{"id":3344,"date":"2025-12-10T17:54:56","date_gmt":"2025-12-10T06:54:56","guid":{"rendered":"https:\/\/www.amillex.com\/?p=3344"},"modified":"2025-12-23T19:25:21","modified_gmt":"2025-12-23T08:25:21","slug":"2025129en","status":"publish","type":"post","link":"https:\/\/www.amillex.com\/fr\/2025\/12\/10\/2025129en\/","title":{"rendered":"Commentaire quotidien d&#039;Amillex sur les march\u00e9s\u00a0: Prudence avant la d\u00e9cision de la Fed, l&#039;argent d\u00e9passe les 60\u00a0$ et atteint un niveau record, les actions am\u00e9ricaines progressent l\u00e9g\u00e8rement, les cryptomonnaies rebondissent"},"content":{"rendered":"<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<h2 class=\"wp-block-heading\">10 d\u00e9cembre 2025 \u2014 Les trois principaux indices am\u00e9ricains ont ouvert en baisse avant de se redresser l\u00e9g\u00e8rement, le S&amp;P 500 gagnant 0,091 %. L&#039;indice du dollar est rest\u00e9 stable, tandis que le yen s&#039;est d\u00e9pr\u00e9ci\u00e9 \u00e0 156,28. L&#039;argent au comptant a franchi la barre des 60 dollars l&#039;once pour la premi\u00e8re fois de son histoire. Le bitcoin a interrompu sa chute et rebondi \u00e0 91\u00a0622 dollars. Le cuivre a connu un repli technique, tandis que le p\u00e9trole brut a enregistr\u00e9 une modeste reprise. L&#039;actualit\u00e9 des march\u00e9s est marqu\u00e9e par un affrontement constant entre la r\u00e9silience \u00e9conomique et les anticipations concernant la trajectoire des politiques \u00e9conomiques.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Principaux mouvements du march\u00e9 et analyses fondamentales<\/strong><strong><\/strong><\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">1. March\u00e9 des actions am\u00e9ricaines\u00a0: les donn\u00e9es sur l\u2019emploi stimulent le moral des investisseurs, le secteur technologique sous pression<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">S&amp;P 500\u00a0: +0,09% apr\u00e8s une ouverture en baisse<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Dow Jones : \u20130,03%<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Nasdaq : \u20130,18%<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Performance du secteur :<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">ETF bancaire : +0,7%<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">ETF \u00c9nergie : +0,7%<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">ETF semi-conducteurs : \u20130,7%<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Les valeurs technologiques sont soumises \u00e0 une forte pression.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Principaux moteurs\u00a0:<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">March\u00e9 du travail r\u00e9silient :<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">En octobre, le nombre d&#039;offres d&#039;emploi enregistr\u00e9es par JOLTS a atteint 7,67 millions (contre 7,12 millions attendus), att\u00e9nuant ainsi les craintes de r\u00e9cession.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Aliment\u00e9 en mode attentiste :<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Les march\u00e9s \u00e9valuent \u00e0 90% la probabilit\u00e9 d&#039;une baisse de taux de 25 points de base en d\u00e9cembre, mais l&#039;attention se concentre sur les indices restrictifs pour 2026 dans le graphique \u00e0 points.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">2. March\u00e9 des changes : Dollar stable, Yen affaibli par la pression des diff\u00e9rentiels de taux<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">L&#039;indice du dollar est rest\u00e9 quasiment inchang\u00e9.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">La paire EUR\/USD a fluctu\u00e9 autour de 1,1650.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">La paire USD\/JPY a progress\u00e9 de 0,2% pour atteindre 156,28, son plus haut niveau depuis le 28 novembre.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Contexte politique\u00a0:<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Anticipations de hausse des taux de la Banque du Japon\u00a0:<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Le gouverneur Ueda a d\u00e9clar\u00e9 que la Banque du Japon \u00ab rel\u00e8vera ses taux si les perspectives \u00e9conomiques se concr\u00e9tisent \u00bb, mais le yen n&#039;a pas r\u00e9ussi \u00e0 prendre de l&#039;ampleur.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">\u00c9largissement de l&#039;\u00e9cart de rendement entre les \u00c9tats-Unis et le Japon\u00a0:<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Les rendements des obligations am\u00e9ricaines \u00e0 10 ans ont grimp\u00e9 \u00e0 4,18% (un nouveau sommet depuis septembre), d\u00e9courageant le d\u00e9nouement des op\u00e9rations de portage.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">3. M\u00e9taux pr\u00e9cieux : L&#039;argent d\u00e9passe les 60 dollars et atteint un niveau historique<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Le cours de l&#039;argent au comptant a bondi de plus de 1,51 billion de dollars, d\u00e9passant les 60 dollars l&#039;once.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Le cours de l&#039;or au comptant s&#039;est maintenu au-dessus de 4\u00a0200\u00a0USD.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Soutien fondamental :<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Forte hausse de la demande industrielle\u00a0:<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">La demande en mat\u00e9riel photovolta\u00efque (solaire) et en intelligence artificielle s&#039;acc\u00e9l\u00e8re ; les stocks mondiaux d&#039;argent ont chut\u00e9 \u00e0 leur plus bas niveau en 10 ans.