{"id":169219,"date":"2026-07-17T08:24:36","date_gmt":"2026-07-17T08:24:36","guid":{"rendered":"https:\/\/friss-hirek.hu\/index.php\/hiaba-figyelnenek-masra-a-befektetok-kenytelenek-az-irani-haboruval-foglalkozni\/friss-hirek\/"},"modified":"2026-07-17T08:24:36","modified_gmt":"2026-07-17T08:24:36","slug":"hiaba-figyelnenek-masra-a-befektetok-kenytelenek-az-irani-haboruval-foglalkozni","status":"publish","type":"post","link":"https:\/\/friss-hirek.hu\/index.php\/hiaba-figyelnenek-masra-a-befektetok-kenytelenek-az-irani-haboruval-foglalkozni\/uzlet\/","title":{"rendered":"Hi\u00e1ba figyeln\u00e9nek m\u00e1sra, a befektet\u0151k k\u00e9nytelenek az ir\u00e1ni h\u00e1bor\u00faval foglalkozni"},"content":{"rendered":"<p><strong>A piacok m\u00e1r belef\u00e1sultak az ir\u00e1ni h\u00e1bor\u00fa h\u00edreinek k\u00f6vet\u00e9s\u00e9be, de a befektet\u0151k nem tehetik meg, hogy nem k\u00f6vetik m\u00e9gis az olaj\u00e1rat is nagy m\u00e9rt\u00e9kben mozgat\u00f3 fejlem\u00e9nyeket. A piac aktu\u00e1lis k\u00e9rd\u00e9seir\u0151l S\u00e1ghy Bal\u00e1zs, az OTP Global Markets portf\u00f3li\u00f3kezel\u00e9si vezet\u0151 tan\u00e1csad\u00f3ja \u00e9s Kop\u00e1nyi Szabolcs, az OTP Global Markets diszkrecion\u00e1lis portf\u00f3li\u00f3kezel\u00e9si vezet\u0151je besz\u00e9lgettek az OTP Global Markets podcastj\u00e1nak legfrissebb ad\u00e1s\u00e1ban.<\/strong><\/p><div id=\"friss-2932898002\" class=\"friss-etarget friss-entity-placement\"><script type=\"text\/javascript\" id=\"etargetScript7a9b589f63cb072bef80df221f46a22b\">function etargetPostloadFunction7a9b589f63cb072bef80df221f46a22b(){var e=\"etargetPostload7a9b589f63cb072bef80df221f46a22b\",t=\"etargetScript7a9b589f63cb072bef80df221f46a22b\",o=document.getElementById(e);if(o){for(var n=o.offsetTop,d=o.offsetLeft,r=o.offsetWidth,a=o.offsetHeight;o.offsetParent;)o=o.offsetParent,n+=o.offsetTop,d+=o.offsetLeft;var i=(n<=window.pageYOffset+window.innerHeight&&d<window.pageXOffset+window.innerWidth&&n+a>window.pageYOffset&&d+r>window.pageXOffset);if(i&&etargetAllowOtherCheck){allowed=!1;var c=document.createElement(\"script\");return c.src=\"\/\/hu.search.etargetnet.com\/generic\/uni.php?g=ref:58661,area:700x210\",void(document.getElementById(t)&&document.getElementById(e)&&(document.getElementById(t).parentNode.appendChild(c),document.getElementById(t).parentNode.removeChild(document.getElementById(t)),document.getElementById(e).parentNode.removeChild(document.getElementById(e)),document.removeEventListener(\"scroll\",etargetPostloadFunction7a9b589f63cb072bef80df221f46a22b),document.removeEventListener(\"resize\",etargetPostloadFunction7a9b589f63cb072bef80df221f46a22b),document.removeEventListener(\"DOMContentLoaded\",etargetPostloadFunction7a9b589f63cb072bef80df221f46a22b)))}}}var etargetDivID=\"etargetPostload7a9b589f63cb072bef80df221f46a22b\",etargetScriptID=\"etargetScript7a9b589f63cb072bef80df221f46a22b\",etargetPostloadPoint=document.createElement(\"div\");etargetPostloadPoint.id=etargetDivID;var