{"id":1458,"date":"2025-12-19T13:07:51","date_gmt":"2025-12-19T12:07:51","guid":{"rendered":"http:\/\/wem.sk\/wem-market-notes-na-prelome-vyhlad-na-hybne-sily-na-rok-2026-na-svetovych-trhoch-a-v-hospodarstve\/"},"modified":"2026-06-09T14:24:25","modified_gmt":"2026-06-09T14:24:25","slug":"wem-market-notes-na-prelome-vyhlad-na-hybne-sily-na-rok-2026-na-svetovych-trhoch-a-v-hospodarstve","status":"publish","type":"post","link":"https:\/\/wem.sk\/sk\/insights\/wem-market-notes-na-prelome-vyhlad-na-hybne-sily-na-rok-2026-na-svetovych-trhoch-a-v-hospodarstve\/","title":{"rendered":"WEM Market Notes\/December 2025 \u2014 Na prelome: V\u00fdh\u013ead na hybn\u00e9 sily na rok 2026 na svetov\u00fdch trhoch a v hospod\u00e1rstve"},"content":{"rendered":"\n

18. decembra 2025<\/p>\n\n\n\n

\u201eAk by na hru o peniaze sta\u010dilo pozna\u0165 hist\u00f3riu, najbohat\u0161\u00edmi \u013eu\u010fmi by boli knihovn\u00edci.\u201c<\/em>
\u2014 Warren Buffett<\/p>\n\n\n\n

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Uplynul\u00fd rok bol tret\u00edm po sebe id\u00facim rokom siln\u00e9ho rastu v tradi\u010dn\u00fdch triedach akt\u00edv, najm\u00e4 na zahrani\u010dn\u00fdch akciov\u00fdch trhoch, ale aj v priemyseln\u00fdch a drah\u00fdch kovoch. Ani v\u00fdpredaj sp\u00f4soben\u00fd uvalen\u00edm americk\u00fdch ciel, ani doteraz najdlh\u0161ie uzatvorenie americk\u00fdch \u00faradov v hist\u00f3rii nedok\u00e1zali podlomi\u0165 optimizmus investorov. S neust\u00e1le rast\u00facim mno\u017estvom (nie bezd\u00f4vodnej) kritiky na v\u0161etko od vysok\u00fdch valu\u00e1ci\u00ed akci\u00ed a\u017e po rekordn\u00fa koncentr\u00e1ciu v najzn\u00e1mej\u0161\u00edch akciov\u00fdch indexoch, stoj\u00ed za to sa po\u010das tohto sviato\u010dn\u00e9ho obdobia na chv\u00ed\u013eu zastavi\u0165 a s odstupom sa zamyslie\u0165 nad mo\u017en\u00fdmi hlavn\u00fdmi makroekonomick\u00fdmi t\u00e9mami na nadch\u00e1dzaj\u00faci rok 2026.<\/p>\n\n\n\n

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Umel\u00e1 inteligencia ako \u0165ah\u00fa\u0148 rastu:
Zabijak pracovn\u00fdch miest alebo \u0161tart\u00e9r nov\u00e9ho makrocyklu?<\/h2>\n\n\n\n

Invest\u00edcie do umelej inteligencie posilnia rast produktivity aj HDP a ovplyv\u0148uj\u00fa viac ne\u017e len technologick\u00fd sektor, vr\u00e1tane energetiky a infra\u0161trukt\u00fary, hoci existuj\u00fa rizik\u00e1 nadmern\u00e9ho nad\u0161enia a zv\u00fd\u0161enej volatility.<\/p>\n\n\n\n

