{"id":4050,"date":"2026-02-23T18:01:53","date_gmt":"2026-02-23T07:01:53","guid":{"rendered":"https:\/\/www.amillex.com\/?p=4050"},"modified":"2026-02-23T18:01:54","modified_gmt":"2026-02-23T07:01:54","slug":"amillex-daily-market-commentary-tariff-war-escalates-again-gold-surges-on-safe-haven-demand","status":"publish","type":"post","link":"https:\/\/www.amillex.com\/fr\/2026\/02\/23\/amillex-daily-market-commentary-tariff-war-escalates-again-gold-surges-on-safe-haven-demand\/","title":{"rendered":"Commentaire quotidien d&#039;Amillex sur les march\u00e9s | Nouvelle escalade de la guerre tarifaire, l&#039;or s&#039;envole gr\u00e2ce \u00e0 la demande de valeurs refuges\u00a0"},"content":{"rendered":"<p class=\"has-black-color has-text-color has-link-color wp-elements-e4f825f5fd9a5dffe20da0a6c18c00ad\" style=\"font-size:18px\">23 f\u00e9vrier 2026 \u2013 Les march\u00e9s financiers mondiaux ont connu une nouvelle p\u00e9riode de volatilit\u00e9 lors de la s\u00e9ance asiatique. Suite au durcissement des politiques commerciales du gouvernement am\u00e9ricain ce week-end, les capitaux refuges se sont rapidement tourn\u00e9s vers le march\u00e9 des m\u00e9taux. L&#039;or au comptant a bondi en d\u00e9but de s\u00e9ance asiatique, oscillant autour de 5\u00a0140 USD. Sur le plan macro\u00e9conomique, l&#039;affaiblissement des fondamentaux de l&#039;\u00e9conomie am\u00e9ricaine a solidement justifi\u00e9 la hausse du cours de l&#039;or. La croissance du PIB am\u00e9ricain au quatri\u00e8me trimestre s&#039;est \u00e9tablie \u00e0 seulement 1\u00a0410 milliards de dollars, bien en de\u00e7\u00e0 des attentes du march\u00e9, confirmant un net ralentissement de la dynamique \u00e9conomique dans un contexte de taux d&#039;int\u00e9r\u00eat \u00e9lev\u00e9s. Bien que l&#039;indice du dollar am\u00e9ricain ait enregistr\u00e9 la semaine derni\u00e8re sa plus forte hausse hebdomadaire en pr\u00e8s de quatre mois (atteignant 97,80), dans un contexte de droits de douane \u00e9lev\u00e9s et de faible croissance \u2013 des perspectives proches de la stagflation \u2013, l&#039;attrait du dollar comme valeur refuge est rest\u00e9 inf\u00e9rieur \u00e0 celui de l&#039;or physique.&nbsp;<\/p>\n\n\n\n<div style=\"height:50px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-text-align-center has-black-color has-text-color has-link-color wp-elements-d7e2b908ccc9aee3a56e8f096fa501fa\" style=\"font-size:18px\"><strong>Analyse fondamentale et de la performance des actifs<\/strong>&nbsp;<\/p>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-886757c2f4fa2629eded2bc0941eb3e0\" style=\"font-size:18px\"><strong>1. March\u00e9s boursiers am\u00e9ricains<\/strong>&nbsp;<\/p>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-11a8b7ba65f6a75934a331b5b63d7d73\" style=\"font-size:18px\"><strong>Performance de l&#039;indice<\/strong>&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"has-black-color has-text-color has-link-color wp-elements-07c0aba7d66925d024e068a3bc2f336a\" style=\"font-size:18px\"><strong>Indice Dow Jones (DJI) : 49\u00a0625,97<\/strong>, en haut\u00a0<strong>0,47%<\/strong>\u00a0Ce jour-l\u00e0, soutenu par des secteurs d\u00e9fensifs solides, le Dow Jones a surperform\u00e9 les march\u00e9s dans leur ensemble, refl\u00e9tant un recentrage sur les valeurs de rendement offrant des flux de tr\u00e9sorerie stables dans un contexte d&#039;incertitude macro\u00e9conomique.\u00a0<\/li>\n\n\n\n<li class=\"has-black-color has-text-color has-link-color wp-elements-91b562145d9673b6c79c83aa989d83cd\" style=\"font-size:18px\"><strong>S&amp;P 500 (SP500) : 6\u00a0879,32<\/strong>, vers le bas\u00a0<strong>0,48%<\/strong>. L&#039;indice a rencontr\u00e9 une r\u00e9sistance sous le seuil des 6\u00a0900 points, ce qui souligne la prudence des investisseurs face \u00e0 l&#039;expansion des valorisations, notamment en raison de la faiblesse des secteurs de la consommation discr\u00e9tionnaire et de la technologie.