etargetCurScript=document.getElementById(etargetScriptID);etargetCurScript.parentNode.appendChild(etargetPostloadPoint),document.addEventListener(\"scroll\",etargetPostloadFunction7a9b589f63cb072bef80df221f46a22b),document.addEventListener(\"resize\",etargetPostloadFunction7a9b589f63cb072bef80df221f46a22b),document.addEventListener(\"DOMContentLoaded\",etargetPostloadFunction7a9b589f63cb072bef80df221f46a22b);var etargetAllowOtherCheck=!0;if(typeof(\"forceRunPostload\")==\"string\"){etargetPostloadFunction7a9b589f63cb072bef80df221f46a22b()}<\/script><\/div>\n<p class=\"has-drop-cap\">A piacok sz\u00e1m\u00e1ra m\u00e1r kiss\u00e9 mintha unalmass\u00e1 v\u00e1lt volna az \u00e9ppen ism\u00e9t ki\u00fajul\u00f3 ir\u00e1ni h\u00e1bor\u00fa. A befektet\u0151k belef\u00e1radtak az egym\u00e1snak sorra ellentmond\u00f3 h\u00edrek folyamatos k\u00f6vet\u00e9s\u00e9be, sokkal ink\u00e1bb arra figyelnek, mivel rukkolnak \u00e9ppen el\u0151 az MI-c\u00e9gek, mit mondanak a jegybankok, \u00e9s milyen eredm\u00e9nyeket k\u00f6z\u00f6lnek a v\u00e1llalatok a most kezd\u0151d\u0151 gyorsjelent\u00e9si szezonban.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>Teszik mindezt annak ellen\u00e9re, hogy az olaj\u00e1r ism\u00e9t ugrott egy nagyot felfel\u00e9, \u00e9s annak is re\u00e1lis az es\u00e9lye, hogy a Hormuzi-szoroson ism\u00e9t ellehetetlen\u00fcl az olajforgalom, ennek pedig nagyon is vannak re\u00e1lgazdas\u00e1gi k\u00f6vetkezm\u00e9nyei. <\/p>\n<\/blockquote>\n<p>Az viszont m\u00e1r k\u00e9rd\u00e9s, hogy meddig lesz ez \u00edgy, azaz mikor jutnak el a gazdas\u00e1gi szerepl\u0151k oda, hogy alternat\u00edv ell\u00e1t\u00e1si l\u00e1ncokat \u00e9p\u00edtsenek ki maguknak. Ez term\u00e9szetesen nem egyik napr\u00f3l a m\u00e1sikra tud megt\u00f6rt\u00e9nni, de m\u00e1r l\u00e1tszik, hogy vannak tervek a szoros megker\u00fcl\u00e9s\u00e9re, emelt\u00e9k ki a szak\u00e9rt\u0151k az OTP Global Markets podcastj\u00e1nak legfrissebb ad\u00e1s\u00e1ban.<\/p>\n<p>Az val\u00f3sz\u00edn\u0171s\u00edthet\u0151, hogy 200 doll\u00e1ros olaj\u00e1rral nem kell sz\u00e1molni a j\u00f6v\u0151ben sem, ennek nem csak fenntarthat\u00f3s\u00e1gi, de piaci okai is vannak, Amerika p\u00e9ld\u00e1ul stabiliz\u00e1tork\u00e9nt l\u00e9pett be a piac k\u00edn\u00e1lati oldal\u00e1ra a 100 doll\u00e1ros l\u00e9lektani hat\u00e1r k\u00f6rny\u00e9k\u00e9n, \u00edgy nem emelkedett tov\u00e1bb a tavaszi raliban az \u00e1rfolyam. A 60\u2013100 doll\u00e1r k\u00f6zti, a kor\u00e1bbi id\u0151kh\u00f6z m\u00e9rten magasnak tekinthet\u0151 olaj\u00e1ron azonban lehet keresni, az OTP szak\u00e9rt\u0151i szerint els\u0151sorban az olajipar downstream, azaz feldolgoz\u00f3-\u00e9rt\u00e9kes\u00edt\u0151 c\u00e9geinek r\u00e9szv\u00e9nyein kereszt\u00fcl, akik nagy nyertesei lehetnek a magasan ragad\u00f3 fekete aranynak.