{"id":3298,"date":"2025-12-02T16:14:07","date_gmt":"2025-12-02T05:14:07","guid":{"rendered":"https:\/\/www.amillex.com\/?p=3298"},"modified":"2025-12-23T19:31:51","modified_gmt":"2025-12-23T08:31:51","slug":"2025121en","status":"publish","type":"post","link":"https:\/\/www.amillex.com\/fr\/2025\/12\/02\/2025121en\/","title":{"rendered":"Commentaire quotidien d'Amillex sur les march\u00e9s\u00a0: L'aversion au risque s'accentue en ce d\u00e9but d\u00e9cembre\u00a0; les contrats \u00e0 terme sur actions am\u00e9ricaines reculent, l'argent d\u00e9passe $57, le yen s'appr\u00e9cie fortement, le bitcoin chute sous $86\u00a0000"},"content":{"rendered":"
\n

2 d\u00e9cembre 2025 \u2014 Les contrats \u00e0 terme sur les actions am\u00e9ricaines ont chut\u00e9 g\u00e9n\u00e9ralis\u00e9e lundi, ceux du Nasdaq perdant 0,91\u00a0TP3T. La paire USD\/JPY a d\u00e9gringol\u00e9 de 0,71\u00a0TP3T \u00e0 155,06. L\u2019argent au comptant a franchi la barre des $57\/oz pour atteindre un nouveau record historique. Le Bitcoin a plong\u00e9 de 61\u00a0TP3T, passant sous les $86\u00a0000. Le p\u00e9trole brut a gagn\u00e9 plus de 21\u00a0TP3T.<\/h2>\n\n\n\n

I. Principaux mouvements du march\u00e9 et analyse fondamentale<\/h2>\n\n\n\n

1. Actions am\u00e9ricaines : Le secteur technologique tire les march\u00e9s vers le bas, tandis que le manque de donn\u00e9es amplifie la volatilit\u00e9.<\/h2>\n\n\n\n

Les contrats \u00e0 terme sur le S&P 500 sont en baisse de 0,7%, ceux sur le Nasdaq 100 de 0,9% et ceux sur le Dow Jones \u00e9galement en baisse.<\/h2>\n\n\n\n

Mouvements avant l'ouverture du march\u00e9\u00a0: Nvidia \u20131%+, Tesla, Google et Apple en baisse de pr\u00e8s de 1%.<\/h2>\n\n\n\n

Conducteurs :<\/h2>\n\n\n\n

Groupe d'\u00e9v\u00e9nements \u00e0 risque :<\/h2>\n\n\n\n

L'ancien pr\u00e9sident Trump a d\u00e9clar\u00e9 avoir choisi le prochain pr\u00e9sident de la R\u00e9serve f\u00e9d\u00e9rale (selon les rumeurs, il s'agirait de Kevin Hassett), ce qui accro\u00eet l'incertitude politique.<\/h2>\n\n\n\n

Mise en garde avant la publication de donn\u00e9es cl\u00e9s\u00a0:<\/h2>\n\n\n\n

Les march\u00e9s attendent l'indice PMI manufacturier de l'ISM (1er d\u00e9cembre) et les chiffres de l'emploi non agricole. L'aversion au risque p\u00e8se sur les valorisations.<\/h2>\n\n\n\n

2. March\u00e9 des changes : Le yen enregistre sa plus forte hausse en sept semaines, les anticipations d'une hausse des taux de la Banque du Japon s'intensifient.<\/h2>\n\n\n\n

La paire USD\/JPY a chut\u00e9 de 0,7% pour atteindre 155,06, soit la plus forte baisse en une journ\u00e9e depuis le 10 octobre.<\/h2>\n\n\n\n

L'indice du dollar a l\u00e9g\u00e8rement progress\u00e9 de 0,12% pour atteindre 99,44 ; la paire EUR\/USD est rest\u00e9e stable \u00e0 1,1601.<\/h2>\n\n\n\n

Contexte politique\u00a0:<\/h2>\n\n\n\n

Changement de cap de la BOJ : le gouverneur Kazuo Ueda a d\u00e9clar\u00e9 que la Banque allait \u00ab peser le pour et le contre d'une hausse des taux \u00bb, faisant passer les chances d'une hausse des taux en d\u00e9cembre \u00e0 64%.<\/h2>\n\n\n\n

R\u00e9duction de l'\u00e9cart de rendement entre les \u00c9tats-Unis et le Japon\u00a0: le rendement des obligations d'\u00c9tat japonaises \u00e0 20\u00a0ans a bondi \u00e0 2,88%, son plus haut niveau depuis 1999, freinant les op\u00e9rations de portage.<\/h2>\n\n\n\n

3. M\u00e9taux pr\u00e9cieux et mati\u00e8res premi\u00e8res\u00a0: l\u2019argent atteint un niveau record\u00a0; le p\u00e9trole se r\u00e9\u00e9quilibre gr\u00e2ce aux signaux de l\u2019offre<\/h2>\n\n\n\n

Argent:<\/h2>\n\n\n\n

Argent au comptant +1% \u00e0 $57\/oz ; les contrats \u00e0 terme sur l'argent du COMEX ont grimp\u00e9 de 6,06%.<\/h2>\n\n\n\n

Dynamique de l'offre et de la demande :<\/h2>\n\n\n\n

La forte demande en \u00e9nergie solaire photovolta\u00efque, conjugu\u00e9e \u00e0 des stocks mondiaux au plus bas depuis dix ans, et la flamb\u00e9e des taux de location t\u00e9moignent d'une grave p\u00e9nurie d'approvisionnement physique.<\/h2>\n\n\n\n