Vyn\u00e1lez mechanick\u00fdch krosien na za\u010diatku 19. storo\u010dia sprev\u00e1dzalo hnutie luddistov, ktor\u00ed sa pok\u00fa\u0161ali (\u010dasto n\u00e1siln\u00fdm) po\u0161kodzovan\u00edm strojov zastavi\u0165 ich zav\u00e1dzanie v anglick\u00fdch tov\u00e1r\u0148ach. Vieme, ako to nakoniec dopadlo. Mechaniz\u00e1cia, ktor\u00e1 umo\u017enila v\u00fdrazn\u00fd rast produktivity a zmenila textiln\u00fd priemysel aj \u010fal\u0161ie odvetvia, m\u00f4\u017ee sl\u00fa\u017ei\u0165 ako vzor pre to, \u010do e\u0161te len m\u00f4\u017ee prinies\u0165 umel\u00e1 inteligencia (AI) hospod\u00e1rstvu 21. storo\u010dia. Pod\u013ea mnoh\u00fdch n\u00e1zorov m\u00f4\u017ee by\u0165 \u201etich\u00e1 revol\u00facia\u201c sp\u00f4soben\u00e1 rastom produktivity pr\u00e1ce v\u010faka umelej inteligencii hnac\u00edm motorom \u010fal\u0161ieho dlhodob\u00e9ho makroekonomick\u00e9ho cyklu, tzv. dlhodobej Kondratievovej vlny.<\/p>\n\n\n\n

Umel\u00e1 inteligencia transformuje nielen technologick\u00fd sektor, kde poh\u00e1\u0148a bezprecedentn\u00fd n\u00e1rast dopytu po polovodi\u010doch, spr\u00e1ve d\u00e1t, fintech rie\u0161eniach a kybernetickej bezpe\u010dnosti. Zatia\u013e \u010do n\u00e1rast produktivity a vy\u0161\u0161ie zisky firiem predstavuj\u00fa dominantn\u00e9 o\u010dak\u00e1vania spojen\u00e9 s AI, ne\u00famyseln\u00e9 d\u00f4sledky r\u00fdchleho zav\u00e1dzania umelej inteligencie zah\u0155\u0148aj\u00fa aj disrupcie na trhu pr\u00e1ce a potenci\u00e1lny vznik trhovej bubliny. V z\u00e1mor\u00ed u\u017e bolo pozorovan\u00e9 tak\u00e9to zr\u00fdchlenie rastu produktivity. Sektor umelej inteligencie bol d\u00f4le\u017eit\u00fdm hybn\u00fdm faktorom ekonomick\u00e9ho rastu u\u017e v roku 2025, najm\u00e4 v USA a \u00c1zii, hoci ku koncu roka sa objavili obavy o jeho udr\u017eate\u013enos\u0165. Napriek tomu m\u00f4\u017ee pokra\u010duj\u00faca expanzia sektora otvori\u0165 nov\u00e9 pr\u00edle\u017eitosti pre hospod\u00e1rsky rast, \u010do by malo firmy povzbudi\u0165 k zv\u00fd\u0161eniu invest\u00edci\u00ed a poskytn\u00fa\u0165 nov\u00fd impulz s\u00fakromnej aj verejnej spotrebe.<\/p>\n\n\n\n

Kapit\u00e1lov\u00e9 invest\u00edcie<\/sub><\/strong><\/p>\n\n\n\n

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Zdroj: Bloomberg Professional Terminal. \u00dadaje k 17. 12. 2025.<\/sup><\/p>\n\n\n\n

Tr\u017eby z d\u00e1tov\u00fdch centier NVIDIA<\/strong><\/sub><\/p>\n\n\n\n

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Zdroj: Bloomberg Professional Terminal. \u00dadaje k 17. 12. 2025.<\/sup><\/p>\n\n\n\n

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Cl\u00e1 a fragment\u00e1cia obchodu: Koniec globaliz\u00e1cie?<\/h2>\n\n\n\n

Americk\u00e9 cl\u00e1 priniesli potenci\u00e1lne infla\u010dn\u00e9 \u0161oky a spomalili rast, no ich vplyv bol zmiernen\u00fd dohodnut\u00fdmi v\u00fdnimkami a odolnos\u0165ou dod\u00e1vate\u013esk\u00fdch re\u0165azcov; celkovo rastie d\u00f4raz na hospod\u00e1rsku bezpe\u010dnos\u0165.<\/p>\n\n\n\n

