{"id":10811,"date":"2025-01-20T12:40:25","date_gmt":"2025-01-20T10:40:25","guid":{"rendered":"https:\/\/www.previs.ch\/?p=10811"},"modified":"2025-06-19T16:24:09","modified_gmt":"2025-06-19T14:24:09","slug":"evolution-des-placements-au-4e-trimestre-2024","status":"publish","type":"post","link":"https:\/\/www.previs.ch\/fr\/evolution-des-placements-au-4e-trimestre-2024\/","title":{"rendered":"Evolution des placements au 4e trimestre 2024"},"content":{"rendered":"","protected":false},"excerpt":{"rendered":"","protected":false},"author":3,"featured_media":4599,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[61],"tags":[],"class_list":["post-10811","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-placements"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ 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l\u2019ensemble, le quatri\u00e8me trimestre\u00a02024 a \u00e9t\u00e9 bon pour les placements, et ce malgr\u00e9 les r\u00e9sultats n\u00e9gatifs enregistr\u00e9s en octobre et en d\u00e9cembre. Gr\u00e2ce \u00e0 un mois de novembre particuli\u00e8rement favorable, notamment pour les actions am\u00e9ricaines, tout le trimestre s\u2019est finalement inscrit dans une tendance positive. Les donn\u00e9es \u00e9conomiques optimistes des Etats-Unis ont dop\u00e9 les march\u00e9s boursiers am\u00e9ricains, d\u2019autant que de nombreux acteurs du march\u00e9 avan\u00e7aient l\u2019hypoth\u00e8se que la R\u00e9serve f\u00e9d\u00e9rale am\u00e9ricaine (Fed) pourrait encore abaisser ses taux d\u2019int\u00e9r\u00eat. Comme on pouvait s\u2019y attendre, la BCE, la BNS et la Fed ont ensuite abaiss\u00e9 leurs taux directeurs en d\u00e9cembre. La BNS a r\u00e9duit ses taux de 50\u00a0points de base, prenant par surprise les march\u00e9s qui tablaient sur une baisse moins importante. La Fed a quant \u00e0 elle fait grand bruit en laissant entendre que les baisses de taux allaient ralentir \u00e0 l\u2019avenir. L\u2019inflation mesur\u00e9e aux Etats-Unis r\u00e9pondait certes aux attentes du march\u00e9, mais elle restait trop \u00e9lev\u00e9e pour les responsables de la Fed. Ce l\u00e9ger changement de perspective a mis les march\u00e9s sous pression en d\u00e9cembre. Ce sont surtout les actions les plus sensibles aux taux qui ont p\u00e2ti des cessions, et donc de la baisse des cours."},{"acf_fc_layout":"element-title","status":false,"title":"March\u00e9s boursiers","title_type":"h4"},{"acf_fc_layout":"element-text","status":false,"group":null,"text_size":"normal","text":"Bien que le trimestre ait d\u00e9marr\u00e9 sur une note positive, des r\u00e9sultats d\u2019entreprises parfois d\u00e9cevants ont donn\u00e9 lieu \u00e0 des corrections massives vers la fin du mois d\u2019octobre. Si les entreprises du S&amp;P 500 ont pour la plupart d\u00e9pass\u00e9 les pr\u00e9visions des analystes, certains r\u00e9sultats restaient encore inf\u00e9rieurs aux attentes des investisseurs. Les march\u00e9s boursiers ont fortement progress\u00e9 en novembre, avec les actions am\u00e9ricaines en t\u00eate du rallye. Le fort climat d\u2019incertitude qui r\u00e9gnait sur les march\u00e9s s\u2019est dissip\u00e9 depuis le r\u00e9sultat sans \u00e9quivoque des \u00e9lections am\u00e9ricaines du 5 novembre \u2013 l\u2019\u00e9v\u00e9nement phare du mois. Les propos mesur\u00e9s tenus en d\u00e9cembre par la Fed concernant les futures baisses de taux ont conduit \u00e0 des cessions et \u00e0 une chute des cours. Au quatri\u00e8me trimestre, le march\u00e9 boursier am\u00e9ricain (MSCI USA) a quand m\u00eame progress\u00e9 de 2.7%. En revanche, en Europe, en Suisse et dans les pays \u00e9mergents, les actions en monnaie locale ont perdu du terrain sur la m\u00eame p\u00e9riode. Les march\u00e9s boursiers europ\u00e9ens (MSCI Europe ex. CH) ont pour leur part perdu 2.4% de leur valeur. Le march\u00e9 suisse des actions (SPI) a, lui, enregistr\u00e9 une baisse de 4.7% au quatri\u00e8me trimestre."