{"id":13990,"date":"2025-10-17T13:28:17","date_gmt":"2025-10-17T11:28:17","guid":{"rendered":"https:\/\/www.previs.ch\/?p=13990"},"modified":"2025-10-17T13:32:50","modified_gmt":"2025-10-17T11:32:50","slug":"evolution-des-placements-3e-trimestre-2025","status":"publish","type":"post","link":"https:\/\/www.previs.ch\/fr\/evolution-des-placements-3e-trimestre-2025\/","title":{"rendered":"Evolution des placements, 3e trimestre 2025"},"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-13990","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-placements"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ 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trimestre, malgr\u00e9 un contexte d\u00e9favorable pour les march\u00e9s mondiaux d\u00fb \u00e0 la politique commerciale am\u00e9ricaine et aux tensions g\u00e9opolitiques."},"elements":[{"acf_fc_layout":"element-text","status":false,"group":null,"text_size":"normal","text":"Les placements ont poursuivi leur \u00e9volution positive au troisi\u00e8me trimestre, malgr\u00e9 un contexte d\u00e9favorable pour les march\u00e9s mondiaux d\u00fb \u00e0 la politique commerciale am\u00e9ricaine et aux tensions g\u00e9opolitiques. En juillet, le risque d\u2019escalade dans le conflit douanier opposant les Etats-Unis, la Chine, le Japon et l\u2019UE a suscit\u00e9 quelque inqui\u00e9tude, mais il a \u00e9t\u00e9 temporairement d\u00e9samorc\u00e9 gr\u00e2ce aux progr\u00e8s diplomatiques r\u00e9alis\u00e9s dans les n\u00e9gociations commerciales, qui ont d\u00e9bouch\u00e9 sur des accords entre les Etats-Unis, le Japon et l\u2019UE. La Suisse est pour sa part rest\u00e9e soumise \u00e0 des droits de douane tr\u00e8s \u00e9lev\u00e9s, atteignant 39%. En ao\u00fbt, les placements ont continu\u00e9 \u00e0 performer, en d\u00e9pit des ing\u00e9rences politiques du gouvernement am\u00e9ricain qui ont pes\u00e9 sur les march\u00e9s. Donald Trump a tent\u00e9 de porter atteinte \u00e0 l\u2019ind\u00e9pendance de la R\u00e9serve f\u00e9d\u00e9rale am\u00e9ricaine et a eu une attitude parfois contradictoire sur la question des droits de douane. Les premi\u00e8res retomb\u00e9es \u00e9conomiques ont d\u2019ailleurs commenc\u00e9 \u00e0 se faire sentir: outre-Atlantique, les prix \u00e0 la consommation \u00e9taient en hausse de 0.2% seulement, alors que les prix \u00e0 la production avaient augment\u00e9 de 0.9%, dans le sillage de la politique douani\u00e8re. Aux Etats-Unis, le rench\u00e9rissement menace de compliquer la lutte contre l\u2019inflation men\u00e9e par la Fed. Apr\u00e8s le rejet de la motion de censure du gouvernement fran\u00e7ais et la r\u00e9trogradation \u00e0 A+ de la note souveraine de l\u2019Etat fran\u00e7ais par l\u2019agence de rating Fitch, les rendements des emprunts obligataires \u00e0 long terme de la France ont sensiblement progress\u00e9, dans un contexte toujours marqu\u00e9 par une forte incertitude. En septembre, les risques g\u00e9opolitiques et les vents contraires \u00e9conomiques se sont \u00e0 nouveau intensifi\u00e9s. L\u2019industrie exportatrice suisse en particulier s\u2019est vu appliquer par les Etats-Unis de nouvelles taxes douani\u00e8res de 100% sur les produits pharmaceutiques. Malgr\u00e9 son lot de d\u00e9fis, le mois de septembre s\u2019est av\u00e9r\u00e9 extr\u00eamement satisfaisant pour les march\u00e9s boursiers, qui ont \u00e9t\u00e9 port\u00e9s par la robustesse des chiffres des entreprises et par un optimisme s\u00e9lectif."