Obchodn\u00e1 vojna spusten\u00e1 novou americkou administrat\u00edvou zv\u00fd\u0161ila efekt\u00edvnu sadzbu ciel na americk\u00e9 importy na najvy\u0161\u0161iu \u00farove\u0148 od 30. rokov minul\u00e9ho storo\u010dia. To bolo obdobie tzv. Ve\u013ekej hospod\u00e1rskej kr\u00edzy, ktorej predch\u00e1dzala dek\u00e1da podobn\u00fdch protekcionistick\u00fdch polit\u00edk trojice republik\u00e1nskych prezidentov Warrena Hardinga, Calvina Coolidgea a Herberta Hoovera.<\/p>\n\n\n\n

Americk\u00e1 coln\u00e1 politika v\u00fdznamne pretv\u00e1ra glob\u00e1lne obchodn\u00e9 toky t\u00fdm, \u017ee motivuje firmy k uprednost\u0148ovaniu vy\u0161\u0161ej odolnosti dod\u00e1vate\u013esk\u00fdch re\u0165azcov, \u010do vedie k strategick\u00e9mu posunu smerom ku krat\u0161\u00edm a spo\u013eahlivej\u0161\u00edm sie\u0165am dod\u00e1vate\u013eov (nearshoring, friendshoring). T\u00e1to politika z\u00e1rove\u0148 na\u0161tartovala snahy o reindustrializ\u00e1ciu v Eur\u00f3pe, najm\u00e4 v Nemecku, ktor\u00e9 predstavilo fi\u0161k\u00e1lny stimul porovnate\u013en\u00fd s obdob\u00edm po zjednoten\u00ed krajiny. Napriek t\u00fdmto v\u00fdznamn\u00fdm dlhodob\u00fdm d\u00f4sledkom s\u00fa po\u010diato\u010dn\u00e9 efekty ciel na glob\u00e1lny obchod, infl\u00e1ciu a v\u00fddavky menej v\u00fdrazn\u00e9, ne\u017e sa p\u00f4vodne o\u010dak\u00e1valo. Na jednej strane najprotekcionistickej\u0161ia obchodn\u00e1 politika za posledn\u00fdch 80 rokov vyvol\u00e1va obavy z oslabenia americk\u00e9ho rastu v \u00favode roka 2026. Na druhej strane v\u0161ak rok 2025 uk\u00e1zal, \u017ee kompenza\u010dn\u00e9 sily, ako s\u00fa invest\u00edcie s\u00favisiace s umelou inteligenciou, zr\u00fdchlenie produktivity a pr\u00edlev kapit\u00e1lu, dok\u00e1\u017eu zmierni\u0165 kone\u010dn\u00fd efekt aj menej optim\u00e1lnych politick\u00fdch rozhodnut\u00ed.<\/p>\n\n\n\n

Priemerna\u0301 sadzba ciel na dovozy do USA<\/strong><\/sub><\/p>\n\n\n\n

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Zdroj: Bloomberg Professional Terminal. \u00dadaje k 17. 12. 2025.<\/sup><\/p>\n\n\n\n

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Fi\u0161k\u00e1lne stimuly a rizik\u00e1 rast\u00facich verejn\u00fdch dlhov<\/h2>\n\n\n\n

Politick\u00e9 rozhodnutia, ako americk\u00fd OBBBA a nemeck\u00e9 mimorozpo\u010dtov\u00e9 investi\u010dn\u00e9 fondy, s\u00fa vzpruhou pre rast, no z\u00e1rove\u0148 zvy\u0161uj\u00fa rizik\u00e1 spojen\u00e9 s udr\u017eate\u013enos\u0165ou verejn\u00fdch dlhov.<\/p>\n\n\n\n

