{"id":3152,"date":"2025-11-20T18:19:28","date_gmt":"2025-11-20T07:19:28","guid":{"rendered":"https:\/\/www.amillex.com\/?p=3152"},"modified":"2025-12-23T19:27:16","modified_gmt":"2025-12-23T08:27:16","slug":"20251119en","status":"publish","type":"post","link":"https:\/\/www.amillex.com\/fr\/2025\/11\/20\/20251119en\/","title":{"rendered":"Commentaire quotidien d&#039;Amillex sur les march\u00e9s\u00a0: Les valeurs technologiques rebondissent avant la publication des r\u00e9sultats de Nvidia\u00a0; les rendements des obligations japonaises atteignent un sommet en 17\u00a0ans, d\u00e9clenchant un \u00ab\u00a0triple choc\u00a0\u00bb\u00a0; l&#039;or franchit la barre des 4\u00a0120\u00a0$\u00a0; le p\u00e9trole glisse sous les 59\u00a0$ en raison d&#039;un d\u00e9s\u00e9quilibre entre l&#039;offre et la demande"},"content":{"rendered":"<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<h2 class=\"wp-block-heading\">20 novembre 2025 \u2014 Les actions am\u00e9ricaines ont cl\u00f4tur\u00e9 en nette hausse, le Nasdaq gagnant plus de 41\u00a0000\u00a0points, tandis qu&#039;Alphabet atteignait un niveau record. Le rendement des obligations d&#039;\u00c9tat japonaises \u00e0 10\u00a0ans a grimp\u00e9 \u00e0 1\u00a0765\u00a0000\u00a0points, son plus haut niveau depuis juin\u00a02008, faisant grimper le yen \u00e0 155,89. L&#039;or au comptant a bondi de plus de 1\u00a0110\u00a0000\u00a0points au-dessus de 4\u00a0120\u00a0000\u00a0dollars, le p\u00e9trole brut WTI a chut\u00e9 de 31\u00a0000\u00a0points \u00e0 58,69\u00a0000\u00a0dollars et le Bitcoin est pass\u00e9 sous la barre des 92\u00a0000\u00a0dollars.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">1. Actions am\u00e9ricaines\u00a0: Les valeurs technologiques progressent globalement\u00a0; Alphabet atteint un record historique gr\u00e2ce \u00e0 l\u2019am\u00e9lioration du sentiment avant la publication des r\u00e9sultats de Nvidia<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Le S&amp;P 500 a progress\u00e9 de 0,13%, le Dow a ajout\u00e9 0,10% et le Nasdaq a l\u00e9g\u00e8rement augment\u00e9 de 0,12%.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">L&#039;indice Nasdaq Golden Dragon China a chut\u00e9 de 1,4%.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">ETF sectoriels\u00a0:<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">\u2022 ETF compagnies a\u00e9riennes +1,32%<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">\u2022 ETF bancaire +0,54%<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">\u2022 ETF \u00c9nergie \u20131,88%<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Points saillants du titre\u00a0:<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">\u2022 Alphabet a bondi de 6%, portant sa capitalisation boursi\u00e8re \u00e0 $3,63 billions (Gemini 3 Pro class\u00e9 n\u00b01 sur LMArena).<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">\u2022 Nvidia a gagn\u00e9 2% avant l&#039;ouverture du march\u00e9, les investisseurs attendant les r\u00e9sultats pour confirmer la demande en IA\u00a0; sa capitalisation boursi\u00e8re d\u00e9passe d\u00e9sormais celle de l&#039;ensemble des secteurs de l&#039;\u00e9nergie, des mat\u00e9riaux et de l&#039;immobilier r\u00e9unis.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Logique de base\u00a0:<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">\u2022 Aper\u00e7u des r\u00e9sultats : Strategas a not\u00e9 que les r\u00e9sultats de Nvidia \u00ab pourraient relancer l&#039;optimisme concernant l&#039;IA \u00bb, m\u00eame si les attentes sont nettement plus \u00e9lev\u00e9es.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">\u2022 Rotation sectorielle : Les fonds se sont retir\u00e9s du secteur de l&#039;\u00e9nergie pour se tourner vers le secteur technologique ; la probabilit\u00e9 d&#039;une baisse des taux de la Fed en d\u00e9cembre reste inf\u00e9rieure \u00e0 50%.