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>A szak\u00e9rt\u0151k szerint azonban az is nagy k\u00e9rd\u00e9s lesz, milyen hat\u00e1sa lesz ennek a volatilis, de magas olaj\u00e1rnak az infl\u00e1ci\u00f3ra. <\/p>\n<\/blockquote>\n<p>Val\u00f3ban bek\u00f6vetkezik-e az \u00e1rsz\u00ednvonal emelked\u00e9se, vagy a lakoss\u00e1g \u00e9s a gazdas\u00e1gok k\u00e9pesek lesznek-e ellens\u00falyozni azt, ak\u00e1r alternat\u00edv energiaforr\u00e1sok felfuttat\u00e1s\u00e1val, ak\u00e1r fogyaszt\u00e1suk visszafog\u00e1s\u00e1val? Ez f\u0151leg az\u00e9rt lesz fontos k\u00e9rd\u00e9s, mert Amerik\u00e1ban az elm\u00falt \u00e9vekben kifejezetten magasan ragadt a p\u00e9nzroml\u00e1s m\u00e9rt\u00e9ke, rendre 2 sz\u00e1zal\u00e9k feletti sz\u00e1mokat l\u00e1tni, ez pedig k\u00e9rd\u00e9s, meddig lesz elfogadhat\u00f3 a Fed sz\u00e1m\u00e1ra, \u00e9s mikor ker\u00fcl m\u00e1r l\u00e9p\u00e9sk\u00e9nyszerbe a jegybank.<\/p>\n<p>A kamatk\u00f6rnyezet az amerikai \u00e1llamad\u00f3ss\u00e1g-finansz\u00edroz\u00e1s szempontj\u00e1b\u00f3l sem utols\u00f3, a korm\u00e1nyzat ugyanis rekord nagys\u00e1g\u0171 ad\u00f3ss\u00e1got g\u00f6rget maga el\u0151tt, amely ut\u00e1n t\u00f6bb kamatot fizet \u00e9ves szinten, mint m\u00e1s orsz\u00e1gok t\u00f6bb\u00e9ves GDP-je. Az id\u00e9n v\u00e1rhat\u00f3an 1,2 billi\u00f3 doll\u00e1rt adnak majd ki ilyen c\u00e9lra, ez k\u00f6zel hat\u00e9vnyi magyar GDP-nek felel meg.<\/p>\n<p>A befektet\u0151k viszont egyel\u0151re ezek miatt nem agg\u00f3dnak, a piaci f\u00f3kusz az MI-c\u00e9gek \u00e9s Elon Musk SpaceX-\u00e9nek \u00edg\u00e9retei k\u00f6r\u00fcl koncentr\u00e1l\u00f3dik, a t\u0151zsd\u00e9k pedig cs\u00facsok k\u00f6r\u00fcl forognak. A SpaceX kapcs\u00e1n egy\u00e9bk\u00e9nt \u00e9rdekes, hogy Musk alig 10 sz\u00e1zal\u00e9knyi es\u00e9lyt adott a c\u00e9gnek a t\u00e1vlati c\u00e9ljainak el\u00e9r\u00e9s\u00e9re, az oddsok pedig a piaci realit\u00e1sban is elkezdtek lecsap\u00f3dni: a kezdeti optimizmus ut\u00e1n m\u00e1r az IPO-\u00e1r al\u00e1 s\u00fcllyedt a h\u00e9ten a r\u00e9szv\u00e9ny.<\/p>\n<figure class=\"wp-block-image size-full\">\n<div class=\"photo-credit-wrapper\"><img decoding=\"async\" width=\"2168\" height=\"1442\" loading=\"lazy\" src=\"https:\/\/cdn.forbes.hu\/uploads\/2026\/07\/SPCX_2026-07-16_12-37-16.png\" alt=\"\" class=\"wp-image-787480\" \/><\/div>\n<\/figure>\n<p>A kamatp\u00e1lya Jap\u00e1nban is egyre \u00e9get\u0151bb k\u00e9rd\u00e9ss\u00e9 v\u00e1lik, a jen gyeng\u00fcl\u00e9se ellen ugyanis b\u0151 f\u00e9l \u00e9ve v\u00e1rj\u00e1k a befektet\u0151k a monet\u00e1ris szigor\u00edt\u00e1st, de ez id\u00e1ig \u00e9rdemben nem t\u00f6rt\u00e9nt meg a BOJ r\u00e9sz\u00e9r\u0151l. A befektet\u0151k ugyan megtal\u00e1lt\u00e1k a szigetorsz\u00e1g r\u00e9szv\u00e9nypiac\u00e1t, a pap\u00edrok t\u0151kefelveve\u0151 ereje nem tudja ellens\u00falyozni a deviza cs\u00fasz\u00e1s\u00e1t, ez pedig egyre ink\u00e1bb t\u0171nik \u00fagy, hogy a jegybankot nem zavarja k\u00fcl\u00f6n\u00f6sebben \u2013 \u00e9s a befektet\u0151ket sem, mivel \u0151k meg lefedezik a jen devizakock\u00e1zat\u00e1t.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>Ha viszont a jegybank m\u00e9gis elkezdi szigor\u00edtani a p\u00e1ly\u00e1j\u00e1t, annak l\u00e1tv\u00e1nyos hat\u00e1sa lesz, \u00e9s nem csak a jap\u00e1n t\u0151kepiacon. <\/p>\n<\/blockquote>\n<p>A teljes ad\u00e1s <a href=\"https:\/\/youtu.be\/3HcVow_ZW00?si=uFK4ijjsUNRRcW_o\">itt \u00e9rhet\u0151 el<\/a>.