Da\u0148ov\u00e9 \u00fa\u013eavy zaveden\u00e9 z\u00e1konom OBBBA (One Big Beautiful Bill Act) by mohli v nasleduj\u00facom desa\u0165ro\u010d\u00ed zv\u00fd\u0161i\u0165 deficity verejn\u00fdch financi\u00ed USA a\u017e o 3,4 bili\u00f3na USD. Vz\u00e1jomn\u00e9 p\u00f4sobenie novej americkej da\u0148ovej politiky, prerozdelenia coln\u00fdch v\u00fdnosov a deregul\u00e1cie bude ovplyv\u0148ova\u0165 investi\u010dn\u00e9 prostredie v z\u00e1mor\u00ed. Vysok\u00e9 rozpo\u010dtov\u00e9 deficity a rast\u00faci \u0161t\u00e1tny dlh v\u0161ak z\u00e1rove\u0148 zvy\u0161uj\u00fa pravdepodobnos\u0165 trvalo zv\u00fd\u0161enej infl\u00e1cie. Vy\u0161\u0161ia infl\u00e1cia vo v\u0161eobecnosti pom\u00e1ha zvy\u0161ova\u0165 da\u0148ov\u00e9 pr\u00edjmy, no z\u00e1rove\u0148 prispieva k zni\u017eovaniu re\u00e1lnej dlhovej z\u00e1\u0165a\u017ee. Vla\u0148aj\u0161ie opatrenia americkej rozpo\u010dtovej politiky by tak mohli prinies\u0165 prorastov\u00e9 impulzy na prelome rokov 2026 a 2027.<\/p>\n\n\n\n

Mnoh\u00e9 rozvinut\u00e9 ekonomiky v\u0161ak \u010delia pomerne vysok\u00fdm \u00farovniam verejn\u00e9ho dlhu. Rast\u00faci po\u010det kraj\u00edn pos\u00fava tradi\u010dn\u00e9 hranice toho, \u010do mo\u017eno pova\u017eova\u0165 za udr\u017eate\u013en\u00fd dlh: spomedzi vyspel\u00fdch trhov maj\u00fa Japonsko, Taliansko, USA, Franc\u00fazsko, Kanada, Ve\u013ek\u00e1 Brit\u00e1nia a \u0160panielsko \u00farovne verejn\u00e9ho dlhu bl\u00edzke alebo dokonca prekra\u010duj\u00face 100 % HDP. Fi\u0161k\u00e1lne stimuly s\u00edce prispievaj\u00fa k rastu, no v mnoh\u00fdch krajin\u00e1ch \u2014 najm\u00e4 t\u00fdch so starn\u00facim obyvate\u013estvom \u2014 je u\u017e \u00farove\u0148 vl\u00e1dnych v\u00fddavkov na hranici \u201e\u00fanikovej r\u00fdchlosti\u201c, teda nastaven\u00e1 smerom k \u010fal\u0161iemu rastu aj v pomere k HDP, pokia\u013e sa neprijm\u00fa razantn\u00e9 reformy, najm\u00e4 v soci\u00e1lnej a d\u00f4chodkovej oblasti.<\/p>\n\n\n\n

Nemecko ozn\u00e1milo koncom roka 2024 bezprecedentn\u00fd stimula\u010dn\u00fd bal\u00edk, ktor\u00fd pl\u00e1nuje zv\u00fd\u0161i\u0165 celkov\u00e9 verejn\u00e9 v\u00fddavky o 2,2 % hrub\u00e9ho dom\u00e1ceho produktu (HDP) do roku 2027 a investova\u0165 vy\u0161e 500 mili\u00e1rd eur do moderniz\u00e1cie infra\u0161trukt\u00fary. Analytick\u00e1 spr\u00e1va Maria Draghiho publikovan\u00e1 u\u017e na jese\u0148 2024, ktor\u00e1 sa stala z\u00e1kladom memoranda novej Eur\u00f3pskej komisie s n\u00e1zvom \u201eKompas konkurencieschopnosti\u201c, vyz\u00fdvala k mas\u00edvnym dodato\u010dn\u00fdm invest\u00edci\u00e1m do energetiky, infra\u0161trukt\u00fary a celkovej konkurencieschopnosti E\u00da.<\/p>\n\n\n\n

