{"id":3205,"date":"2025-11-21T18:48:36","date_gmt":"2025-11-21T07:48:36","guid":{"rendered":"https:\/\/www.amillex.com\/?p=3205"},"modified":"2025-12-23T19:27:39","modified_gmt":"2025-12-23T08:27:39","slug":"20251120en","status":"publish","type":"post","link":"https:\/\/www.amillex.com\/fr\/2025\/11\/21\/20251120en\/","title":{"rendered":"Commentaire quotidien d&#039;Amillex sur les march\u00e9s\u00a0: Les r\u00e9sultats de Nvidia stimulent la hausse des valeurs technologiques, le Nasdaq bondit de 2,181\u00a0TP3T, des donn\u00e9es non agricoles contradictoires perturbent les anticipations de baisse des taux, l&#039;or chute sous la barre des 4\u00a0060\u00a0TP4T."},"content":{"rendered":"<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<h2 class=\"wp-block-heading\">21 novembre 2025 \u2014 Les actions am\u00e9ricaines ont cl\u00f4tur\u00e9 en nette hausse, le Nasdaq bondissant \u00e0 2\u00a0181\u00a0000 points. L\u2019indice du dollar s\u2019est maintenu fermement au-dessus de 100, le yen s\u2019est affaibli \u00e0 157 (son plus bas niveau de l\u2019ann\u00e9e), l\u2019or au comptant est pass\u00e9 sous la barre des 4\u00a0060\u00a0000\u00a0$ et le Bitcoin a rebondi \u00e0 91\u00a0500\u00a0000\u00a0$.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Principaux mouvements du march\u00e9 et analyse macro\u00e9conomique<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Actions am\u00e9ricaines\u00a0: Les r\u00e9sultats de Nvidia dissipent la morosit\u00e9 ambiante et le secteur technologique conna\u00eet une forte hausse<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Le Nasdaq a progress\u00e9 de 2,18% pour atteindre 23\u00a0057, le S&amp;P 500 a gagn\u00e9 1,44% pour s\u2019\u00e9tablir \u00e0 6\u00a0737,93 et le Dow a grimp\u00e9 de 0,93% pour atteindre 46\u00a0567,51.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Faits saillants du secteur :<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">ETF semi-conducteurs +2,49%<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Nvidia +5% apr\u00e8s les heures<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">AMD +3,99%, TSMC +3,3%<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Principaux facteurs moteurs :<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Les r\u00e9sultats d\u00e9passent les attentes\u00a0:<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Le chiffre d&#039;affaires de Nvidia au troisi\u00e8me trimestre a atteint $57B (+62% en glissement annuel) avec des pr\u00e9visions pour le quatri\u00e8me trimestre \u00e0 $65B, confirmant la demande soutenue de puces IA et dissipant les craintes de bulle.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Inversion des sentiments :<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Wilson Asset Management a not\u00e9 que les r\u00e9sultats ont agi comme un \u00ab coupe-circuit de la vente massive sur le march\u00e9 \u00bb, tandis que Vantage a averti que la durabilit\u00e9 d\u00e9pend toujours des tendances de la demande en 2026.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Change : Le dollar se maintient \u00e0 100, le yen chute \u00e0 157, un nouveau plus bas annuel.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">L&#039;indice du dollar am\u00e9ricain a l\u00e9g\u00e8rement progress\u00e9 de 0,05% pour atteindre 100,15, touchant un sommet en six mois \u00e0 100,35.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Le taux de change USD\/JPY a franchi la barre des 157 alors que le rendement des obligations d&#039;\u00c9tat japonaises \u00e0 10 ans a atteint 1,825%, son plus haut niveau depuis 2008.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Paysage politique :<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Position restrictive de la Fed : le compte rendu de la r\u00e9union d&#039;octobre a montr\u00e9 que la plupart des responsables \u00e9taient favorables au maintien des taux stables cette ann\u00e9e ; les chances d&#039;une baisse des taux en d\u00e9cembre sont tomb\u00e9es \u00e0 25%.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Pr\u00e9occupations budg\u00e9taires au Japon\u00a0: les attentes d\u2019un important plan de relance sous l\u2019administration de Sanae Takaichi ont aliment\u00e9 les ventes d\u2019obligations\u00a0; l\u2019intervention verbale du minist\u00e8re des Finances a eu un impact limit\u00e9.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Mati\u00e8res premi\u00e8res : L&#039;attrait de l&#039;or comme valeur refuge s&#039;affaiblit, le p\u00e9trole se r\u00e9\u00e9quilibre<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Le cours de l&#039;or au comptant a baiss\u00e9 de 0,4% pour s&#039;\u00e9tablir \u00e0 $4\u00a0060\u00a0; celui de l&#039;argent a \u00e9galement recul\u00e9.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Facteurs de pression\u00a0: dollar am\u00e9ricain plus fort + anticipations de hausse des taux r\u00e9els\u00a0; donn\u00e9es NFP contradictoires r\u00e9duisant la demande de valeurs refuges.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Le Brent a progress\u00e9 de 0,7% pour atteindre $63,95 ; le WTI a suivi la m\u00eame tendance haussi\u00e8re.