<\/p>\n<p><em>K\u00e9sz\u00fclt az OTP Bank \u00e9s a Forbes egy\u00fcttm\u0171k\u00f6d\u00e9s\u00e9b\u0151l. K\u00e9rj\u00fck, figyelmesen olvassa v\u00e9gig t\u00e1j\u00e9koztat\u00f3nkat: <a href=\"https:\/\/www.otpbank.hu\/static\/portal\/sw\/file\/podcast_jogi_nyilatkozat.pdf\">www.otpbank.hu\/gm\/podcast-disclaimer<\/a><\/em><\/p>\n<p><!-- No email blocks found --><\/p>\n<p>The post <a href=\"https:\/\/forbes.hu\/penz\/otp-podcast-amerika-inflacio-adossag\/\">Hi\u00e1ba figyeln\u00e9nek m\u00e1sra, a befektet\u0151k k\u00e9nytelenek az ir\u00e1ni h\u00e1bor\u00faval foglalkozni<\/a> appeared first on <a href=\"https:\/\/forbes.hu\/\">Forbes.hu<\/a>.<\/p><div id=\"friss-3598768799\" class=\"friss-etarget-cikk-vege friss-entity-placement\"><script type=\"text\/javascript\" id=\"etargetScript7a9b589f63cb072bef80df221f46a22b\">function etargetPostloadFunction7a9b589f63cb072bef80df221f46a22b(){var e=\"etargetPostload7a9b589f63cb072bef80df221f46a22b\",t=\"etargetScript7a9b589f63cb072bef80df221f46a22b\",o=document.getElementById(e);if(o){for(var 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id=\"friss-3870986883\" class=\"friss-after-content_3 friss-entity-placement\">https:\/\/www.youtube.com\/watch?v=Pdnw4KiUWp0<\/div>","protected":false},"excerpt":{"rendered":"<p>A piacok m\u00e1r belef\u00e1sultak az ir\u00e1ni h\u00e1bor\u00fa h\u00edreinek k\u00f6vet\u00e9s\u00e9be, de a befektet\u0151k nem tehetik meg, hogy nem k\u00f6vetik m\u00e9gis az olaj\u00e1rat is nagy m\u00e9rt\u00e9kben mozgat\u00f3 fejlem\u00e9nyeket. A piac aktu\u00e1lis k\u00e9rd\u00e9seir\u0151l S\u00e1ghy Bal\u00e1zs, az OTP Global Markets portf\u00f3li\u00f3kezel\u00e9si vezet\u0151 tan\u00e1csad\u00f3ja \u00e9s Kop\u00e1nyi Szabolcs, az OTP Global Markets diszkrecion\u00e1lis portf\u00f3li\u00f3kezel\u00e9si vezet\u0151je besz\u00e9lgettek az OTP Global Markets podcastj\u00e1nak [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-169219","post","type-post","status-publish","format-standard","hentry","category-uzlet"],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/friss-hirek.hu\/index.php\/wp-json\/wp\/v2\/posts\/169219","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/friss-hirek.hu\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/friss-hirek.hu\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/friss-hirek.hu\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/friss-hirek.hu\/index.php\/wp-json\/wp\/v2\/comments?post=169219"}],"version-history":[{"count":0,"href":"https:\/\/friss-hirek.hu\/index.php\/wp-json\/wp\/v2\/posts\/169219\/revisions"}],"wp:attachment":[{"href":"https:\/\/friss-hirek.hu\/index.php\/wp-json\/wp\/v2\/media?parent=169219"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/friss-hirek.hu\/index.php\/wp-json\/wp\/v2\/categories?post=169219"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/friss-hirek.hu\/index.php\/wp-json\/wp\/v2\/tags?post=169219"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}