Or et p\u00e9trole brut :<\/h2>\n\n\n\n

Le cours de l'or au comptant s'est stabilis\u00e9 \u00e0 $4,241 dans un contexte de pr\u00e9visions de baisse des taux r\u00e9els.<\/h2>\n\n\n\n

Le prix du p\u00e9trole brut Brent augmente de 2% pour atteindre $63,80\/baril, l'OPEP+ ayant confirm\u00e9 la suspension des augmentations de production au premier trimestre.<\/h2>\n\n\n\n

M\u00e9taux industriels :<\/h2>\n\n\n\n

Le cuivre COMEX +1% \u00e0 $532,55\/lb, soutenu par le rebond de l'indice PMI manufacturier chinois \u00e0 49,2%, am\u00e9liorant les perspectives de la demande.<\/h2>\n\n\n\n

4. Crypto : Le Bitcoin chute de 6% suite au d\u00e9nouement des positions longues \u00e0 effet de levier<\/h2>\n\n\n\n

Bitcoin \u20135,4% \u00e0 $86\u00a0214\u00a0; Ethereum \u20136,5% \u00e0 $2\u00a0825.<\/h2>\n\n\n\n

Points de pression :<\/h2>\n\n\n\n

Renforcement de la r\u00e9glementation\u00a0:<\/h2>\n\n\n\n

La Banque populaire de Chine a r\u00e9it\u00e9r\u00e9 sa r\u00e9pression des activit\u00e9s financi\u00e8res ill\u00e9gales li\u00e9es aux cryptomonnaies\u00a0; la SEC am\u00e9ricaine a intensifi\u00e9 son examen des stablecoins.<\/h2>\n\n\n\n

Contraintes sur la cha\u00eene :<\/h2>\n\n\n\n

Les liquidations hebdomadaires totales ont d\u00e9pass\u00e9 $12 milliards, amplifiant les ventes paniques.<\/h2>\n\n\n\n

5. March\u00e9 obligataire\u00a0: Forte hausse des rendements des obligations d\u2019\u00c9tat japonaises\u00a0; accentuation de la pente de la courbe des taux am\u00e9ricaine<\/h2>\n\n\n\n

Japon\u00a0: le rendement des obligations d\u2019\u00c9tat japonaises \u00e0 10\u00a0ans a progress\u00e9 de 7\u00a0points de base pour atteindre 1,871\u00a0TP3T\u00a0; le rendement des obligations d\u2019\u00c9tat japonaises \u00e0 2\u00a0ans a atteint un nouveau sommet depuis 2008.<\/h2>\n\n\n\n

\u00c9tats-Unis\u00a0: le rendement des bons du Tr\u00e9sor \u00e0 10\u00a0ans a augment\u00e9 de 2,7\u00a0points de base pour atteindre 4,046%, les anticipations de hausse des taux pesant sur les obligations.<\/h2>\n\n\n\n

L'objectif du jour<\/h2>\n\n\n\n

Discours du pr\u00e9sident de la R\u00e9serve f\u00e9d\u00e9rale, Jerome Powell<\/h2>\n\n\n\n

Publications mondiales du PMI\u00a0:<\/h2>\n\n\n\n

L'indice PMI manufacturier ISM am\u00e9ricain pour novembre \u2014 un chiffre inf\u00e9rieur \u00e0 48,0 renforcerait le discours sur une baisse des taux.<\/h2>\n\n\n\n

Publication finale de l'indice PMI manufacturier de la zone euro \u2014 attention aux divergences entre l'Allemagne et la France.<\/h2>\n\n\n\n

Op\u00e9rations de liquidit\u00e9s en Chine :<\/h2>\n\n\n\n

302,1 milliards de yuans de prises en pension \u00e0 7 jours arrivent \u00e0 \u00e9ch\u00e9ance aujourd'hui\u00a0; les march\u00e9s suivront de pr\u00e8s le rythme des op\u00e9rations de la Banque populaire de Chine.<\/h2>\n<\/blockquote>","protected":false},"excerpt":{"rendered":"

December 2, 2025 \u2014 U.S. equity futures fell across the board on Monday, with Nasdaq futures down 0.9%. USD\/JPY tumbled 0.7% to 155.06. Spot silver surged above $57\/oz to a new all-time high. Bitcoin plunged 6%, falling below $86,000. Crude oil gained more than 2%. I. Key Market Moves & Fundamental Analysis 1. U.S. Equities: […]<\/p>\n","protected":false},"author":4,"featured_media":3299,"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-3298","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\/3298","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=3298"}],"version-history":[{"count":1,"href":"https:\/\/www.amillex.com\/fr\/wp-json\/wp\/v2\/posts\/3298\/revisions"}],"predecessor-version":[{"id":3300,"href":"https:\/\/www.amillex.com\/fr\/wp-json\/wp\/v2\/posts\/3298\/revisions\/3300"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.amillex.com\/fr\/wp-json\/wp\/v2\/media\/3299"}],"wp:attachment":[{"href":"https:\/\/www.amillex.com\/fr\/wp-json\/wp\/v2\/media?parent=3298"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.amillex.com\/fr\/wp-json\/wp\/v2\/categories?post=3298"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.amillex.com\/fr\/wp-json\/wp\/v2\/tags?post=3298"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}