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Combinaison refuge + baisse des taux :<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Les anticipations d&#039;assouplissement de la Fed et les risques g\u00e9opolitiques (les n\u00e9gociations entre l&#039;Ukraine et la Russie sont au point mort) renforcent l&#039;attrait des m\u00e9taux pr\u00e9cieux.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">4. Mati\u00e8res premi\u00e8res : Le cuivre conna\u00eet un repli technique, le p\u00e9trole est l\u00e9g\u00e8rement en hausse.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Cuivre:<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Le cuivre du LME a recul\u00e9 de 0,81 TP3T \u00e0 11\u00a0535,5 USD\/tonne<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Prises de b\u00e9n\u00e9fices d\u00e9clench\u00e9es par un RSI &gt; 70, mais la tension sur l&#039;offre (stocks du LME &lt; 100 000 tonnes) limite la baisse<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Huile:<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Le p\u00e9trole brut WTI gagne 0,31\u00a0TP3T pour atteindre 59,05\u00a0USD\/baril<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Forces mixtes :<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Le champ p\u00e9trolier irakien West Qurna-2 a repris sa production (460 000 barils par jour), ce qui a pes\u00e9 sur les prix.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Mais le conflit russo-ukrainien en cours apporte un soutien g\u00e9opolitique<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">5. Cryptomonnaies\u00a0: Le Bitcoin rebondit, mais l\u2019ombre de la r\u00e9glementation persiste.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Bitcoin : +0,31 TP3T \u00e0 91\u00a0622 USD<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Ethereum : +0,81 TP3T \u00e0 3\u00a0173 USD<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Sentiment:<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Les anticipations d&#039;assouplissement de la Fed am\u00e9liorent l&#039;app\u00e9tit pour le risque<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Mais les sept principales associations chinoises ont publi\u00e9 un nouvel avertissement commun sur les risques li\u00e9s aux cryptomonnaies, freinant ainsi la dynamique haussi\u00e8re.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">6. March\u00e9 obligataire\u00a0: les rendements am\u00e9ricains atteignent leur plus haut niveau en trois mois<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Le rendement des obligations am\u00e9ricaines \u00e0 10 ans a atteint 4,181 TP3T.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Le rendement \u00e0 30 ans s&#039;est approch\u00e9 de 4,82%<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Logique sous-jacente\u00a0:<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Des donn\u00e9es solides sur l&#039;emploi att\u00e9nuent l&#039;urgence de baisser les taux.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Avant la d\u00e9cision de la Fed, les traders r\u00e9duisent leurs positions courtes.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Aujourd&#039;hui&#039;<\/strong><strong>s focus<\/strong><strong><\/strong><\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">d\u00e9cision de la R\u00e9serve f\u00e9d\u00e9rale concernant les taux d&#039;int\u00e9r\u00eat<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Stocks de p\u00e9trole brut API am\u00e9ricains (semaine se terminant le 5 d\u00e9cembre)<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">IPC Chine (variation annuelle, novembre)<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Indice du co\u00fbt du travail aux \u00c9tats-Unis au troisi\u00e8me trimestre (en glissement trimestriel)<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">D\u00e9cision de la Banque du Canada concernant les taux directeurs (10 d\u00e9cembre)<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Stocks de p\u00e9trole brut de l&#039;EIA am\u00e9ricaine (semaine se terminant le 5 d\u00e9cembre)<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Si vous le souhaitez, je peux \u00e9galement cr\u00e9er\u00a0:<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Une version condens\u00e9e sous forme de points cl\u00e9s,<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Une r\u00e9\u00e9criture de style analyse financi\u00e8re,<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Un document d&#039;information d&#039;une page au format PDF,<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Ou un r\u00e9sum\u00e9 pr\u00eat pour un tweet\/une publication sur X.<\/h2>\n<\/blockquote>","protected":false},"excerpt":{"rendered":"<p>December 10, 2025 \u2014 The three major U.S. indices opened lower but later staged a mild rebound, with the S&amp;P 500 inching up 0.09%. The U.S. Dollar Index was unchanged, while the yen weakened to 156.28. Spot silver broke above USD 60\/oz for the first time in history. Bitcoin halted its decline and rebounded to [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":3345,"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-3344","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\/3344","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=3344"}],"version-history":[{"count":1,"href":"https:\/\/www.amillex.com\/fr\/wp-json\/wp\/v2\/posts\/3344\/revisions"}],"predecessor-version":[{"id":3346,"href":"https:\/\/www.amillex.com\/fr\/wp-json\/wp\/v2\/posts\/3344\/revisions\/3346"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.amillex.com\/fr\/wp-json\/wp\/v2\/media\/3345"}],"wp:attachment":[{"href":"https:\/\/www.amillex.com\/fr\/wp-json\/wp\/v2\/media?parent=3344"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.amillex.com\/fr\/wp-json\/wp\/v2\/categories?post=3344"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.amillex.com\/fr\/wp-json\/wp\/v2\/tags?post=3344"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}