{"id":1678,"date":"2024-12-09T16:14:00","date_gmt":"2024-12-09T13:14:00","guid":{"rendered":"https:\/\/market-monitor.staginghub.net\/?p=1678"},"modified":"2024-12-09T18:41:53","modified_gmt":"2024-12-09T15:41:53","slug":"market-monitor-16","status":"publish","type":"post","link":"https:\/\/market-monitor.staginghub.net\/ro\/2024\/12\/09\/market-monitor-16\/","title":{"rendered":"MARKET MONITOR 16"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\"><strong>9 DECEMBRIE<\/strong><\/h3>\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<h3 class=\"wp-block-heading\"><strong>Rezumatul s\u0103pt\u0103m\u00e2nii precedente:&nbsp;2 &#8211; 6 Decembrie 2024&nbsp;<\/strong><\/h3>\n\n\n\n<p><strong>S\u0103pt\u0103m\u00e2na trecut\u0103 a fost dominat\u0103 de c\u00e2teva cifre importante pentru pia\u021b\u0103, \u0219i anume Manufacturing PMI \u0219i Services PMI, rapoarte lunare ce ne dau informa\u021bii din interior despre s\u0103n\u0103tatea domeniului manufacturier \u0219i cel al serviciilor din economia american\u0103.&nbsp;<\/strong><\/p>\n\n\n\n<p><strong>Au mai fost \u0219i cifrele legate de pia\u021ba muncii &#8211; angaj\u0103rile \u00een sectorul non farming \u0219i \u0219omajul.&nbsp;<\/strong><\/p>\n\n\n\n<p><strong>Pe scurt, domeniul manufacturing este \u00een cre\u0219tere, cel al serviciilor \u00een foarte u\u0219or recul, oferta de joburi pe termen lung este \u0219i ea \u00een cre\u0219tere iar \u0219omajul a crescut cu o zecime de procent, nesemnificativ \u0219i mult sub mediile acestui indicator &#8211; toate acestea indic\u00e2nd o economie american\u0103 rezilient\u0103. \u00cen general, contextul fundamental pentru pie\u021bele financiare r\u0103m\u00e2ne intact, iar economia SUA pare preg\u0103tit\u0103 s\u0103 ating\u0103 \u201eaterizarea u\u0219oar\u0103\u201d &#8211; \u00eencetinire modest\u0103, dar cu o cre\u0219tere egal\u0103 sau peste tendin\u021b\u0103.<\/strong><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>MANUFACTURING PMI \u00ceN CRE\u0218TERE<\/strong>.&nbsp;&nbsp;<\/h3>\n\n\n\n<p>Institute for Supply Management (ISM) a publicat luni, 2 decembrie, raportul Manufacturing PMI pentru luna noiembrie 2024 &#8211; este un indice derivat din sondaje lunare printre manageri de aprovizionare din diferite industrii, care sunt \u00eentreba\u021bi despre comenzile noi, nivelurile de produc\u021bie, livr\u0103rile furnizorilor, stocurile \u0219i condi\u021biile de angajare.<\/p>\n\n\n\n<p>Potrivit acestui raport, indicele se situeaz\u0103 la valoarea de 48,4%, \u00een cre\u0219tere cu 1,9% puncte procentuale fa\u021b\u0103 de luna anterioara. O valoare sub 50% indica o \u00eencetinire a activit\u0103\u021bii \u00een zona de manufacturing. (Cite\u0219te raportul aici <a href=\"https:\/\/www.ismworld.org\/supply-management-news-and-reports\/reports\/ism-report-on-business\/pmi\/november\/\">November<\/a>)<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>SERVICES PMI \u00ceN SC\u0102DERE, DAR R\u0102M\u00c2NE \u00ceN ZONA DE EXPANSIUNE.<\/strong>&nbsp;<\/h3>\n\n\n\n<p><strong>Institute for Supply Management (ISM)<\/strong> a publicat miercuri, 4 decembrie, raportul Services PMI pentru luna noiembrie 2024.<\/p>\n\n\n\n<p>Potrivit acestui raport, indicele se situeaz\u0103 la valoarea de 52,1% (este calculat de la 0-100%) \u00een scadere cu 3,9% fa\u021b\u0103 de luna anterioara. Cu toate c\u0103 aceast\u0103 raportare ne arat\u0103 o sc\u0103dere a acestui indicator, este important s\u0103 vedem c\u0103 c\u0103 el se afl\u0103 \u00eenc\u0103 \u00een teritoriul de peste 50 de puncte, ceea ce indic\u0103 un sector al serviciilor \u00een expansiune. (Cite\u0219te raportul aici <a href=\"https:\/\/www.ismworld.org\/supply-management-news-and-reports\/reports\/ism-report-on-business\/services\/november\/\">November<\/a>)&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>HOSPITAL PMI \u00ceN CRE\u0218TERE<\/strong>.&nbsp;<\/h3>\n\n\n\n<p>Institute for Supply Management (ISM) a publicat vineri, 6 decembrie, raportul Hospital PMI pentru luna noiembrie 2024.<\/p>\n\n\n\n<p>Potrivit acestui raport, indicele se situeaz\u0103 la valoarea de 58,5%, \u00een cre\u0219tere cu 6,6% fa\u021b\u0103 de luna anterioara. (Citeste raportul aici <a href=\"https:\/\/www.ismworld.org\/supply-management-news-and-reports\/reports\/ism-report-on-business\/hospital\/november\/\">November 2024 Hospital ISM\u00ae Report On Business\u00ae<\/a>)&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>PIA\u021aA MUNCII &#8211; RAPORT\u0102RI MIXTE, \u0218OMAJUL U\u0218OR CRESCUT, ANGAJ\u0102RILE NON FARMING \u00ceN CRE\u0218TERE PESTE A\u0218TEPT\u0102RI<\/strong>.<\/h3>\n\n\n\n<p>Rata \u0219omajului a crescut luna trecut\u0103 de la<strong> 4,1 % la 4,2 %<\/strong>, dar aceast\u0103 raportare nu este \u00eengrijor\u0103toare, av\u00e2nd \u00een vedere c\u0103 media \u0219omajului american pe termen lung este undeva la 5,7%.<\/p>\n\n\n\n<p>Departamentul Muncii a raportat c\u0103 Statele Unite au ad\u0103ugat un num\u0103r ajustat sezonier de<strong> 227.000 de locuri de munc\u0103 \u00een luna noiembrie<\/strong>, ceea ce a fost u\u0219or mai mare dec\u00e2t estim\u0103rile consensului, care au fost de <strong>202,000.