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Logique de l&#039;offre et de la demande : la baisse attendue des stocks de l&#039;EIA et les risques g\u00e9opolitiques (l&#039;\u00e9ch\u00e9ance de la lev\u00e9e des sanctions p\u00e9troli\u00e8res contre la Russie approchant) ont soutenu les prix du p\u00e9trole brut.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Crypto et obligations : le Bitcoin reprend la barre des $91k, les rendements du Tr\u00e9sor s&#039;am\u00e9liorent<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Bitcoin +1,1% \u00e0 $91\u00a0538, Ethereum +0,9% \u00e0 $3\u00a0017.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Le sentiment s&#039;est am\u00e9lior\u00e9 gr\u00e2ce aux r\u00e9sultats de Nvidia qui ont stimul\u00e9 l&#039;app\u00e9tit pour le risque li\u00e9 \u00e0 la technologie, att\u00e9nuant ainsi la pression \u00e0 la liquidation des positions longues \u00e0 effet de levier.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">March\u00e9 obligataire :<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Le rendement des bons du Tr\u00e9sor am\u00e9ricain \u00e0 10 ans a baiss\u00e9 de 3 points de base pour s&#039;\u00e9tablir \u00e0 4,11%.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">La hausse du ch\u00f4mage \u00e0 4,4% a d\u00e9clench\u00e9 des achats de valeurs refuges.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">March\u00e9s boursiers mondiaux : L&#039;Asie suit la tendance haussi\u00e8re, le Nikkei bondit de 2,61 points.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Nikkei 225 +2,6% \u00e0 49 823, KOSPI +1,92% au-dessus de 4 000.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Europe : STOXX 50 +0,3%, DAX +0,16%, FTSE 100 \u22120,47%.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">M\u00e9canisme de transmission :<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">L&#039;optimisme li\u00e9 \u00e0 l&#039;IA s&#039;est r\u00e9pandu sur les march\u00e9s, stimulant la cha\u00eene d&#039;approvisionnement de Nvidia (Tokyo Electron, SK Hynix).<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Les r\u00e9sultats de Nvidia marquent un tournant pour le march\u00e9.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Chiffre d&#039;affaires des centres de donn\u00e9es\u00a0: +801\u00a0000\u00a0milliards de dollars en glissement annuel\u00a0; commandes de puces Blackwell enregistr\u00e9es jusqu&#039;au quatri\u00e8me trimestre 2026.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">AMD, TSMC et d&#039;autres acteurs de la cha\u00eene d&#039;approvisionnement ont enregistr\u00e9 une forte hausse, compensant ainsi la r\u00e9cente faiblesse de Meta et Tesla.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Vantage Markets a averti : si la croissance des investissements en IA ralentit en 2026, des risques de correction de valorisation pourraient r\u00e9appara\u00eetre.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Les cr\u00e9ations d&#039;emplois non agricoles divisent la trajectoire de la politique mon\u00e9taire de la Fed<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Offre publique de travail de septembre\u00a0: +119\u00a0000 (contre +51\u00a0000 attendus) \u2192 r\u00e9silience du march\u00e9 du travail<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Le ch\u00f4mage a atteint 4,41 000 milliards de personnes, un niveau record en quatre ans.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">R\u00e9visions de juillet-ao\u00fbt\u00a0: \u221233\u00a0000 au total<\/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\">La gouverneure de la R\u00e9serve f\u00e9d\u00e9rale, Lisa Cook, s&#039;exprime sur la stabilit\u00e9 financi\u00e8re<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Indice PMI manufacturier de la zone euro pour novembre (lecture flash)<\/h2>\n<\/blockquote>","protected":false},"excerpt":{"rendered":"<p>November 21, 2025 \u2014 U.S. equities closed broadly higher, with the Nasdaq soaring 2.18%. The U.S. dollar index held firmly above 100, the yen weakened to 157\u2014its lowest level of the year\u2014spot gold slipped below $4,060, while Bitcoin rebounded to $91,500. Key Market Moves &amp; Macro Analysis U.S. Equities: Nvidia Earnings Sweep Away Gloom, Tech [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":3206,"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-3205","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\/3205","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=3205"}],"version-history":[{"count":1,"href":"https:\/\/www.amillex.com\/fr\/wp-json\/wp\/v2\/posts\/3205\/revisions"}],"predecessor-version":[{"id":3207,"href":"https:\/\/www.amillex.com\/fr\/wp-json\/wp\/v2\/posts\/3205\/revisions\/3207"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.amillex.com\/fr\/wp-json\/wp\/v2\/media\/3206"}],"wp:attachment":[{"href":"https:\/\/www.amillex.com\/fr\/wp-json\/wp\/v2\/media?parent=3205"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.amillex.com\/fr\/wp-json\/wp\/v2\/categories?post=3205"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.amillex.com\/fr\/wp-json\/wp\/v2\/tags?post=3205"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}