{"id":3217,"date":"2025-11-25T15:21:23","date_gmt":"2025-11-25T04:21:23","guid":{"rendered":"https:\/\/www.amillex.com\/?p=3217"},"modified":"2025-12-23T19:26:32","modified_gmt":"2025-12-23T08:26:32","slug":"20251124en","status":"publish","type":"post","link":"https:\/\/www.amillex.com\/fr\/2025\/11\/25\/20251124en\/","title":{"rendered":"Commentaire quotidien d&#039;Amillex sur les march\u00e9s\u00a0: Les anticipations de baisse des taux de la Fed se renforcent et dynamisent les actifs \u00e0 risque\u00a0; le Nasdaq progresse de pr\u00e8s de 1,81\u00a0T3\u00a0; le Bitcoin chute sous la barre des 1,4\u00a0T87\u00a0000, enregistrant sa pire performance mensuelle en trois ans."},"content":{"rendered":"<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<h2 class=\"wp-block-heading\">25 novembre 2025 \u2014 Les actions am\u00e9ricaines ont ouvert en forte hausse g\u00e9n\u00e9ralis\u00e9e, le Nasdaq gagnant pr\u00e8s de 1\u00a0810 milliards de dollars. L\u2019indice du dollar s\u2019est stabilis\u00e9, le yen s\u2019est affaibli \u00e0 156,68, l\u2019or au comptant a l\u00e9g\u00e8rement recul\u00e9 \u00e0 4\u00a0055 milliards de dollars et le Bitcoin a accentu\u00e9 sa baisse sous la barre des 87\u00a0000 dollars, enregistrant ainsi son pire repli mensuel depuis 2022. La dynamique des march\u00e9s reste marqu\u00e9e par un \u00e9quilibre fragile entre les strat\u00e9gies d\u2019assouplissement mon\u00e9taire et le d\u00e9sendettement sur les actifs \u00e0 forte volatilit\u00e9.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">I. Principaux mouvements du march\u00e9 et analyse fondamentale<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">1. Actions am\u00e9ricaines : les valeurs technologiques et les ADR chinois tirent les gains ; la probabilit\u00e9 d&#039;une baisse des taux remonte \u00e0 60%<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Le S&amp;P 500 a progress\u00e9 de pr\u00e8s de 1%, le Dow a gagn\u00e9 0,34% et le Nasdaq a bondi de 1,8%.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">L&#039;indice Nasdaq Golden Dragon China a bondi de 2,41%, surperformant les march\u00e9s en g\u00e9n\u00e9ral.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Points saillants du secteur\u00a0: Les semi-conducteurs (Nvidia stable), les actions li\u00e9es \u00e0 l\u2019IA (Alphabet A +5,6%) ont men\u00e9 les gains\u00a0; Tesla a progress\u00e9 de plus de 6%.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Ton accommodant de la Fed\u00a0: le pr\u00e9sident de la Fed de New York, Williams, a d\u00e9clar\u00e9 que \u00ab\u00a0des baisses de taux \u00e0 court terme restent possibles\u00a0\u00bb\u00a0; Goldman Sachs pr\u00e9voit que la troisi\u00e8me baisse de taux d\u00e9butera en d\u00e9cembre.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Catalyseurs des ADR chinois\u00a0: l\u2019application Qianwen d\u2019Alibaba a d\u00e9pass\u00e9 les 10 millions de t\u00e9l\u00e9chargements, faisant grimper le cours de l\u2019action de plus de 5%.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">2. March\u00e9 des changes : le yen s&#039;affaiblit \u00e0 156,68, les risques budg\u00e9taires europ\u00e9ens r\u00e9apparaissent<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">L&#039;indice du dollar est rest\u00e9 stable, tandis que le yen s&#039;est d\u00e9pr\u00e9ci\u00e9 \u00e0 156,68 pour un dollar, approchant ainsi le seuil d&#039;intervention psychologique.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">L&#039;euro et la livre sterling ont fluctu\u00e9 sur fond de nouvelles inqui\u00e9tudes concernant la viabilit\u00e9 budg\u00e9taire suite au veto fran\u00e7ais sur le budget.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Contexte politique\u00a0:<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Divergence entre les \u00c9tats-Unis et le Japon\u00a0: les anticipations croissantes de baisse des taux am\u00e9ricains contrastent avec la position ultra-accommodante persistante de la Banque du Japon.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Risques pour l&#039;Europe\u00a0: le Royaume-Uni pourrait annoncer des hausses d&#039;imp\u00f4ts dans son budget de mercredi\u00a0; la r\u00e9vision \u00e0 la hausse de la note de l&#039;Italie n&#039;a apport\u00e9 qu&#039;un soutien limit\u00e9.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">3. M\u00e9taux pr\u00e9cieux\u00a0: L\u2019or recule l\u00e9g\u00e8rement \u00e0 $4,055, sous la pression du dollar et des taux d\u2019int\u00e9r\u00eat.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Le cours de l&#039;or au comptant a baiss\u00e9 de 0,2% \u00e0 $4 055,88\/oz.