<\/strong> Num\u0103rul din noiembrie a reprezentat o revenire brusc\u0103 de la datele dezam\u0103gitoare din octombrie, pe fondul consecin\u021belor uraganelor din sud-estul SUA \u0219i a unei greve majore la Boeing.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>SE VA REDUCE RATA DOB\u00c2NZII CU \u00ceNC\u0102 0,25% \u00ceN DECEMBRIE?<\/strong><\/h3>\n\n\n\n<p>Alte titluri din cursul s\u0103pt\u0103m\u00e2nii s-au axat pe comentariile oficialilor Rezervei Federale, investitorii continu\u00e2nd s\u0103 caute indicii cu privire la ritmul de reducere a ratei dob\u00e2nzii.&nbsp;<\/p>\n\n\n\n<p>Luni, <strong>guvernatorul Rezervei Federale, Christopher Waller<\/strong>, a precizat c\u0103, \u00een pofida unor date recente c\u0103 infla\u021bia ar putea stagna, el este \u00eenclinat s\u0103 sus\u021bin\u0103 o reducere a dob\u00e2nzii de politic\u0103 monetar\u0103 la reuniunea din decembrie a Fed, \u00een absen\u021ba unor date economice care s\u0103 schimbe aceast\u0103 decizie.<\/p>\n\n\n\n<p>\u00centre timp, miercuri, <strong>pre\u0219edintele Fed, Jerome Powell,<\/strong> a adoptat un ton mai neutru, declar\u00e2nd: \u201eEconomia SUA se afl\u0103 \u00eentr-o form\u0103 foarte bun\u0103 \u0219i nu exist\u0103 niciun motiv pentru ca aceasta s\u0103 nu continue.A\u0219adar, vestea bun\u0103 este c\u0103 ne putem permite s\u0103 fim pu\u021bin mai pruden\u021bi \u00een timp ce \u00eencerc\u0103m s\u0103 g\u0103sim neutralitatea\u201d.&nbsp;<\/p>\n\n\n\n<p>Datele economice publicate s\u0103pt\u0103m\u00e2na aceasta, \u00eempreun\u0103 cu comentariile guvernatorului Waller, au contribuit la cre\u0219terea a\u0219tept\u0103rilor exprimate pe pie\u021bele futures cu privire la o reducere a ratei cu 25 de puncte de baz\u0103 (0,25 puncte procentuale) \u00een decembrie.<\/p>\n\n\n\n<p><strong>\u0218edin\u021ba Fed va fi pe 17-18 Decembrie.<\/strong><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>&nbsp;SEZONUL RAPORT\u0102RILOR FINANCIARE&nbsp;<\/strong><\/h3>\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.<\/strong><\/p>\n\n\n\n<p><strong>Dar mai sunt c\u00e2\u021biva \u201dcampioni\u201d pe care \u00eei a\u0219tept\u0103m s\u0103pt\u0103m\u00e2na asta.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<\/strong><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong><strong><strong>Ce s-a \u00eent\u00e2mplat s\u0103pt\u0103m\u00e2na trecu<\/strong><\/strong>t\u0103<\/strong><\/h3>\n\n\n\n<p>S-au aflat rezultatele financiare de la c\u00e2teva companii mai importante: <strong>ZScaler (ZS), Salesforce (CRM), Marvell (MRVL) \u0219i RBC (RY)<\/strong>, vezi \u00een tabel:&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-rt.googleusercontent.com\/docsz\/AD_4nXdnTJNo6SAHlvJHRVJh2AEMF7zvAwYOAPIE-IlsN0CGicdVzkO4wlZJtOvY31kPpA4ZM36zmHBDfajBrtPZM6N5DwdfDABv9LXW8xX5UyRD4S882CCinLnJ8aMR4Jf2GQozfG_hrKEzfrFVwsgqEw?key=k1-HPXP7cDxRn3xH7UaY1IMO\" alt=\"\"\/><\/figure>\n\n\n\n<p>Cu excep\u021bia <strong>Salesforce,<\/strong> care nu \u0219i-a atins \u021binta de EPS, toate celelalte au raportat pozitiv.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Ce se va \u00eent\u00e2mpla s\u0103pt\u0103m\u00e2na aceasta<\/strong><\/h3>\n\n\n\n<p>\u00cen s\u0103pt\u0103m\u00e2na \u00een derulare, sunt c\u00e2teva raport\u0103ri mai interesante din zona tehnologiei &#8211; <strong>Oracle, Broadcom \u0219i Adobe<\/strong> &#8211; dar \u0219i un gigant din zona de retail, \u0219i anume <strong>Costco.<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-rt.googleusercontent.com\/docsz\/AD_4nXebxlVM2hUtpbIdRVZq0RZJZfGTHa_H22a9SfmYzAEkxM6KnM0pEf9R1k2BzbJc7irYpJj8dG2Fh7RzNF3qrT2xirUa3yvWt_G8h2O2m8x1wy9NwePMqCBeMVQTjtVpAdPq0N8rYfcVRm-C4pUTvpI?key=k1-HPXP7cDxRn3xH7UaY1IMO\" alt=\"\"\/><\/figure>\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<h3 class=\"wp-block-heading\"><strong>ANALIZA EVOLU\u021aIEI PRINCIPALILOR INDICI<\/strong><\/h3>\n\n\n\n<p>&nbsp;Iat\u0103 evolu\u021bia celor 3 indici americani de 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>0,96%<\/strong><strong>&nbsp;<\/strong><\/li>\n\n\n\n<li><strong>Dow Jones Industrial Average (simbol DJI) a sc\u0103zut&nbsp; cu <\/strong><strong>0,60%<\/strong><strong>&nbsp;<\/strong><\/li>\n\n\n\n<li><strong>Nasdaq Composite (simbol IXIC) a crescut cu <\/strong><strong>3,34%<\/strong><strong>&nbsp;<\/strong><\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"808\" height=\"1018\" src=\"https:\/\/market-monitor.staginghub.net\/wp-content\/uploads\/2024\/12\/Screenshot-2024-12-08-at-22.41.31.png\" alt=\"\" class=\"wp-image-1684\" srcset=\"https:\/\/market-monitor.staginghub.net\/wp-content\/uploads\/2024\/12\/Screenshot-2024-12-08-at-22.41.31.png 808w, https:\/\/market-monitor.staginghub.net\/wp-content\/uploads\/2024\/12\/Screenshot-2024-12-08-at-22.41.31-238x300.png 238w, https:\/\/market-monitor.staginghub.net\/wp-content\/uploads\/2024\/12\/Screenshot-2024-12-08-at-22.41.31-768x968.png 768w, https:\/\/market-monitor.staginghub.net\/wp-content\/uploads\/2024\/12\/Screenshot-2024-12-08-at-22.41.31-150x189.png 