V\u00fd\u0161ka verejn\u00e9ho dlhu<\/strong><\/sub><\/p>\n\n\n\n

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Zdroj: Bloomberg Professional Terminal. \u00dadaje k 17. 12. 2025.<\/sup><\/p>\n\n\n\n

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Zhor\u0161ovanie situ\u00e1cie na trhu pr\u00e1ce a pokra\u010duj\u00face demografick\u00e9 v\u00fdzvy<\/h2>\n\n\n\n

Zhor\u0161en\u00e1 situ\u00e1cia na trhu pr\u00e1ce v z\u00e1mor\u00ed aj v E\u00da formuj\u00fa politick\u00e9 d\u00f4sledky e\u0161te predt\u00fdm, ako dopady umelej inteligencie  za\u010dn\u00fa v\u00fdraznej\u0161ie ohrozova\u0165 pracovn\u00e9 miesta.<\/p>\n\n\n\n

Po dvoch po sebe nasleduj\u00facich rokoch menov\u00e9ho stimulu v najv\u00e4\u010d\u0161ej ekonomike sveta sa zd\u00e1, \u017ee pr\u00e1ve trh pr\u00e1ce bude k\u013e\u00fa\u010dom k tempu a rozsahu \u010fal\u0161ieho uvo\u013e\u0148ovania menovej politiky Fedu v roku 2026, pokia\u013e infl\u00e1cia zostane pod kontrolou. Ak bude zhor\u0161en\u00e1 situ\u00e1cia na trhu pr\u00e1ce pokra\u010dova\u0165 v d\u00f4sledku obmedzenia migr\u00e1cie, prep\u00fa\u0161\u0165ania feder\u00e1lnych zamestnancov a \u0161krtov sp\u00f4soben\u00fdch umelou inteligenciou, m\u00f4\u017ee to vytvori\u0165 priestor pre \u010fal\u0161ie zn\u00ed\u017eenie k\u013e\u00fa\u010dov\u00fdch dol\u00e1rov\u00fdch sadzieb.<\/p>\n\n\n\n

Umel\u00e1 inteligencia m\u00f4\u017ee ma\u0165 vidite\u013enej\u0161\u00ed vplyv na trh pr\u00e1ce, napr\u00edklad v pr\u00edpade firiem poskytuj\u00facich \u201esoftv\u00e9r ako slu\u017ebu\u201c (SaaS) \u010di in\u00fdch technologick\u00fdch spolo\u010dnost\u00ed. Napriek tomu dominuje o\u010dak\u00e1vanie stabiliz\u00e1cie infl\u00e1cie aj situ\u00e1cie na trhu pr\u00e1ce. Americk\u00fd Fed posudzuje nastavenie svojej menovej politiky prostredn\u00edctvom te\u00f3rie Phillipsovej krivky, ktor\u00e1 nepriamo \u00famerne sp\u00e1ja infl\u00e1ciu miezd s v\u00fdvojom nezamestnanosti. Fed preto pri zhor\u0161en\u00ed situ\u00e1cie na trhu pr\u00e1ce a raste nezamestnanosti predpoklad\u00e1 tlak na zni\u017eovanie infl\u00e1cie. Posledn\u00e9 t\u00fd\u017edne roka priniesli cite\u013en\u00e9 zhor\u0161enie ukazovate\u013eov americk\u00e9ho trhu pr\u00e1ce. Historicky plat\u00ed, \u017ee ke\u010f sa trh pr\u00e1ce za\u010dne oslabova\u0165, tento trend m\u00e1 tendenciu by\u0165 trv\u00e1cnej\u0161\u00ed a jeho zhor\u0161ovanie sa s \u010dasom e\u0161te prehlbuje.<\/p>\n\n\n\n