},{"acf_fc_layout":"element-title","status":false,"title":"March\u00e9s boursiers","title_type":"h3"},{"acf_fc_layout":"element-text","status":false,"group":null,"text_size":"normal","text":"Compte tenu des tensions d\u2019ordre commercial et g\u00e9opolitique \u00e9voqu\u00e9es, les march\u00e9s des actions s\u2019en sont \u00e9tonnamment bien sortis. M\u00eame les droits de douane de 39% appliqu\u00e9s sur les exportations suisses \u00e0 destination des Etats-Unis n\u2019ont pas r\u00e9ussi \u00e0 ternir durablement le climat boursier. En septembre, de nombreuses bourses ont atteint des plus-hauts historiques, dop\u00e9es en cela par le secteur technologique, qui s\u2019est impos\u00e9 comme le principal moteur de rendement. Les voix qui se sont \u00e9lev\u00e9es pour pointer du doigt des survalorisations dans ce domaine ont \u00e9t\u00e9 savamment ignor\u00e9es. Les actions des pays \u00e9mergents ont tir\u00e9 leur \u00e9pingle du jeu et affich\u00e9 une progression de 10.9% (en USD). Le march\u00e9 boursier am\u00e9ricain (S&amp;P500) a enregistr\u00e9 une performance de 8.1% (en USD) au troisi\u00e8me trimestre. Les march\u00e9s boursiers europ\u00e9ens (MSCI Europe ex. CH en EUR) ont pour leur part connu une valorisation de 3.9%. Le march\u00e9 suisse des actions (SPI) n\u2019a pas r\u00e9ussi \u00e0 faire jeu \u00e9gal et a cl\u00f4tur\u00e9 le trimestre en hausse de 1.3%."},{"acf_fc_layout":"element-title","status":false,"title":"Taux d\u2019int\u00e9r\u00eat","title_type":"h3"},{"acf_fc_layout":"element-text","status":false,"group":null,"text_size":"normal","text":"Les banques centrales s\u2019en sont tenues \u00e0 leur politique de prudence. La BCE et la Fed ont dans un premier temps fait le choix de ne pas toucher \u00e0 leurs taux directeurs. La pression croissante exerc\u00e9e aux Etats-Unis en faveur d\u2019un abaissement des taux \u2013 tentatives d\u2019influence politique, mais aussi fl\u00e9chissement du march\u00e9 du travail et repli des indicateurs conjoncturels \u2013 a toutefois conduit la Banque centrale am\u00e9ricaine \u00e0 finalement diminuer ses taux d\u2019un quart de point de pourcentage (0.25%) \u00e0 la mi-septembre. Les rendements des bons du Tr\u00e9sor am\u00e9ricain \u00e0 dix ans ont \u00e9volu\u00e9 de mani\u00e8re irr\u00e9guli\u00e8re, mais globalement baiss\u00e9, pour cl\u00f4turer fin septembre \u00e0 4.15%. En Suisse aussi, les rendements \u00e0 long terme ont recul\u00e9. Les rendements obligataires \u00e0 dix ans de la Conf\u00e9d\u00e9ration sont pass\u00e9s de 0.35% \u00e0 0.14% en cours de trimestre. En Europe, les rendements ont l\u00e9g\u00e8rement augment\u00e9."},{"acf_fc_layout":"element-title","status":false,"title":"Devises","title_type":"h3"},{"acf_fc_layout":"element-text","status":false,"group":null,"text_size":"normal","text":"Au troisi\u00e8me trimestre, le dollar US s\u2019est stabilis\u00e9 \u00e0 un niveau assez bas. La paire USD\/CHF s\u2019\u00e9tablissait \u00e0 0.7911 d\u00e9but juillet, et \u00e0 0.7964 au 31 septembre. Les fluctuations par rapport \u00e0 l\u2019euro sont elles aussi rest\u00e9es limit\u00e9es: le taux de change EUR\/CHF a augment\u00e9 de 0.9341 \u00e0 0.9345."}]},"publishpress_future_action":{"enabled":false,"date":"2026-04-28 19:16:29","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\/13990","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=13990"}],"version-history":[{"count":2,"href":"https:\/\/www.previs.ch\/fr\/api\/wp\/v2\/posts\/13990\/revisions"}],"predecessor-version":[{"id":13994,"href":"https:\/\/www.previs.ch\/fr\/api\/wp\/v2\/posts\/13990\/revisions\/13994"}],"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=13990"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.previs.ch\/fr\/api\/wp\/v2\/categories?post=13990"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.previs.ch\/fr\/api\/wp\/v2\/tags?post=13990"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}