150w, https:\/\/market-monitor.staginghub.net\/wp-content\/uploads\/2024\/12\/Screenshot-2024-12-08-at-22.41.31-300x378.png 300w, https:\/\/market-monitor.staginghub.net\/wp-content\/uploads\/2024\/12\/Screenshot-2024-12-08-at-22.41.31-696x877.png 696w\" sizes=\"(max-width: 808px) 100vw, 808px\" \/><\/figure>\n\n\n\n<p><strong><em>S&amp;P 500 (US) &#8211; grafic daily&nbsp;<\/em><\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"719\" height=\"1024\" src=\"https:\/\/market-monitor.staginghub.net\/wp-content\/uploads\/2024\/12\/Screenshot-2024-12-08-at-22.45.31-719x1024.png\" alt=\"\" class=\"wp-image-1686\" srcset=\"https:\/\/market-monitor.staginghub.net\/wp-content\/uploads\/2024\/12\/Screenshot-2024-12-08-at-22.45.31-719x1024.png 719w, https:\/\/market-monitor.staginghub.net\/wp-content\/uploads\/2024\/12\/Screenshot-2024-12-08-at-22.45.31-211x300.png 211w, https:\/\/market-monitor.staginghub.net\/wp-content\/uploads\/2024\/12\/Screenshot-2024-12-08-at-22.45.31-768x1093.png 768w, https:\/\/market-monitor.staginghub.net\/wp-content\/uploads\/2024\/12\/Screenshot-2024-12-08-at-22.45.31-150x213.png 150w, https:\/\/market-monitor.staginghub.net\/wp-content\/uploads\/2024\/12\/Screenshot-2024-12-08-at-22.45.31-300x427.png 300w, https:\/\/market-monitor.staginghub.net\/wp-content\/uploads\/2024\/12\/Screenshot-2024-12-08-at-22.45.31-696x991.png 696w, https:\/\/market-monitor.staginghub.net\/wp-content\/uploads\/2024\/12\/Screenshot-2024-12-08-at-22.45.31.png 808w\" sizes=\"(max-width: 719px) 100vw, 719px\" \/><\/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_4nXcAXKSnCGC4KOzCpgJFPveva8PuovClESh5nZpkCniZYhDWdiXG6JAhvRuEpbcPg6KK8lwrDdcLpsRqKH3uK4sld3KNp-0kfX11rto4fHK-CRmfSYtBse256ipj5ZVJo6AF13eMoSnx9L-QXILDAXc?key=k1-HPXP7cDxRn3xH7UaY1IMO\" 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>To\u021bi cei trei indici americani au atins noi maxime saptamana aceasta.&nbsp;<\/p>\n\n\n\n<p><strong>Nasdaq Composite <\/strong>accelereaz\u0103 cre\u0219terea (RSI a depasit valoarea de 70), \u00een timp ce <strong>S&amp;P 500<\/strong> si <strong>Dow Jones Industrial Average <\/strong>continua sa aiba divergente negative pe RSI.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>EVOLU\u021aII PE SECTOARE<\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>S\u0103pt\u0103m\u00e2na trecut\u0103 \/ 2-6 Decembrie<\/strong><\/h3>\n\n\n\n<p><\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-rt.googleusercontent.com\/docsz\/AD_4nXfAidsOsmB3hyWPLyeIv4i1drG0K7ipVjIApMoFBV4041jNxT_grjmZ0jvZtQ-_9zxFx8Ypm5oAht5yirpnT0_9aEjSBRi7_Wo8w1S0xYnPyEUCF-t6r2aUX9x-0A4fcv7GaR-k-wyiF7DD9tas8RQ?key=k1-HPXP7cDxRn3xH7UaY1IMO\" 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 numai 3 sectoare pe cre\u0219tere \u0219i 8&nbsp; sectoare pe sc\u0103dere.<\/strong><\/p>\n\n\n\n<p>Performan\u021bele sectoriale au fost foarte dispersate, ac\u021biunile din sectorul bunurilor de larg consum <strong>(Consumer Cyclical)<\/strong>, al serviciilor de comunica\u021bii <strong>(Communication Services)<\/strong> \u0219i al tehnologiei informa\u021biei c\u00e2\u0219tig\u00e2nd toate peste 3% \u00een cursul s\u0103pt\u0103m\u00e2nii, \u00een timp ce ac\u021biunile din sectorul energiei <strong>(Energy)<\/strong>, al utilit\u0103\u021bilor <strong>(Utilities)<\/strong> \u0219i al materialelor <strong>(Basic Materials)<\/strong> &#8211; \u00een mod tipic segmente ale pie\u021bei mai orientate spre valoare,cu companii cu active tangibile \u0219i afaceri tradi\u021bionale, care tind s\u0103 fie mai bine pozi\u021bionate \u00een contexte economice stabile sau \u00een cre\u0219tere &#8211; au sc\u0103zut cu valori \u00eentre 2,41% \u0219i 3,89%.<\/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 +4,54%<\/p>\n\n\n\n<p>\u25a0 <strong>Communication Services, <\/strong>cu o cre\u0219tere de +3,71%<\/p>\n\n\n\n<p>\u25a0 <strong>Technology, <\/strong>cu o cre\u0219tere de&nbsp; +3,66%<\/p>\n\n\n\n<p><strong>Sc\u0103deri:<\/strong><\/p>\n\n\n\n<p>\u25a0 <strong>Consumer Defensive, <\/strong>cu o sc\u0103dere de -0,25%<\/p>\n\n\n\n<p>\u25a0 <strong>Financial, <\/strong>cu o sc\u0103dere&nbsp; de -1,03%<\/p>\n\n\n\n<p>\u25a0 <strong>Healthcare, <\/strong>cu o&nbsp; sc\u0103dere&nbsp; de -1,32%<\/p>\n\n\n\n<p>\u25a0 <strong>Industrials, <\/strong>cu o&nbsp; sc\u0103dere&nbsp; de -1,85%<\/p>\n\n\n\n<p>\u25a0 <strong>Real Estate, <\/strong>cu o sc\u0103dere de -2,34%<\/p>\n\n\n\n<p>\u25a0 <strong>Basic materials, <\/strong>cu o&nbsp; sc\u0103dere de -2,41%<\/p>\n\n\n\n<p>\u25a0 <strong>Utilities, <\/strong>cu o&nbsp; sc\u0103dere de -3,18%<\/p>\n\n\n\n<p>\u25a0 <strong>Energy, <\/strong>cu o cre\u0219tere de -3,89%<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>CALENDARUL S\u0102PT\u0102M\u00c2NII \u00ceN CURS<\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>9-13 Decembrie<\/strong><\/h3>\n\n\n\n<p><strong>O s\u0103pt\u0103m\u00e2n\u0103 cu un calendar economic ceva mai lini\u0219tit, sunt c\u00e2teva evenimente de raportare legate de Consumer Price Index \u0219i Producer Price Index, ambele importante pentru a \u00een\u021belege evolu\u021bia economiei americane dar f\u0103r\u0103 impact asupra burselor. <\/strong><strong><br><\/strong><\/p>\n\n\n\n<p><strong>PPI este ultimul indice important a\u0219teptat de Fed pentru a decide ce va face cu rata dob\u00e2nzii \u00een \u0219edin\u021ba de s\u0103pt\u0103m\u00e2na viitoare.