:\/\/finance.yahoo.com\/quote\/APP\/financials\/\"><strong> <\/strong><strong>AppLovin Corporation (APP) Income Statement &#8211; Yahoo Finance<\/strong><\/a><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Cheltuielile cu deprecierea \u0219i amortizarea la ultimele 12 luni le g\u0103sim \u00een Situa\u021bia fluxurilor de Trezorerie :&nbsp;&nbsp;<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-rt.googleusercontent.com\/docsz\/AD_4nXck1OBitsnPz-eHl4jJN-PRoyCJ1NnfboSRzzlzMftM_RoMOuCLKQ1G863DNeaxyfCAkW8Sf9C1yNLheopW_ROu12FM_SM7ZgCIxP79A7Ltts-xCL970NFQVEA8zBDS1KDXY0c3cv9b-icdruqqNg?key=VS86KRLKURd7wAz9gV5VSmwn\" alt=\"\"\/><\/figure>\n\n\n\n<p><strong>Sursa:<\/strong><a href=\"https:\/\/finance.yahoo.com\/quote\/APP\/cash-flow\/\"><strong> <\/strong><strong>AppLovin Corporation (APP) Cash Flow &#8211; Yahoo Finance &#8211; Yahoo Finance<\/strong><\/a><\/p>\n\n\n\n<p>Astfel, EBITDA calculat pe baza informa\u021biilor de mai sus este :<\/p>\n\n\n\n<p>EBITDA = 1.152.805 + 295.645 + 86.972+ 439.954 = &nbsp; 1.975.376 mii USD<\/p>\n\n\n\n<p><strong>Calculul EV \/EBITDA<\/strong><\/p>\n\n\n\n<p>Vom calcula \u00een continuare valoarea companiei APP la 30 septembrie 2024.<\/p>\n\n\n\n<p>Pentru aceasta avem nevoie&nbsp; de :<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Capitalizarea companiei, care la data de 29 noiembrie 2024 este de 113,08 miliarde USD.<\/li>\n\n\n\n<li>Datoriile companiei la data de 30 septembrie 2024:<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-rt.googleusercontent.com\/docsz\/AD_4nXe1Ou2NVYiYFe_Uj8EaUv10Di2L1ne-B3C_g4ULbyPk7-GDYo_bnYo_xE7xSqJS91s4X_7O-pQu-GqzcmjmXOvIAGaT2dWdMXShyF37cw95sLeOg5LMg8gMyx3M2D0sH8B973rdt_e1iJEl3gfRtzo?key=VS86KRLKURd7wAz9gV5VSmwn\" alt=\"\"\/><\/figure>\n\n\n\n<p><strong>Sursa:<\/strong><a href=\"https:\/\/finance.yahoo.com\/quote\/APP\/balance-sheet\/\"><strong> <\/strong><strong>AppLovin Corporation (APP) Balance Sheet &#8211; Yahoo Finance<\/strong><\/a><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Numerarul \u0219i echivalentele de numerar la data de 30 septembrie 2024:&nbsp;<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-rt.googleusercontent.com\/docsz\/AD_4nXcvWW9FZsNNDDzPPRCvZhNRzbN14uBzXOycYmGrA41SFPnxfI0oVCEb-9p3GSCphH-cMh-BMH4v9SGjhn4mASZmDTFASpxRFRl_Ge4CnRNPnguAnnNeafZ7xuji6gkq7ZI8kNKTYs-JPX1nr5IIswg?key=VS86KRLKURd7wAz9gV5VSmwn\" alt=\"\"\/><\/figure>\n\n\n\n<p><strong>Sursa:<\/strong><a href=\"https:\/\/finance.yahoo.com\/quote\/APP\/balance-sheet\/\"><strong> <\/strong><strong>AppLovin Corporation (APP) Balance Sheet &#8211; Yahoo Finance<\/strong><\/a><\/p>\n\n\n\n<p>Pentru simplificare lucram cu cifrele exprimate \u00een mii USD:<\/p>\n\n\n\n<p>EV = 113.080.000&nbsp; + 3.474.456&nbsp; &#8211; 567.596 = 115.986.860 mii USD<\/p>\n\n\n\n<p>Acum putem calcula EV\/ EBITDA:<\/p>\n\n\n\n<p>EV\/ EBITDA = &nbsp; 1.975.376 \/ 115.986.860 = 0,5872<\/p>\n\n\n\n<p>EV\/ EBITDA se exprima in procente, adic\u0103 58,72%.<\/p>\n\n\n\n<p><strong>Cum interpretam indicatorul EV\/EBITDA?<\/strong><\/p>\n\n\n\n<p>Pentru aceasta avem nevoie de EV\/ EBITDA pentru companii similare din acela\u0219i sector \u0219i respectiv&nbsp; industrie. Am comparat mai jos AppLovin cu companiile similare din sectorul Technology, industria Software Application care au capitalizare mai mare dec\u00e2t APP:<\/p>\n\n\n\n<p><strong><\/strong>Sursa: Yahoo finance<\/p>\n\n\n\n<p>Observam ca APP are o valoare EV\/EBITDA peste media celorlal\u021bi competitori. Acest lucru ne indica faptul c\u0103 APP este supraevaluata.<\/p>\n\n\n\n<p><strong>Concluzie: EBITDA este un indicator folosit \u00een analiza fundamental\u0103 pentru o compara\u021bie mai precis\u0103 \u00eentre companii care activeaz\u0103 \u00een jurisdic\u021bii diferite. Indicatorul EV\/EBITDA ne arat\u0103 dac\u0103 o companie este supra sau subevaluata. \u00cens\u0103 pentru a lua o decizie de investi\u021bie, ace\u0219ti doi indicatori trebuiesc corela\u021bi cu al\u021bi indicatori de analiza fundamental\u0103.<\/strong><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>REZUMAT FINAL NEWSLETTER NR. 15<\/strong><\/h4>\n\n\n\n<p><strong>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;De re\u021binut:&nbsp;<\/strong><\/p>\n\n\n\n<p>Un rezumat al celor mai importante trei lucruri prezentate ast\u0103zi \u00een newsletter, pe care ar trebui sa le iei cu tine:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>INFLA\u021aIA \u00ceN U\u0218OAR\u0102 CRE\u0218TERE PUNE PROBLEME.