Miera nezamestnanosti<\/sub><\/strong><\/p>\n\n\n\n

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Zdroj: Bloomberg Professional Terminal. \u00dadaje k 17. 12. 2025.<\/sub><\/em><\/p>\n\n\n\n

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Energie a distribu\u010dn\u00e9 siete:
V\u00fdrazn\u00e1 potreba kapit\u00e1lov\u00fdch v\u00fddavkov<\/h2>\n\n\n\n

Rast\u00faci dopyt po energii, poh\u00e1\u0148an\u00fd umelou inteligenciou, ur\u00fdch\u013euje invest\u00edcie do obnovite\u013en\u00fdch zdrojov a distribu\u010dn\u00fdch siet\u00ed.<\/p>\n\n\n\n

O\u010dak\u00e1va sa, \u017ee dopyt d\u00e1tov\u00fdch centier po elektrickej energii by mal do roku 2030 vzr\u00e1s\u0165 o viac ne\u017e 150 %. R\u00fdchla expanzia d\u00e1tov\u00fdch centier, poh\u00e1\u0148an\u00e1 \u010diasto\u010dne umelou inteligenciou a \u010diasto\u010dne rastom \u010fal\u0161\u00edch technol\u00f3gi\u00ed, bude v nadch\u00e1dzaj\u00facich rokoch katalyz\u00e1torom prudk\u00e9ho rastu glob\u00e1lneho dopytu po elektrine. Najp\u00e1l\u010divej\u0161\u00edm obmedzen\u00edm pre rozmach umelej inteligencie sa zd\u00e1 by\u0165 pr\u00e1ve dostupnos\u0165 elektriny za prijate\u013en\u00e9 ceny. V z\u00e1mor\u00ed sa u\u017e odhaduje pribli\u017ene p\u00e4\u0165ro\u010dn\u00fd sklz pri budovan\u00ed nevyhnutn\u00fdch nov\u00fdch zdrojov elektriny a ich prip\u00e1jan\u00ed do distribu\u010dn\u00fdch siet\u00ed. Pribli\u017ene 70 % tamoj\u0161\u00edch energetick\u00fdch trhov u\u017e funguje na hranici kapac\u00edt a z\u00e1rove\u0148 sa o\u010dak\u00e1va \u010fal\u0161\u00ed mas\u00edvny rast dopytu po elektrine.<\/p>\n\n\n\n

Preto bude k\u013e\u00fa\u010dov\u00fd rozvoj infra\u0161trukt\u00fary spojenej s expanziou d\u00e1tov\u00fdch centier. Na pokra\u010duj\u00faci siln\u00fd dopyt sa bude potrebn\u00e9 pripravi\u0165 v\u00fdrazn\u00fdmi invest\u00edciami do energetick\u00fdch kapac\u00edt a moderniz\u00e1cie distribu\u010dn\u00fdch siet\u00ed, najm\u00e4 pre obnovite\u013en\u00e9 zdroje a nab\u00edjaciu infra\u0161trukt\u00faru pre elektrick\u00e9 vozidl\u00e1. Ak sa tieto scen\u00e1re naplnia, podporia z\u00e1rove\u0148 aj dopyt po priemyseln\u00fdch kovoch, ako s\u00fa me\u010f a hlin\u00edk, ktor\u00e9 s\u00fa najviac vystaven\u00e9 \u0161truktur\u00e1lnym zmen\u00e1m v dopyte po elektrine a rozmachu AI a d\u00e1tov\u00fdch centier. Okrem toho tieto kovy spravidla reaguj\u00fa procyklicky na potenci\u00e1lne o\u017eivenie glob\u00e1lneho hospod\u00e1rskeho rastu.<\/p>\n\n\n\n