<\/strong><\/p>\n\n\n\n<p><strong>Pentru a nu face confuzii \u00eentre ace\u0219ti doi indicatori de infla\u021bie CPI \u0219i PCE, \u00ee\u021bi d\u0103m mai jos care sunt diferen\u021bele, pentru a \u00een\u021belege mai bine cum se m\u0103soar\u0103 evolu\u021bia pre\u021burilor, indici importan\u021bi at\u00e2t pentru Fed c\u00e2t \u0219i pentru burs\u0103, \u00een general.<\/strong><\/p>\n\n\n\n<p><strong>CPI (Indicele Pre\u021burilor de Consum):<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>M\u0103soar\u0103 modificarea pre\u021burilor unui co\u0219 fix de bunuri \u0219i servicii reprezentativ pentru gospod\u0103rii.<\/strong><\/li>\n\n\n\n<li><strong>Este utilizat \u00een principal pentru a evalua costul vie\u021bii pentru consumatori \u0219i pentru ajust\u0103ri economice, cum ar fi indexarea salariilor \u0219i pensiilor.<\/strong><\/li>\n<\/ul>\n\n\n\n<p><strong>PCE (Personal Consumption Expenditures Price Index):<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Reflect\u0103 modific\u0103rile pre\u021burilor pentru toate bunurile \u0219i serviciile achizi\u021bionate efectiv de gospod\u0103rii, incluz\u00e2nd \u0219i cheltuieli indirecte (de exemplu, cheltuieli suportate de guvern pentru s\u0103n\u0103tate).<\/strong><\/li>\n\n\n\n<li><strong>Este utilizat de Rezerva Federal\u0103 (Fed) ca m\u0103sur\u0103 principal\u0103 pentru evaluarea infla\u021biei \u00een scopuri de politic\u0103 monetar\u0103.<\/strong><\/li>\n<\/ul>\n\n\n\n<p><strong>Important &#8211; se apropie data \u0219edin\u021bei Fed \u00een care vor analiza oportunitatea unei noi t\u0103ieri de dob\u00e2nd\u0103, evenimentul va avea loc s\u0103pt\u0103m\u00e2na viitoare, 17-18 Decembrie.<\/strong><\/p>\n\n\n\n<p><strong>MIERCURI \/ 11 DECEMBRIE&nbsp;<\/strong><\/p>\n\n\n\n<p><strong>ORA 14.30 (ora Rom\u00e2niei)<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Consumer Price Index, pentru luna Noiembrie &#8211; ultimul indice foarte important a\u0219teptat de Fed. <\/strong>Este prev\u0103zut\u0103 o u\u0219oar\u0103 cre\u0219tere, de la 0,2% la 0,3%, \u00een trendul raport\u0103rii infla\u021biei generale, care a crescut de la 2,3% la 2,4%. Reamintesc c\u0103 \u021binta de infla\u021bie a Fed pentru \u00eentreg anul 2024 este de 2% &#8211; pare acum o misiune imposibil\u0103.<\/li>\n\n\n\n<li><strong>CPI year over year<\/strong> &#8211; o previziune de u\u0219oar\u0103 cre\u0219tere \u0219i aici, de la 2,6% la 2,7%.<\/li>\n\n\n\n<li><strong>Core CPI year over year &#8211; <\/strong>acest indice m\u0103soar\u0103 acela\u0219i co\u0219 de bunuri \u0219i servicii dar din care au fost eliminate alimentele \u0219i energia, considerate ca av\u00e2nd pre\u021buri mai volatile, pentru a oferi o imagine mai stabil\u0103 a infla\u021biei. Previziunea pentru Core CPI este \u00een sc\u0103dere, de la 3,3% la 3,2%.<\/li>\n<\/ul>\n\n\n\n<p><strong>JOI \/ 12 DECEMBRIE&nbsp;<\/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>Producer Price Index (PPI)<\/strong> &#8211; previziune pentru \u201dpre\u021burile de fabric\u0103\u201d este de stagnare, previziunea de cre\u0219tere pentru noiembrie este aceea\u0219i ca \u0219i \u00een luna anterioar\u0103, de 0,2%. Acest indice ofer\u0103 informa\u021bii despre presiunile infla\u021bioniste \u00een lan\u021bul de aprovizionare, ceea ce poate afecta deciziile de investi\u021bii \u0219i previziunile economice.<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>ANALIZA TRENDURILOR PRINCIPALILOR INDICI BURSIERI<\/strong><\/h3>\n\n\n\n<p>5 dintre indicii globali au \u00eenregistrat cre\u0219teri s\u0103pt\u0103m\u00e2na trecut\u0103:&nbsp;<\/p>\n\n\n\n<p>\u25cf <strong>S&amp;P500, US (simbol US500) <\/strong>a \u00eenregistrat o cre\u0219tere de <strong>0,96%<\/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>3,86%<\/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>2,33%<\/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 cre\u0219tere de <strong>2,25%<\/strong>&nbsp; \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>1,11% <\/strong>&nbsp;\u00een ultima s\u0103pt\u0103m\u00e2n\u0103.<\/p>\n\n\n\n<p><strong>Indicele DAX <\/strong>din Germania a dep\u0103\u0219it maximul anterior s\u0103pt\u0103m\u00e2na aceasta, \u00een timp ce RSI intr\u0103 \u00een zona de acceleratie (peste nivelul 70).