\u00a0<\/li>\n\n\n\n<li class=\"has-black-color has-text-color has-link-color wp-elements-5be32c904ad8dbf83780668f96ae2833\" style=\"font-size:18px\"><strong>Nasdaq 100 (NQ1) : 24 884,50<\/strong>, vers le bas\u00a0<strong>0,73%<\/strong>. Les valeurs de croissance ont subi des pressions de r\u00e9\u00e9quilibrage en raison des fluctuations des anticipations de taux d&#039;int\u00e9r\u00eat r\u00e9els, ce qui a entra\u00een\u00e9 une tendance baissi\u00e8re irr\u00e9guli\u00e8re de l&#039;indice.\u00a0<\/li>\n<\/ul>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-b0fb36219ddd3c16d07e55c7a9d46e89\" style=\"font-size:18px\"><strong>Mise en avant de l&#039;action<\/strong>&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"has-black-color has-text-color has-link-color wp-elements-5ff132c451ca9ebc43e67b3ed8a68bac\" style=\"font-size:18px\"><strong>Tesla (TSLA) : 411,82 USD<\/strong>, l\u00e9g\u00e8rement \u00e0 la hausse\u00a0<strong>0,03%<\/strong>. Alors que la plupart des valeurs technologiques ont baiss\u00e9, Tesla a maintenu sa position, faisant preuve de r\u00e9silience gr\u00e2ce \u00e0 des fondamentaux propres \u00e0 l&#039;entreprise.\u00a0<\/li>\n<\/ul>\n\n\n\n<div style=\"height:40px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-2c40eda73ad0b4dd86e3dcd6cfc18715\" style=\"font-size:18px\"><strong>2. March\u00e9 des changes (Forex)<\/strong>&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"has-black-color has-text-color has-link-color wp-elements-4ab46dc9ca252b6a826b2903a0a56913\" style=\"font-size:18px\"><strong>Indice du dollar am\u00e9ricain (DXY) : 97,366<\/strong>, vers le bas\u00a0<strong>0,43%<\/strong>. Le dollar a rencontr\u00e9 une r\u00e9sistance au-dessus du niveau de 97 alors que les march\u00e9s commen\u00e7aient \u00e0 int\u00e9grer d&#039;\u00e9ventuels changements de politique de la R\u00e9serve f\u00e9d\u00e9rale, la liquidit\u00e9 se tournant progressivement vers les devises autres que le dollar am\u00e9ricain et les valeurs refuges.\u00a0<\/li>\n\n\n\n<li class=\"has-black-color has-text-color has-link-color wp-elements-f42ffce248122f6ef70c35f6ccc02a04\" style=\"font-size:18px\"><strong>USD\/JPY : 154,150<\/strong>, vers le bas\u00a0<strong>0,57%<\/strong>. Le resserrement des \u00e9carts de taux d&#039;int\u00e9r\u00eat et le regain de demande de valeur refuge pour le yen ont fait passer la paire de devises sous le seuil de change cl\u00e9.\u00a0<strong>155<\/strong>\u00a0niveau.\u00a0<\/li>\n\n\n\n<li class=\"has-black-color has-text-color has-link-color wp-elements-f330ec13e13efabcc135155595db6066\" style=\"font-size:18px\"><strong>EUR\/USD : 1,18328<\/strong>, en haut\u00a0<strong>0,47%<\/strong>. L&#039;euro a regagn\u00e9 du terrain gr\u00e2ce \u00e0 la faiblesse du dollar, m\u00eame si la fragilit\u00e9 des fondamentaux europ\u00e9ens a limit\u00e9 sa progression.\u00a0<\/li>\n<\/ul>\n\n\n\n<div style=\"height:40px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-ff6a8b443a8bd973ca90a6f1108af1cf\" style=\"font-size:18px\"><strong>3. M\u00e9taux pr\u00e9cieux et mati\u00e8res premi\u00e8res<\/strong>&nbsp;<\/p>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-c39cbaecb9bf76e699535ea0988df6dd\" style=\"font-size:18px\"><strong>M\u00e9taux pr\u00e9cieux<\/strong>&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"has-black-color has-text-color has-link-color wp-elements-e8202cb5ec02b81bbd895f324d758a29\" style=\"font-size:18px\"><strong>Or au comptant (XAUUSD) : 5\u00a0151,26 USD l&#039;once<\/strong>, en haut\u00a0<strong>0,84%<\/strong>. L&#039;or a accentu\u00e9 sa hausse apr\u00e8s s&#039;\u00eatre maintenu fermement au-dessus de la barre des 100\u00a0000.\u00a0<strong>5 000 USD<\/strong>\u00a0sur le plan psychologique, car les primes de risque g\u00e9opolitiques et les anticipations d&#039;inflation \u00e0 long terme continuaient d&#039;\u00eatre prises en compte.\u00a0<\/li>\n\n\n\n<li class=\"has-black-color has-text-color has-link-color wp-elements-5f132c150c884e6ba2adf7fb76ea162d\" style=\"font-size:18px\"><strong>Argent au comptant (XAGUSD) : 86,6198 USD l&#039;once<\/strong>, en pleine ascension\u00a0<strong>2.35%<\/strong>. L&#039;argent a affich\u00e9 de fortes caract\u00e9ristiques de b\u00eata \u00e9lev\u00e9, avec une dynamique haussi\u00e8re surpassant nettement celle de l&#039;or.