R\u00fdchle zav\u00e1dzanie umelej inteligencie poh\u00e1\u0148a dopyt po elektrine, pri\u010dom v z\u00e1mor\u00ed sa odhaduje, \u017ee d\u00e1tov\u00e9 centr\u00e1 zv\u00fd\u0161ia ro\u010dn\u00fa spotrebu pribli\u017ene o to\u013eko, ko\u013eko dnes za rok spotrebuje \u0160v\u00e9dsko. U\u017e o desa\u0165ro\u010die by d\u00e1tov\u00e9 centr\u00e1 mohli predstavova\u0165 a\u017e 9 % celkovej spotreby elektriny v USA. Boom umelej inteligencie tak vyvinie aj tlak na ceny elektriny. Hoci ceny elektriny tvoria menej ne\u017e 3 % celkov\u00e9ho spotrebn\u00e9ho ko\u0161a, ide o k\u013e\u00fa\u010dov\u00fd vstupn\u00fd n\u00e1klad pre v\u00fdrobcov, maloobchod aj sektor slu\u017eieb.<\/p>\n\n\n\n

<\/div>\n\n\n\n

<\/h2>\n\n\n\n

Pre viac inform\u00e1ci\u00ed pros\u00edm kontaktujte svojho Wealth Managera.<\/p>\n\n\n\n


<\/p>\n\n\n\n

<\/div>\n\n\n\n
\"\"
Vladim\u00edr Va\u0148o
<\/strong>Chief Economist<\/figcaption><\/figure>\n\n\n\n
<\/div>\n\n\n\n
<\/div>\n\n\n\n
<\/div>\n","protected":false},"excerpt":{"rendered":"

18. decembra 2025 \u201eAk by na hru o peniaze sta\u010dilo pozna\u0165 hist\u00f3riu, najbohat\u0161\u00edmi \u013eu\u010fmi by boli knihovn\u00edci.\u201c\u2014 Warren Buffett Uplynul\u00fd rok bol tret\u00edm po sebe id\u00facim rokom siln\u00e9ho rastu v tradi\u010dn\u00fdch triedach akt\u00edv, najm\u00e4 na zahrani\u010dn\u00fdch akciov\u00fdch trhoch, ale aj v priemyseln\u00fdch a drah\u00fdch kovoch. Ani v\u00fdpredaj sp\u00f4soben\u00fd uvalen\u00edm americk\u00fdch ciel, ani doteraz najdlh\u0161ie uzatvorenie americk\u00fdch … Continued<\/a><\/p>\n","protected":false},"author":5,"featured_media":2026,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[178],"insight_author":[173],"class_list":["post-1458","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-wem-market-notes"],"acf":[],"yoast_head":"\nWEM Market Notes\/December 2025 \u2014 Na prelome: V\u00fdh\u013ead na hybn\u00e9 sily na rok 2026 na svetov\u00fdch trhoch a v hospod\u00e1rstve - Wealth Effect Management<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wem.sk\/sk\/insights\/wem-market-notes-na-prelome-vyhlad-na-hybne-sily-na-rok-2026-na-svetovych-trhoch-a-v-hospodarstve\/\" \/>\n<meta property=\"og:locale\" content=\"sk_SK\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"WEM Market Notes\/December 2025 \u2014 Na prelome: V\u00fdh\u013ead na hybn\u00e9 sily na rok 2026 na svetov\u00fdch trhoch a v hospod\u00e1rstve - Wealth Effect Management\" \/>\n<meta property=\"og:description\" content=\"18. decembra 2025 \u201eAk by na hru o peniaze sta\u010dilo pozna\u0165 hist\u00f3riu, najbohat\u0161\u00edmi \u013eu\u010fmi by boli knihovn\u00edci.\u201c\u2014 Warren Buffett Uplynul\u00fd rok bol tret\u00edm po sebe id\u00facim rokom siln\u00e9ho rastu v tradi\u010dn\u00fdch triedach akt\u00edv, najm\u00e4 na zahrani\u010dn\u00fdch akciov\u00fdch trhoch, ale aj v priemyseln\u00fdch a drah\u00fdch kovoch. 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