&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 continuat revenirea 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 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 size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"924\" height=\"1220\" src=\"https:\/\/market-monitor.staginghub.net\/wp-content\/uploads\/2024\/12\/Screenshot-2024-12-08-at-22.52.52.png\" alt=\"\" class=\"wp-image-1692\" style=\"width:921px;height:auto\" srcset=\"https:\/\/market-monitor.staginghub.net\/wp-content\/uploads\/2024\/12\/Screenshot-2024-12-08-at-22.52.52.png 924w, https:\/\/market-monitor.staginghub.net\/wp-content\/uploads\/2024\/12\/Screenshot-2024-12-08-at-22.52.52-227x300.png 227w, https:\/\/market-monitor.staginghub.net\/wp-content\/uploads\/2024\/12\/Screenshot-2024-12-08-at-22.52.52-776x1024.png 776w, https:\/\/market-monitor.staginghub.net\/wp-content\/uploads\/2024\/12\/Screenshot-2024-12-08-at-22.52.52-768x1014.png 768w, https:\/\/market-monitor.staginghub.net\/wp-content\/uploads\/2024\/12\/Screenshot-2024-12-08-at-22.52.52-150x198.png 150w, https:\/\/market-monitor.staginghub.net\/wp-content\/uploads\/2024\/12\/Screenshot-2024-12-08-at-22.52.52-300x396.png 300w, https:\/\/market-monitor.staginghub.net\/wp-content\/uploads\/2024\/12\/Screenshot-2024-12-08-at-22.52.52-696x919.png 696w\" sizes=\"(max-width: 924px) 100vw, 924px\" \/><\/figure>\n\n\n\n<p><strong><em>DAX, Germany &#8211; grafic daily<\/em><\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"810\" height=\"1148\" src=\"https:\/\/market-monitor.staginghub.net\/wp-content\/uploads\/2024\/12\/Screenshot-2024-12-08-at-22.48.33-1.png\" alt=\"\" class=\"wp-image-1700\" srcset=\"https:\/\/market-monitor.staginghub.net\/wp-content\/uploads\/2024\/12\/Screenshot-2024-12-08-at-22.48.33-1.png 810w, https:\/\/market-monitor.staginghub.net\/wp-content\/uploads\/2024\/12\/Screenshot-2024-12-08-at-22.48.33-1-212x300.png 212w, https:\/\/market-monitor.staginghub.net\/wp-content\/uploads\/2024\/12\/Screenshot-2024-12-08-at-22.48.33-1-723x1024.png 723w, https:\/\/market-monitor.staginghub.net\/wp-content\/uploads\/2024\/12\/Screenshot-2024-12-08-at-22.48.33-1-768x1088.png 768w, https:\/\/market-monitor.staginghub.net\/wp-content\/uploads\/2024\/12\/Screenshot-2024-12-08-at-22.48.33-1-150x213.png 150w, https:\/\/market-monitor.staginghub.net\/wp-content\/uploads\/2024\/12\/Screenshot-2024-12-08-at-22.48.33-1-300x425.png 300w, https:\/\/market-monitor.staginghub.net\/wp-content\/uploads\/2024\/12\/Screenshot-2024-12-08-at-22.48.33-1-696x986.png 696w\" sizes=\"(max-width: 810px) 100vw, 810px\" \/><\/figure>\n\n\n\n<p><strong><em>Shanghai Composite (China) &#8211; grafic daily<\/em><\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"922\" height=\"1088\" src=\"https:\/\/market-monitor.staginghub.net\/wp-content\/uploads\/2024\/12\/Screenshot-2024-12-08-at-22.54.57-1.png\" alt=\"\" class=\"wp-image-1702\" style=\"width:914px;height:auto\" srcset=\"https:\/\/market-monitor.staginghub.net\/wp-content\/uploads\/2024\/12\/Screenshot-2024-12-08-at-22.54.57-1.png 922w, https:\/\/market-monitor.staginghub.net\/wp-content\/uploads\/2024\/12\/Screenshot-2024-12-08-at-22.54.57-1-254x300.png 254w, https:\/\/market-monitor.staginghub.net\/wp-content\/uploads\/2024\/12\/Screenshot-2024-12-08-at-22.54.57-1-868x1024.png 868w, https:\/\/market-monitor.staginghub.net\/wp-content\/uploads\/2024\/12\/Screenshot-2024-12-08-at-22.54.57-1-768x906.png 768w, https:\/\/market-monitor.staginghub.net\/wp-content\/uploads\/2024\/12\/Screenshot-2024-12-08-at-22.54.57-1-150x177.png 150w, https:\/\/market-monitor.staginghub.net\/wp-content\/uploads\/2024\/12\/Screenshot-2024-12-08-at-22.54.57-1-300x354.png 300w, https:\/\/market-monitor.staginghub.net\/wp-content\/uploads\/2024\/12\/Screenshot-2024-12-08-at-22.54.57-1-696x821.png 696w\" sizes=\"(max-width: 922px) 100vw, 922px\" \/><\/figure>\n\n\n\n<p><strong><em>Indicele <\/em>NFTY <\/strong>(<em>I<\/em><strong><em>ndia) &#8211; grafic daily<\/em><\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"922\" height=\"1088\" src=\"https:\/\/market-monitor.staginghub.net\/wp-content\/uploads\/2024\/12\/Screenshot-2024-12-08-at-22.55.59-3.png\" alt=\"\" class=\"wp-image-1704\" srcset=\"https:\/\/market-monitor.staginghub.net\/wp-content\/uploads\/2024\/12\/Screenshot-2024-12-08-at-22.55.59-3.png 922w, https:\/\/market-monitor.staginghub.net\/wp-content\/uploads\/2024\/12\/Screenshot-2024-12-08-at-22.55.59-3-254x300.png 254w, https:\/\/market-monitor.staginghub.net\/wp-content\/uploads\/2024\/12\/Screenshot-2024-12-08-at-22.55.59-3-868x1024.png 868w, https:\/\/market-monitor.staginghub.net\/wp-content\/uploads\/2024\/12\/Screenshot-2024-12-08-at-22.55.59-3-768x906.png 768w, https:\/\/market-monitor.staginghub.net\/wp-content\/uploads\/2024\/12\/Screenshot-2024-12-08-at-22.55.59-3-150x177.png 150w, https:\/\/market-monitor.staginghub.net\/wp-content\/uploads\/2024\/12\/Screenshot-2024-12-08-at-22.55.59-3-300x354.png 300w, https:\/\/market-monitor.staginghub.net\/wp-content\/uploads\/2024\/12\/Screenshot-2024-12-08-at-22.55.59-3-696x821.png 696w\" sizes=\"(max-width: 922px) 100vw, 922px\" \/><\/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><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>OPINII \u0218I PERSPECTIVE &#8211; CE SPUN ANALI\u0218TII&nbsp;<\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>\u25cf Yahoo Finance: CE CREDE WALL-STREET DESPRE EVOLU\u021aIA BURSEI \u00ceN 2025.<\/strong><\/h3>\n\n\n\n<p>Este acea perioad\u0103 a anului \u00een care cei mai buni strategi de pe Wall-street le spun clien\u021bilor \u00eencotro v\u0103d c\u0103 se \u00eendreapt\u0103 pia\u021ba bursier\u0103 \u00een anul urm\u0103tor.