\u00a0<\/li>\n<\/ul>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-9475610fc825ef459f8fc74a4c4a5372\" style=\"font-size:18px\"><strong>mati\u00e8res premi\u00e8res<\/strong>&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"has-black-color has-text-color has-link-color wp-elements-d15c602d1025c5dcca7a9d2a95b76a49\" style=\"font-size:18px\"><strong>P\u00e9trole brut (XTIUSD) : 65,97 USD le baril<\/strong>, vers le bas\u00a0<strong>0,74%<\/strong>. Malgr\u00e9 la persistance de risques g\u00e9opolitiques, les inqui\u00e9tudes concernant le ralentissement de la croissance mondiale ont domin\u00e9 les cours \u00e0 court terme, provoquant un repli technique pr\u00e8s du niveau de r\u00e9f\u00e9rence.\u00a0<strong>66 USD<\/strong>\u00a0niveau.\u00a0<\/li>\n<\/ul>\n\n\n\n<div style=\"height:40px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-d532b64c1e575daf8e2c7edb10fc8fcd\" style=\"font-size:18px\"><strong>4. Actifs crypto et \u00e9volutions macro\u00e9conomiques<\/strong>&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"has-black-color has-text-color has-link-color wp-elements-3103a252d15e0b74e2c4480d2bfbbd25\" style=\"font-size:18px\"><strong>Bitcoin (BTCUSD) : 67\u00a0262 USD<\/strong>, vers le bas\u00a0<strong>0,52%<\/strong>. Avec un affaiblissement de l&#039;app\u00e9tit pour le risque, le Bitcoin a gliss\u00e9 sous la barre des 100 %.\u00a0<strong>70 000 USD<\/strong>, la volatilit\u00e9 sugg\u00e9rant un manque d&#039;afflux de capitaux frais.\u00a0<\/li>\n\n\n\n<li class=\"has-black-color has-text-color has-link-color wp-elements-03dd55bfbd1b50ebb3b493f594da1faf\" style=\"font-size:18px\"><strong>Ethereum (ETHUSD) : 1\u00a0944,3 USD<\/strong>, vers le bas\u00a0<strong>0,66%<\/strong>. Les performances du Bitcoin ont \u00e9t\u00e9 inf\u00e9rieures aux attentes, refl\u00e9tant le d\u00e9clin de l&#039;activit\u00e9 sur la blockchain et la r\u00e9duction de l&#039;allocation des risques aux actifs crypto secondaires.\u00a0<\/li>\n<\/ul>\n\n\n\n<div style=\"height:40px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-00f527f66b0cb966efc38679a5b0213a\" style=\"font-size:18px\"><strong>5. Point cl\u00e9<\/strong>&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"has-black-color has-text-color has-link-color wp-elements-c328585b4253399d016265941712c157\" style=\"font-size:18px\">Ventes au d\u00e9tail en Nouvelle-Z\u00e9lande au quatri\u00e8me trimestre (variation trimestrielle)\u00a0<\/li>\n\n\n\n<li class=\"has-black-color has-text-color has-link-color wp-elements-78e1b59f6951ba5cf7070418a775f578\" style=\"font-size:18px\">Discours du gouverneur de la R\u00e9serve f\u00e9d\u00e9rale, Christopher Waller\u00a0<\/li>\n<\/ul>\n\n\n\n<div style=\"height:40px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><\/p>","protected":false},"excerpt":{"rendered":"<p>23 February 2026 \u2013 Global financial markets saw renewed volatility during the Asian trading session. Following the government\u2019s hardline escalation of trade policies over the weekend, safe-haven capital flowed rapidly back into the metals market. Spot gold jumped in early Asian trade, hovering around USD 5,140.&nbsp;On the macro front, weakening US economic fundamentals provided solid [&hellip;]<\/p>\n","protected":false},"author":9,"featured_media":4047,"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-4050","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\/4050","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\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/www.amillex.com\/fr\/wp-json\/wp\/v2\/comments?post=4050"}],"version-history":[{"count":1,"href":"https:\/\/www.amillex.com\/fr\/wp-json\/wp\/v2\/posts\/4050\/revisions"}],"predecessor-version":[{"id":4051,"href":"https:\/\/www.amillex.com\/fr\/wp-json\/wp\/v2\/posts\/4050\/revisions\/4051"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.amillex.com\/fr\/wp-json\/wp\/v2\/media\/4047"}],"wp:attachment":[{"href":"https:\/\/www.amillex.com\/fr\/wp-json\/wp\/v2\/media?parent=4050"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.amillex.com\/fr\/wp-json\/wp\/v2\/categories?post=4050"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.amillex.com\/fr\/wp-json\/wp\/v2\/tags?post=4050"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}