},{"acf_fc_layout":"element-title","status":false,"title":"Taux d\u2019int\u00e9r\u00eat","title_type":"h4"},{"acf_fc_layout":"element-text","status":false,"group":null,"text_size":"normal","text":"Les rendements des bons du Tr\u00e9sor am\u00e9ricain \u00e0 dix ans ont augment\u00e9 au quatri\u00e8me trimestre, passant de 3.8% au d\u00e9but du mois d\u2019octobre \u00e0 4.6% en fin d\u2019ann\u00e9e. Le sc\u00e9nario a \u00e9t\u00e9 similaire dans la zone euro. En revanche, les rendements des obligations de la Conf\u00e9d\u00e9ration \u00e0 dix ans ont poursuivi leur tendance baissi\u00e8re. A la fin de l\u2019ann\u00e9e, ils s\u2019\u00e9tablissaient \u00e0 0.39%, apr\u00e8s \u00eatre tomb\u00e9s \u00e0 tout juste 0.12% le 3 d\u00e9cembre 2024, leur niveau le plus bas de l'ann\u00e9e. Les obligations en francs suisses ont ainsi enregistr\u00e9 de nouveaux gains comptables au quatri\u00e8me trimestre."},{"acf_fc_layout":"element-title","status":false,"title":"Devises","title_type":"h4"},{"acf_fc_layout":"element-text","status":false,"group":null,"text_size":"normal","text":"Au cours du quatri\u00e8me trimestre, le franc suisse a faibli vis-\u00e0-vis du dollar am\u00e9ricain. L\u2019USD\/CHF s\u2019\u00e9tablissait \u00e0 0.8456 au d\u00e9but du trimestre et l\u2019a cl\u00f4tur\u00e9 \u00e0 0.9074, soit une hausse de plus de 7%. Malgr\u00e9 des fluctuations, le taux de change EUR\/CHF a cl\u00f4tur\u00e9 le trimestre \u00e0 0.9400, une valeur presque inchang\u00e9e par rapport au d\u00e9but du trimestre. Les effets de change sur nos placements non couverts contre le risque de change ont \u00e9t\u00e9 tr\u00e8s positifs au quatri\u00e8me semestre, en particulier pour les placements en USD."}]},"publishpress_future_action":{"enabled":false,"date":"2026-05-28 17:52:02","action":"change-status","newStatus":"draft","terms":[],"taxonomy":"category","extraData":[]},"publishpress_future_workflow_manual_trigger":{"enabledWorkflows":[]},"_links":{"self":[{"href":"https:\/\/www.previs.ch\/fr\/api\/wp\/v2\/posts\/10811","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.previs.ch\/fr\/api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.previs.ch\/fr\/api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.previs.ch\/fr\/api\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.previs.ch\/fr\/api\/wp\/v2\/comments?post=10811"}],"version-history":[{"count":2,"href":"https:\/\/www.previs.ch\/fr\/api\/wp\/v2\/posts\/10811\/revisions"}],"predecessor-version":[{"id":10816,"href":"https:\/\/www.previs.ch\/fr\/api\/wp\/v2\/posts\/10811\/revisions\/10816"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.previs.ch\/fr\/api\/wp\/v2\/media\/4599"}],"wp:attachment":[{"href":"https:\/\/www.previs.ch\/fr\/api\/wp\/v2\/media?parent=10811"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.previs.ch\/fr\/api\/wp\/v2\/categories?post=10811"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.previs.ch\/fr\/api\/wp\/v2\/tags?post=10811"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}