<\/p>\n\n\n\n<p>Previziunile medii ale strategilor tind s\u0103 prezic\u0103 o cre\u0219tere a S&amp;P500 cu aproximativ 10% anul viitor, ceea ce este \u00een conformitate cu mediile istorice. Dup\u0103 doi ani de c\u00e2\u0219tiguri peste medie, majoritatea strategilor se a\u0219teapt\u0103 la un an mediu.<\/p>\n\n\n\n<p>\u021aintele variaz\u0103 de la 6.400 la 7.007. Aceasta implic\u0103 randamente \u00eentre +5% \u0219i +15% , un interval de c\u00e2\u0219tig mai restr\u00e2ns dec\u00e2t anul trecut, cu multe grup\u0103ri de companii \u00een acea a\u0219teptare de randament de 8%-10%.<\/p>\n\n\n\n<p><a href=\"https:\/\/finance.yahoo.com\/news\/wall-streets-2025-outlook-for-stocks-181210544.html\">Wall-streets-2025-outlook-for-stocks<\/a><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>\u25cf<\/strong> <strong>MarketWatch:<\/strong> <strong>CE SE POATE \u00ceNT\u00c2MPLA DAC\u0102 CPI RAPORTEAZ\u0102 PROST?<\/strong><\/h3>\n\n\n\n<p>Potrivit lui Bill Adams, economist \u0219ef la Comerica Bank, indicele Consumer Price Index (CPI) pentru luna noiembrie va r\u0103m\u00e2ne probabil stabil, pre\u021burile la benzin\u0103 cunosc\u00e2nd o sc\u0103dere \u00een aceast\u0103 toamn\u0103 care ar putea influen\u021ba co\u0219ul de consum.&nbsp;<\/p>\n\n\n\n<p>\u00cen cazul \u00een care indicele CPI va surprinde cu o raportare \u00een cre\u0219tere mai mare <strong>(el este prev\u0103zut s\u0103 creasc\u0103 de la 0,2% la 0,3%, dar cre\u0219terea este minor\u0103 &#8211; vezi Calendarul Economic de mai sus)<\/strong>, randamentele Trezoreriei sunt susceptibile de a cre\u0219te \u0219i valoarea ac\u021biunilor va sc\u0103dea.<\/p>\n\n\n\n<p><a href=\"https:\/\/www.marketwatch.com\/story\/stocks-and-crypto-could-rally-through-year-end-but-watch-for-this-last-wild-card-34509487?mod=economic-report\">Stocks-and-crypto-could-rally-through-year-end-but-watch-for-this-last-wild-card<\/a><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>\u25cf<\/strong> <strong>Investing.com<\/strong>: <strong>POSIBILE TURBULEN\u021aE LA \u00ceNCEPUTUL ANULUI VIITOR.<\/strong><\/h3>\n\n\n\n<p>Pie\u021bele financiare s-ar putea confrunta cu o volatilitate crescut\u0103 \u00een prima jum\u0103tate a anului 2025 sub administra\u021bia pre\u0219edintelui Trump, au declarat anali\u0219tii Yardeni Research, cit\u00e2nd ca riscuri poten\u021biale cre\u0219terea satisfac\u021biei investitorilor, al\u0103turi de o cre\u0219tere a sentimentului optimist.<\/p>\n\n\n\n<p>Anali\u0219tii Yardeni au declarat c\u0103 pia\u021ba ar putea avea o retragere semnificativ\u0103 la \u00eenceputul anului 2025. Aceast\u0103 retragere ar putea coincide cu reechilibrarea portofoliilor, investitorii am\u00e2n\u00e2nd ob\u021binerea de profituri pentru a evita obliga\u021biile fiscale imediate.<\/p>\n\n\n\n<p>\u00cen ciuda posibilelor turbulen\u021be pe termen scurt, Yardeni r\u0103m\u00e2ne optimist cu privire la perspectivele pie\u021bei \u00een 2025. Potrivit lui Yardeni, indicele Nasdaq ar putea ajunge la 22.000 p\u00e2n\u0103 la sf\u00e2r\u0219itul anului 2025, sus\u021binut de rezilien\u021ba economic\u0103 \u0219i \u00eembun\u0103t\u0103\u021birea performan\u021belor corporative.<\/p>\n\n\n\n<p><a href=\"https:\/\/www.investing.com\/news\/stock-market-news\/markets-set-for-early-2025-pullback-but-longterm-rally-likely-says-yardeni-3760491\">Pullback-but-longterm-rally<\/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<h3 class=\"wp-block-heading\"><strong>Analiza Fundamental\u0103.&nbsp;<\/strong><\/h3>\n\n\n\n<p><strong>INDICATORII Price to sales (P\/S) \u0219i Price to Book value (P\/B)<\/strong><\/p>\n\n\n\n<p>\u00cen articolul de ast\u0103zi vom vorbi despre doi indicatori care sunt folosi\u021bi \u00een analiza fundamental\u0103 a unei companii : P\/S \u0219i P\/B.<\/p>\n\n\n\n<p><strong>Ce este \u0219i cum se calculeaz\u0103 P\/S ?<\/strong><\/p>\n\n\n\n<p>Indicatorul P\/S, cunoscut \u0219i sub numele de multiplu de v\u00e2nz\u0103ri sau multiplu de venituri, arat\u0103 c\u00e2t de mult sunt dispu\u0219i investitorii s\u0103 pl\u0103teasc\u0103 pe dolar de v\u00e2nz\u0103ri.<\/p>\n\n\n\n<p>Price to sales (pre\u021bul raportat la vanzari) se calculeaz\u0103 astfel :\u00a0<\/p>\n\n\n\n<p><strong>P\/S = Pre\u021bul per ac\u021biune\/ v\u00e2nz\u0103rile per ac\u021biune<\/strong><\/p>\n\n\n\n<p><em>Unde v\u00e2nz\u0103rile sunt cele din ultimele 12 luni (TTM)<\/em><\/p>\n\n\n\n<p><strong>Interpretarea indicatorului P\/S :<\/strong><\/p>\n\n\n\n<p>La fel ca to\u021bi indicatorii, indicatorul P\/S este foarte relevant atunci c\u00e2nd este utilizat pentru a compara companii din acela\u0219i sector \u0219i aceea\u0219i industrie. Un P\/S sc\u0103zut poate indica c\u0103 ac\u021biunile sunt subevaluate, \u00een timp ce un P\/S peste medie poate sugera supraevaluare.