<\/strong><\/li>\n\n\n\n<li><\/li>\n\n\n\n<li><strong>PCE Index (infla\u021bia)<\/strong> m\u0103surat\u0103 pentru un an de zile (Octombrie 2023 Octombrie 2024)) a crescut u\u0219or la 2,3%, conform cu a\u0219tept\u0103rile, de la 2,1% \u00een raportarea anterioar\u0103. Reamintim c\u0103 \u021binta de infla\u021bie a Fed pentru finalul anului 2024 este de 2%.<br>Asta s-ar putea s\u0103 modifice politica FED fa\u021b\u0103 de t\u0103ierea dob\u00e2nzilor.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>EVENIMENTE IMPORTANTE \u00ceN CALEDNARUL ECONOMIC &#8211; \u0218OMAJUL \u0218I NON-FARM PAYROLLS<\/strong> .<\/li>\n\n\n\n<li><\/li>\n\n\n\n<li>Avem \u00een fa\u021b\u0103 o s\u0103pt\u0103m\u00e2n\u0103 cu c\u00e2teva evenimente importante &#8211; investitorii vor fi aten\u021bi la cum vor evolua<strong> ISM Manufacturing \u0219i Services,<\/strong> deci cum merge economic\u0103 \u00een zona manufacturier\u0103 \u0219i a serviciilor, iar vineri se vor uita la cifrele din pia\u021ba muncii &#8211; cum se mi\u0219c\u0103 <strong>joburile din zona non-farm<\/strong> \u0219i, foarte important, <strong>\u0219omajul.<\/strong> Sunt cifre de care va \u021bine cont Fed la \u0219edin\u021ba de dob\u00e2nd\u0103 monetar\u0103 din aceast\u0103 lun\u0103, care este programat\u0103 pentru 17-18 Decembrie.<\/li>\n<\/ul>\n\n\n\n<p><strong>\u25cf &nbsp;ANALI\u0218TII PREV\u0102D O BURS\u0102 MAI VOLATIL\u0102 \u00ceN 2025. <\/strong><\/p>\n\n\n\n<p>Introducerea tarifelor la importuri de bunuri \u0219i servicii pune sub semnul \u00eentreb\u0103rii evolu\u021bia multor indicatori economici din anul viitor, motiv pentru care anali\u0219tii cred c\u0103 va urma un an ceva mai turbulent pe pia\u021b\u0103, lipsit de cre\u0219terea lin\u0103 \u0219i constant\u0103 cu care ne-am obi\u0219nuit \u00een ultima vreme.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p><\/p>\n\n\n\n<p><strong>&nbsp;              &nbsp;O s\u0103pt\u0103m\u00e2n\u0103<\/strong><strong> <\/strong><strong>profitabil\u0103!&nbsp;<\/strong><\/p>\n\n\n\n<p><strong>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Urm\u0103toarea edi\u021bie &#8211; 9 decembrie<\/strong><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n","protected":false},"excerpt":{"rendered":"<p>2 DECEMBRIE Bun venit venit la edi\u021bia s\u0103pt\u0103m\u00e2nal\u0103 a newsletter-ului nostru despre pie\u021bele interna\u021bionale.&nbsp; Acest material este structurat pe 3 categorii de informa\u021bii, pentru o lectur\u0103 mai facil\u0103 \u0219i urm\u0103rirea cursiv\u0103: Acest newsletter are scop pur informativ \u0219i educativ, prin urmare nu con\u021bine recomand\u0103ri de investi\u021bii.&nbsp; SEC\u021aIUNEA: MARKET PERFORMANCE&nbsp; Rezumatul s\u0103pt\u0103m\u00e2nii precedente:&nbsp; 25 &#8211; 29 [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":1613,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[71],"tags":[],"class_list":{"0":"post-1555","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-newsletter-ro"},"acf":[],"_links":{"self":[{"href":"https:\/\/market-monitor.staginghub.net\/ro\/wp-json\/wp\/v2\/posts\/1555"}],"collection":[{"href":"https:\/\/market-monitor.staginghub.net\/ro\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/market-monitor.staginghub.net\/ro\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/market-monitor.staginghub.net\/ro\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/market-monitor.staginghub.net\/ro\/wp-json\/wp\/v2\/comments?post=1555"}],"version-history":[{"count":4,"href":"https:\/\/market-monitor.staginghub.net\/ro\/wp-json\/wp\/v2\/posts\/1555\/revisions"}],"predecessor-version":[{"id":1674,"href":"https:\/\/market-monitor.staginghub.net\/ro\/wp-json\/wp\/v2\/posts\/1555\/revisions\/1674"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/market-monitor.staginghub.net\/ro\/wp-json\/wp\/v2\/media\/1613"}],"wp:attachment":[{"href":"https:\/\/market-monitor.staginghub.net\/ro\/wp-json\/wp\/v2\/media?parent=1555"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/market-monitor.staginghub.net\/ro\/wp-json\/wp\/v2\/categories?post=1555"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/market-monitor.staginghub.net\/ro\/wp-json\/wp\/v2\/tags?post=1555"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}