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">2. March\u00e9s Asie-Pacifique\u00a0: Le Japon subit un \u00ab\u00a0triple choc\u00a0\u00bb sur les march\u00e9s actions, obligataires et des changes, alors que les craintes budg\u00e9taires s\u2019intensifient<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Le Nikkei 225 a chut\u00e9 de 0,3%, le TOPIX a recul\u00e9 de 0,2%.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Le rendement des obligations d&#039;\u00c9tat japonaises \u00e0 10 ans a grimp\u00e9 \u00e0 1,765%, un nouveau sommet en 17 ans.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Le yen s&#039;est affaibli \u00e0 155,89, son plus bas niveau depuis janvier.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Conducteurs :<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">\u2022 Pr\u00e9occupations budg\u00e9taires : Les march\u00e9s s&#039;attendent \u00e0 ce que le gouvernement de la Premi\u00e8re ministre Sanae Takai d\u00e9voile un budget suppl\u00e9mentaire massif, ce qui devrait stimuler l&#039;offre d&#039;obligations d&#039;\u00c9tat japonaises.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">\u2022 Signal politique : Le conseiller \u00e9conomique du Premier ministre, Kataoka, a d\u00e9clar\u00e9 : \u00ab Une hausse des taux est peu probable avant mars \u00bb, renfor\u00e7ant ainsi une position accommodante et exer\u00e7ant une pression sur le yen.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Retomb\u00e9es r\u00e9gionales :<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">\u2022 L&#039;indice KOSPI a baiss\u00e9 de 0,6%.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">\u2022 Le secteur des \u00e9nergies nouvelles, cot\u00e9 en actions A en Chine, a continu\u00e9 de subir des pressions \u00e0 la vente.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">3. M\u00e9taux pr\u00e9cieux et mati\u00e8res premi\u00e8res\u00a0: l\u2019or s\u2019envole face \u00e0 la demande de valeurs refuges\u00a0; le p\u00e9trole chute en raison de la d\u00e9t\u00e9rioration des conditions d\u2019approvisionnement.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">\u2022 L&#039;or au comptant a augment\u00e9 de 1,1% pour atteindre $4,120 ; l&#039;argent au comptant a grimp\u00e9 de 2,29% pour atteindre $51,8.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">\u2022 La demande de valeurs refuges a \u00e9t\u00e9 soutenue par les inqui\u00e9tudes budg\u00e9taires du Japon et les valorisations \u00e9lev\u00e9es du secteur technologique am\u00e9ricain.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Huile brute:<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">\u2022 Le p\u00e9trole brut WTI a chut\u00e9 de 3% \u00e0 $58,69 ; le Brent a suivi \u00e0 la baisse.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">\u2022 Catalyseurs baissiers\u00a0:<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">\u2013 Les stocks de p\u00e9trole brut de l&#039;API ont augment\u00e9 de 4,45 millions de barils (contre \u20130,6 million attendus).<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">\u2013 Le respect des normes de l&#039;OPEP+ s&#039;est d\u00e9t\u00e9rior\u00e9<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">\u2022 Le cuivre a l\u00e9g\u00e8rement baiss\u00e9 en raison de l&#039;affaiblissement des pr\u00e9visions de la demande mondiale.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">4. Change et cryptomonnaies\u00a0: Le yen chute \u00e0 son plus bas niveau en 10 mois\u00a0; le bitcoin poursuit sa baisse<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">\u2022 L&#039;indice du dollar a augment\u00e9 de 0,2%.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">\u2022 La paire EUR\/USD a chut\u00e9 \u00e0 1,1580 ; la livre sterling s&#039;est affaiblie.