<\/p>\n\n\n\n<p><strong>Limitarile indicatorului P\/S :<\/strong><\/p>\n\n\n\n<p>Indicatorul P\/S nu ia \u00een considerare dac\u0103 compania realizeaza profit sau dac\u0103 va ob\u021bine vreodat\u0103 profit. Compararea companiilor din diferite industrii se poate dovedi, de asemenea, dificil\u0103. De exemplu, companiile care produc software vor avea capabilit\u0103\u021bi diferite atunci c\u00e2nd vine vorba de transformarea v\u00e2nz\u0103rilor \u00een profituri \u00een compara\u021bie, de exemplu, cu cele din sectorul bunurilor de larg consum. \u00cen plus, indicatorul P\/S nu \u021bine cont de \u00eemprumuturile sau de situa\u021bia din bilan\u021bului unei companii.<\/p>\n\n\n\n<p>Cel de-al doilea indicator pe care \u00eel prezent\u0103m \u00een continuare este P\/B.<\/p>\n\n\n\n<p><strong>Ce este si cum se calculeaza P\/B ?<\/strong><\/p>\n\n\n\n<p>Indicatorul P\/B reflect\u0103 pre\u021bul pe care participan\u021bii la pia\u021b\u0103 sunt dispu\u0219i s\u0103-l pl\u0103teasc\u0103 \u00een raport cu valoarea contabil\u0103 a acelei companii.<\/p>\n\n\n\n<p>Price to book (pre\u021bul raportat la valoarea contabil\u0103) se calculeaz\u0103 astfel :&nbsp;<\/p>\n\n\n\n<p><strong>P\/B = Pre\u021bul per ac\u021biune\/ valoarea contabil\u0103 per ac\u021biune<\/strong><\/p>\n\n\n\n<p><em>Unde valoarea contabil\u0103 = total active \u2013 datorii<\/em><\/p>\n\n\n\n<p><strong>Interpretarea indicatorului P\/B :<\/strong><\/p>\n\n\n\n<p>Ca \u0219i \u00een cazul P\/S, mul\u021bi investitori folosesc indicatorul P\/B pentru a g\u0103si ac\u021biuni subevaluate. Prin achizi\u021bionarea unei ac\u021biuni subevaluate, ei sper\u0103 s\u0103 fie recompensa\u021bi atunci c\u00e2nd pia\u021ba \u00ee\u0219i d\u0103 seama c\u0103 ac\u021biunea este subevaluat\u0103 \u0219i \u00ee\u0219i readuce pre\u021bul acolo unde cred ei ca ar trebui s\u0103 fie.<\/p>\n\n\n\n<p>Un raport P\/B ridicat sugereaz\u0103 c\u0103 o ac\u021biune ar putea fi supraevaluat\u0103, \u00een timp ce un raport P\/B mai mic ar putea \u00eensemna c\u0103 ac\u021biunea este subevaluat\u0103.<\/p>\n\n\n\n<p>Pentru o analiza pertinenta, indicatorul P\/B trebuie folosit \u00een compara\u021bie cu cel al companiilor din acela\u0219i sector. \u00cen caz contrar, rezultatele compara\u021biei ar putea fi nerelevante.<\/p>\n\n\n\n<p>Indicatorul P\/B este utilizat pe scar\u0103 larg\u0103 de c\u0103tre anali\u0219ti. \u00cen mod tradi\u021bional, orice valoare sub 1 este considerat\u0103 de dorit, ceea ce indic\u0103 faptul c\u0103 este posibil s\u0103 fi fost identificat\u0103 o ac\u021biune subevaluat\u0103.&nbsp;<\/p>\n\n\n\n<p><strong>Exemplu de calcul<\/strong><\/p>\n\n\n\n<p>Ca exemplu vom calcula cei doi indicatori pentru compania Netflix (simbol NFLX).<\/p>\n\n\n\n<p>Pentru calculul indicatorilor avem nevoie de datele publicate \u00een situa\u021biile financiare pentru ultimele 12 luni (TTM), precum si ultima versiune de bilant publicat \u2013 \u00een cazul nostru la 30 septembrie 2024.&nbsp;&nbsp;<\/p>\n\n\n\n<p><strong>Calculul P\/S&nbsp;<\/strong><\/p>\n\n\n\n<p>Vanzarile cumulate pentru ultimele 12 luni le gasim in Contul de profit si pierdere (cifrele sunt in mii USD) :&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-rt.googleusercontent.com\/docsz\/AD_4nXcaG1B7k7skcFeaAnhtPfj9l39UVc17K4ERgN4kM4sVr5EUeUoC6ar13SuHksG9NjQ-g9BaPK69Ath3LE_lzLA-0GMCOeMXqcHJzvviztPOieAjdAVFiz40tgHn7mKqEPlbOKM-IgBw8mjYVFAZqmw?key=k1-HPXP7cDxRn3xH7UaY1IMO\" alt=\"\"\/><\/figure>\n\n\n\n<p>Sursa: Yahoo Finance<\/p>\n\n\n\n<p>Num\u0103rul mediu de ac\u021biuni pentru ultimele 12 luni :<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-rt.googleusercontent.com\/docsz\/AD_4nXe8g5091-YiDajnmDZ_W-Mu5A1XFEFyw3tqLMEyFcASa32FL5CrujHCIrQtS9LbnnAuyDsGipFgFV33wLjuZJ98g58xUEns3b8XACcLJQH2QpS817tWR1nMV2s4dAFF3UcfRRmZgJx0p-5dXanC0w?key=k1-HPXP7cDxRn3xH7UaY1IMO\" alt=\"\"\/><\/figure>\n\n\n\n<p>Sursa: Yahoo Finance<\/p>\n\n\n\n<p>Pentru simplificare lucram cu cifrele exprimate in mii USD:<\/p>\n\n\n\n<p>Vanzarile pe actiune =&nbsp; 37.587.278 \/ 431.509,75 =&nbsp; 87,11 USD<\/p>\n\n\n\n<p>Pretul unei actiuni la data de 6 decembrie 2024 era de 934,74 USD.<\/p>\n\n\n\n<p>Acum putem calcula P\/ S:<\/p>\n\n\n\n<p>P\/S = 934,74\/ 87,11 = 10,73<\/p>\n\n\n\n<p><strong>Calculul P\/B&nbsp;<\/strong><\/p>\n\n\n\n<p>Total active si total datorii la 30 septembrie 2024 le g\u0103sim \u00een bilantul publicat la 30 septembrie 2024 (cifrele sunt \u00een mii USD) :&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-rt.googleusercontent.com\/docsz\/AD_4nXftPYic-OyzmhHlGPQCV1emC_kxxe6fH6zUEpc4mGVgWzxw0YdDVZpA-sIRlNmjFw1frYDha2N4jT81_P8aYERu6H4GIvS6XGd5YTiOYIS5ZFJSlfZuB14KsUrS383aIdsaR8s8MsNhGocZaC82h04?key=k1-HPXP7cDxRn3xH7UaY1IMO\" alt=\"\"\/><\/figure>\n\n\n\n<p>Sursa: Yahoo Finance<\/p>\n\n\n\n<p>Num\u0103rul mediu de ac\u021biuni pentru ultimele 12 luni :<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-rt.googleusercontent.com\/docsz\/AD_4nXf8h3wz8v8HbMNGJ7iEEvuQKblNShvQW4m0q7MdYTbJuuqP8O7cmSn5WC2mm6PVzOZ6taDFnj33_y7hABamvoF1CULAFjIwatuI-Qn8MrMqsKOow32Yw2QjkjEIgr9Pj6Q_5QFQ4dTqgpH8mvrXFh8?key=k1-HPXP7cDxRn3xH7UaY1IMO\" alt=\"\"\/><\/figure>\n\n\n\n<p>Sursa: Yahoo Finance<\/p>\n\n\n\n<p>Pentru simplificare lucram cu cifrele exprimate in mii USD:<\/p>\n\n\n\n<p>Valoarea contabil\u0103 a companiei = 52.281.844 \u2013 29.561.108 =\u00a0 22.720.736  mii USD<\/p>\n\n\n\n<p>Valoarea contabil\u0103 pe ac\u021biune =&nbsp; 22.720.736 \/ 431.509,75 = 52,65 USD<\/p>\n\n\n\n<p>Pre\u021bul unei ac\u021biuni la data de 6 decembrie 2024 era de 934,74 USD.