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Pressions \u00e0 court terme\u00a0: la r\u00e9silience du dollar et la hausse des rendements des bons du Tr\u00e9sor ont r\u00e9duit l\u2019attrait des valeurs refuges.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Niveaux techniques\u00a0: le pivot journalier se situe \u00e0 $4,063\u00a0; une cassure pourrait ouvrir la voie \u00e0 $3,946.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">4. \u00c9nergie : Le march\u00e9 p\u00e9trolier retrouve son \u00e9quilibre ; les risques g\u00e9opolitiques offrent un l\u00e9ger soutien<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Le prix du p\u00e9trole brut WTI a augment\u00e9 de 0,2% pour atteindre $58,19\/baril.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Conducteurs :<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">\u00c9l\u00e9ments favorables\u00a0: L\u2019incertitude entourant les pourparlers de paix entre la Russie et l\u2019Ukraine (le plan am\u00e9ricain en 28 points a \u00e9t\u00e9 rejet\u00e9) a suscit\u00e9 des inqui\u00e9tudes quant aux perturbations potentielles des approvisionnements.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Vents contraires\u00a0: la hausse des stocks de l\u2019EIA et l\u2019affaiblissement du respect des normes de l\u2019OPEP+ ont limit\u00e9 la croissance.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">5. Crypto : Le Bitcoin enregistre sa pire baisse mensuelle en trois ans ; les liquidations se poursuivent.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Bitcoin a chut\u00e9 de 1,3% \u00e0 $86 807 ; Ethereum a recul\u00e9 de 0,9%.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Sentiment du march\u00e9 :<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Analyse technique\u00a0: le niveau $85,200 constitue un support cl\u00e9\u00a0; une cassure pourrait d\u00e9clencher des ventes massives pilot\u00e9es par les analystes quantitatifs.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Pressions r\u00e9glementaires\u00a0: la SEC am\u00e9ricaine renforce son contr\u00f4le sur les stablecoins\u00a0; la Banque populaire de Chine a r\u00e9it\u00e9r\u00e9 sa lutte contre les activit\u00e9s sp\u00e9culatives.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">6. Asie-Pacifique et obligations\u00a0: l\u2019Indon\u00e9sie atteint un niveau record\u00a0; les rendements am\u00e9ricains baissent<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Actions de la r\u00e9gion Asie-Pacifique : l&#039;indice de r\u00e9f\u00e9rence indon\u00e9sien a progress\u00e9 de 11 \u00e0 3 milliards de points pour atteindre un record de 8\u00a0499,72\u00a0; les actions japonaises et cor\u00e9ennes ont diverg\u00e9.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">March\u00e9 obligataire : La hausse des anticipations de baisse des taux am\u00e9ricains a fait baisser le rendement des obligations du Tr\u00e9sor \u00e0 10 ans, att\u00e9nuant la demande imm\u00e9diate de valeurs refuges.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">II. Le th\u00e8me du jour<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Donn\u00e9es PPI am\u00e9ricaines de septembre<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">\u00c9v\u00e9nement de lancement de produits Huawei pour tous les sc\u00e9narios<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">R\u00e9sultats financiers : Alibaba, NIO<\/h2>\n<\/blockquote>","protected":false},"excerpt":{"rendered":"<p>November 25, 2025 \u2014 U.S. equities opened sharply higher across the board, with the Nasdaq gaining nearly 1.8%. The dollar index stabilized, the yen weakened to 156.68, spot gold edged down to $4,055, and Bitcoin extended its downturn below $87,000, posting its worst monthly decline since 2022. Market dynamics continue to revolve around the tug-of-war [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":3218,"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-3217","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\/3217","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=3217"}],"version-history":[{"count":1,"href":"https:\/\/www.amillex.com\/fr\/wp-json\/wp\/v2\/posts\/3217\/revisions"}],"predecessor-version":[{"id":3219,"href":"https:\/\/www.amillex.com\/fr\/wp-json\/wp\/v2\/posts\/3217\/revisions\/3219"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.amillex.com\/fr\/wp-json\/wp\/v2\/media\/3218"}],"wp:attachment":[{"href":"https:\/\/www.amillex.com\/fr\/wp-json\/wp\/v2\/media?parent=3217"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.amillex.com\/fr\/wp-json\/wp\/v2\/categories?post=3217"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.amillex.com\/fr\/wp-json\/wp\/v2\/tags?post=3217"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}