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Divergence des politiques :<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">\u2022 La Fed reste restrictive (probabilit\u00e9 de baisse des taux &lt;50%).<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">\u2022 La Banque du Japon maintient une politique accommodante, creusant ainsi l&#039;\u00e9cart entre les taux d&#039;int\u00e9r\u00eat am\u00e9ricains et japonais.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Crypto :<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">\u2022 Bitcoin \u20130,7% \u00e0 $91 780\u00a0;<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">\u2022 Ethereum \u2013 1% \u00e0 $3 065.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">La volatilit\u00e9 des actifs risqu\u00e9s a augment\u00e9, exer\u00e7ant une pression sur les positions longues \u00e0 effet de levier.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">5. March\u00e9s obligataires\u00a0: Les obligations d\u2019\u00c9tat japonaises ont \u00e9t\u00e9 fortement vendues tandis que les rendements am\u00e9ricains restent stables.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">\u2022 Le rendement des obligations japonaises \u00e0 10 ans a augment\u00e9 de 2 points de base pour atteindre 1,765%, un sommet en 17 ans.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">\u2022 Le rendement des obligations du Tr\u00e9sor am\u00e9ricain \u00e0 10 ans est rest\u00e9 stable \u00e0 4,11%, les investisseurs attendant les r\u00e9sultats du NFP et le compte rendu de la Fed.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">\u2022 Les rendements des obligations d&#039;\u00c9tat allemandes ont l\u00e9g\u00e8rement baiss\u00e9 dans un contexte de flux vers les valeurs refuges et de faiblesse des march\u00e9s actions europ\u00e9ens.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">L&#039;objectif du jour<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">R\u00e9sultats financiers de Nvidia<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">\u2022 Pr\u00e9visions du march\u00e9 : $54,9B de revenus (+56% en glissement annuel).<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">\u2022 Priorit\u00e9 : Commandes de puces IA et visibilit\u00e9 de la cha\u00eene d&#039;approvisionnement.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">\u2022 Impact:<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">\u2013 Pr\u00e9visions\u00a0: Le Nasdaq pourrait tester ses r\u00e9cents sommets<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">\u2013 Miss : Un repli g\u00e9n\u00e9ralis\u00e9 est probable sur les actions li\u00e9es \u00e0 l&#039;IA<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Proc\u00e8s-verbal de la r\u00e9union d&#039;octobre de la Fed<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Rapport am\u00e9ricain sur l&#039;emploi non agricole de septembre<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">IPC de la zone euro<\/h2>\n<\/blockquote>","protected":false},"excerpt":{"rendered":"<p>November 20, 2025 \u2014 U.S. equities closed broadly higher with the Nasdaq up over 0.4%, while Alphabet hit a record high. Japan\u2019s 10-year JGB yield spiked to 1.765%, the highest since June 2008, sending the yen to 155.89. Spot gold jumped more than 1.1% above $4,120, WTI crude fell 3% to $58.69, and Bitcoin dropped [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":3153,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"ocean_post_layout":"","ocean_both_sidebars_style":"","ocean_both_sidebars_content_width":0,"ocean_both_sidebars_sidebars_width":0,"ocean_sidebar":"","ocean_second_sidebar":"","ocean_disable_margins":"enable","ocean_add_body_class":"","ocean_shortcode_before_top_bar":"","ocean_shortcode_after_top_bar":"","ocean_shortcode_before_header":"","ocean_shortcode_after_header":"","ocean_has_shortcode":"","ocean_shortcode_after_title":"","ocean_shortcode_before_footer_widgets":"","ocean_shortcode_after_footer