<\/p>\n\n\n\n<p>Acum putem calcula P\/B:<\/p>\n\n\n\n<p>P\/B = 934,74\/ 52,65 = 17,75<\/p>\n\n\n\n<p>Vom compara \u00een continuare valorile obtinute mai sus pentru compania Netflix cu cele pentru Disney, principalul s\u0103u competitor din sectorul Communication services, industry Entertainment:<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-rt.googleusercontent.com\/docsz\/AD_4nXf2FjRHAl9Q9lLVE5dZF6D2Q023QY-4Tpm2MOdYu28SqTxE0L1ybuJ2Vunn77IDq4xTPPfSngQKT-FeBCnAiHxOqtS6PTEpPNRc_cVZwsPlRqjZaMQQGZR5b4GSB6hcrLIMleUJ0FNfIofoOUHtzQ?key=k1-HPXP7cDxRn3xH7UaY1IMO\" alt=\"\"\/><\/figure>\n\n\n\n<p><em>Sursa : Finviz<\/em><\/p>\n\n\n\n<p>Observ\u0103m astfel c\u0103 valorile Netflix pentru P\/S si P\/B sunt cu mult peste cele ale Disney, ceea ce \u00eenseamn\u0103 ca Netflix este supraevaluat\u0103 \u00een compara\u021bie cu Disney.<\/p>\n\n\n\n<p><strong>Concluzie : De\u0219i o companie are valori mari pentru indicatorii P\/S \u0219i P\/B, ace\u0219tia trebuie analizati si corelati cu al\u021bi indicatori, de exemplu cei de profitabilitate (ROA, ROE, EPS). \u00cen acest fel putem analiza cum evolueaz\u0103 ace\u0219tia \u0219i de ce investitorii au a\u0219tept\u0103ri mari, insemnand ca supraevalueaza, sau dimpotriva, subevalueaza, o companie listata.<\/strong><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h3 class=\"wp-block-heading\"><strong><strong>REZUMAT FINAL NEWSLETTER S\u0102PT\u0102M\u00c2NAL Nr. 16<\/strong><\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>De re\u021binut:&nbsp;<\/strong><\/h3>\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>ECONOMIA AMERICAN\u0102 \u00ce\u0218I P\u0102STREAZ\u0102 REZILIEN\u021aA&nbsp; &nbsp;<\/strong><\/li>\n\n\n\n<li><\/li>\n\n\n\n<li><strong>S\u0103pt\u0103m\u00e2na trecut\u0103 au fost raporta\u021bi indici economici importan\u021bi. <\/strong>Pe scurt, <strong>Manufacturing PMI<\/strong> este \u00een cre\u0219tere, iar <strong>Services PMI <\/strong>este \u00een foarte u\u0219or recul, oferta de joburi pe termen lung este \u0219i ea \u00een cre\u0219tere iar \u0219omajul a crescut cu o zecime de procent, nesemnificativ \u0219i mult sub mediile acestui indicator &#8211; toate acestea indic\u00e2nd o economie american\u0103 rezilient\u0103. \u00cen general, contextul fundamental pentru pie\u021bele financiare r\u0103m\u00e2ne intact, iar economia SUA pare preg\u0103tit\u0103 s\u0103 ating\u0103 \u201eaterizarea u\u0219oar\u0103\u201d &#8211; \u00eencetinire modest\u0103, dar cu o cre\u0219tere egal\u0103 sau peste tendin\u021b\u0103.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>UN ULTIM INDICE IMPORTANT VA FI DAT PUBLICIT\u0102\u021aII SAPT\u0102M\u00c2NA ASTA<\/strong><\/li>\n<\/ul>\n\n\n\n<p><strong>Consumer Price Index (CPI), <\/strong>unul dintre cei doi indici care m\u0103soar\u0103 infla\u021bia<strong> (cel\u0103lalt este Personal Consumption Expenditures &#8211; PCE) <\/strong>va fi dat publicit\u0103\u021bii joi, a\u0219teptat de Fed pentru a lua decizia final\u0103 referitoare la rata dob\u00e2nzii &#8211; \u0219edin\u021ba este programat\u0103 s\u0103pt\u0103m\u00e2na viitoare, 17-18 Decembrie.<\/p>\n\n\n\n<p><strong>ANALI\u0218TII PREV\u0102D O CRE\u0218TERE A BURSEI ANUL VIITOR CU O MEDIE DE 10%.<\/strong><\/p>\n\n\n\n<p><strong> <\/strong>Dup\u0103 doi ani de cre\u0219tere peste medie, cu randamente \u00een jur de 20%, anali\u0219tii pie\u021bei americane prev\u0103d pentru anul viitor o evolu\u021bie pozitiv\u0103 \u00een media bursei, de numai 10%.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p><strong>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;Urm\u0103toarea edi\u021bie &#8211; 16 decembrie<\/strong><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>9 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;2 &#8211; 6 Decembrie [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":1732,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[71],"tags":[],"class_list":{"0":"post-1678","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\/1678"}],"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=1678"}],"version-history":[{"count":8,"href":"https:\/\/market-monitor.staginghub.net\/ro\/wp-json\/wp\/v2\/posts\/1678\/revisions"}],"predecessor-version":[{"id":1728,"href":"https:\/\/market-monitor.staginghub.net\/ro\/wp-json\/wp\/v2\/posts\/1678\/revisions\/1728"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/market-monitor.staginghub.net\/ro\/wp-json\/wp\/v2\/media\/1732"}],"wp:attachment":[{"href":"https:\/\/market-monitor.staginghub.net\/ro\/wp-json\/wp\/v2\/media?parent=1678"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/market-monitor.staginghub.net\/ro\/wp-json\/wp\/v2\/categories?post=1678"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/market-monitor.staginghub.net\/ro\/wp-json\/wp\/v2\/tags?post=1678"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}