_widgets":"","ocean_shortcode_before_footer_bottom":"","ocean_shortcode_after_footer_bottom":"","ocean_display_top_bar":"default","ocean_display_header":"default","ocean_header_style":"","ocean_center_header_left_menu":"","ocean_custom_header_template":"","ocean_custom_logo":0,"ocean_custom_retina_logo":0,"ocean_custom_logo_max_width":0,"ocean_custom_logo_tablet_max_width":0,"ocean_custom_logo_mobile_max_width":0,"ocean_custom_logo_max_height":0,"ocean_custom_logo_tablet_max_height":0,"ocean_custom_logo_mobile_max_height":0,"ocean_header_custom_menu":"","ocean_menu_typo_font_family":"","ocean_menu_typo_font_subset":"","ocean_menu_typo_font_size":0,"ocean_menu_typo_font_size_tablet":0,"ocean_menu_typo_font_size_mobile":0,"ocean_menu_typo_font_size_unit":"px","ocean_menu_typo_font_weight":"","ocean_menu_typo_font_weight_tablet":"","ocean_menu_typo_font_weight_mobile":"","ocean_menu_typo_transform":"","ocean_menu_typo_transform_tablet":"","ocean_menu_typo_transform_mobile":"","ocean_menu_typo_line_height":0,"ocean_menu_typo_line_height_tablet":0,"ocean_menu_typo_line_height_mobile":0,"ocean_menu_typo_line_height_unit":"","ocean_menu_typo_spacing":0,"ocean_menu_typo_spacing_tablet":0,"ocean_menu_typo_spacing_mobile":0,"ocean_menu_typo_spacing_unit":"","ocean_menu_link_color":"","ocean_menu_link_color_hover":"","ocean_menu_link_color_active":"","ocean_menu_link_background":"","ocean_menu_link_hover_background":"","ocean_menu_link_active_background":"","ocean_menu_social_links_bg":"","ocean_menu_social_hover_links_bg":"","ocean_menu_social_links_color":"","ocean_menu_social_hover_links_color":"","ocean_disable_title":"default","ocean_disable_heading":"default","ocean_post_title":"","ocean_post_subheading":"","ocean_post_title_style":"","ocean_post_title_background_color":"","ocean_post_title_background":0,"ocean_post_title_bg_image_position":"","ocean_post_title_bg_image_attachment":"","ocean_post_title_bg_image_repeat":"","ocean_post_title_bg_image_size":"","ocean_post_title_height":0,"ocean_post_title_bg_overlay":0.5,"ocean_post_title_bg_overlay_color":"","ocean_disable_breadcrumbs":"default","ocean_breadcrumbs_color":"","ocean_breadcrumbs_separator_color":"","ocean_breadcrumbs_links_color":"","ocean_breadcrumbs_links_hover_color":"","ocean_display_footer_widgets":"default","ocean_display_footer_bottom":"default","ocean_custom_footer_template":"","ocean_post_oembed":"","ocean_post_self_hosted_media":"","ocean_post_video_embed":"","ocean_link_format":"","ocean_link_format_target":"self","ocean_quote_format":"","ocean_quote_format_link":"post","ocean_gallery_link_images":"on","ocean_gallery_id":[],"footnotes":""},"categories":[8],"tags":[],"class_list":["post-3152","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-english-news","entry","has-media"],"_links":{"self":[{"href":"https:\/\/www.amillex.com\/fr\/wp-json\/wp\/v2\/posts\/3152","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.amillex.com\/fr\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.amillex.com\/fr\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.amillex.com\/fr\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/www.amillex.com\/fr\/wp-json\/wp\/v2\/comments?post=3152"}],"version-history":[{"count":1,"href":"https:\/\/www.amillex.com\/fr\/wp-json\/wp\/v2\/posts\/3152\/revisions"}],"predecessor-version":[{"id":3154,"href":"https:\/\/www.amillex.com\/fr\/wp-json\/wp\/v2\/posts\/3152\/revisions\/3154"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.amillex.com\/fr\/wp-json\/wp\/v2\/media\/3153"}],"wp:attachment":[{"href":"https:\/\/www.amillex.com\/fr\/wp-json\/wp\/v2\/media?parent=3152"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.amillex.com\/fr\/wp-json\/wp\/v2\/categories?post=3152"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.amillex.com\/fr\/wp-json\/wp\/v2\/tags?post=3152"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}