{"id":15002,"date":"2026-01-23T10:13:22","date_gmt":"2026-01-23T08:13:22","guid":{"rendered":"https:\/\/www.previs.ch\/?p=15002"},"modified":"2026-01-23T10:14:11","modified_gmt":"2026-01-23T08:14:11","slug":"point-sur-les-placements-au-4e-trimestre-2025","status":"publish","type":"post","link":"https:\/\/www.previs.ch\/fr\/point-sur-les-placements-au-4e-trimestre-2025\/","title":{"rendered":"Point sur les placements au 4e trimestre 2025"},"content":{"rendered":"","protected":false},"excerpt":{"rendered":"","protected":false},"author":4,"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-15002","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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En fin d\u2019ann\u00e9e, les perspectives \u00e9conomiques du pays se sont par ailleurs nettement am\u00e9lior\u00e9es, une embellie qui laisse pr\u00e9sager un solide d\u00e9but d\u2019ann\u00e9e 2026."},{"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":"Les march\u00e9s boursiers ont dans l\u2019ensemble \u00e9t\u00e9 stables, voire en l\u00e9g\u00e8re progression sur le trimestre, m\u00eame si des disparit\u00e9s notables sont \u00e0 signaler selon les r\u00e9gions et les titres. Les fluctuations parfois extr\u00eames des cours des actions \u00e0 m\u00e9ga capitalisation (dites <em>mega caps<\/em>) ont une fois de plus \u00e9t\u00e9 frappantes: la capitalisation boursi\u00e8re a ainsi pu varier de plusieurs centaines de milliards en une journ\u00e9e. La volatilit\u00e9 globale du march\u00e9 est malgr\u00e9 tout rest\u00e9e faible. L\u2019indice MSCI\u00a0World a progress\u00e9 de 3% sur la p\u00e9riode, les phases de fl\u00e9chissement observ\u00e9es en novembre ayant \u00e9t\u00e9 compens\u00e9es par une reprise en d\u00e9cembre. Au quatri\u00e8me trimestre, le march\u00e9 boursier am\u00e9ricain (MSCI\u00a0USA) a enregistr\u00e9 une hausse de 2.3%. Les march\u00e9s boursiers europ\u00e9ens (MSCI\u00a0Europe ex\u00a0CH) ont pour leur part gagn\u00e9 5.3%, la performance du march\u00e9 suisse des actions (SPI) atteignant m\u00eame 8.8%."},{"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":"La R\u00e9serve f\u00e9d\u00e9rale am\u00e9ricaine (Fed) a pour la troisi\u00e8me fois cons\u00e9cutive abaiss\u00e9 son taux directeur de 25 points de base. Si cette mesure \u00e9tait largement attendue, des divergences croissantes sont apparues au sein du <em>Federal Open Market Committee<\/em> quant \u00e0 la strat\u00e9gie \u00e0 mener par la suite. La d\u00e9gradation des donn\u00e9es sur le march\u00e9 du travail plaidait en faveur d\u2019un assouplissement, alors que les risques d\u2019inflation demeuraient d\u2019actualit\u00e9. La Fed a par ailleurs stabilis\u00e9 de fa\u00e7on cibl\u00e9e le march\u00e9 mon\u00e9taire en lan\u00e7ant en d\u00e9cembre un programme de rachat de bons du Tr\u00e9sor (<em>T-bills<\/em>), apr\u00e8s les tensions provisoires provoqu\u00e9es par la baisse des r\u00e9serves bancaires. En Europe, la BCE a fait le choix de la prudence et n\u2019a pas touch\u00e9 au taux directeur. Au quatri\u00e8me trimestre, les rendements des bons du Tr\u00e9sor am\u00e9ricain \u00e0 dix ans ont progress\u00e9, passant de 4.15% \u00e0 4.17%. Les rendements \u00e0 long terme ont aussi augment\u00e9 en Europe et en Suisse. Les rendements des obligations de la Conf\u00e9d\u00e9ration \u00e0 dix ans sont pass\u00e9s de 0.14% \u00e0 0.27%, pour cl\u00f4turer \u00e0 0.23% fin d\u00e9cembre\u00a02025."},{"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":"Sur les march\u00e9s des changes, le quatri\u00e8me trimestre a dans l\u2019ensemble \u00e9t\u00e9 paisible et a confirm\u00e9 la robustesse de la monnaie suisse. Le franc, qui avait dans un premier temps montr\u00e9 des signes d\u2019affaiblissement face au dollar am\u00e9ricain, avait enti\u00e8rement rectifi\u00e9 le tir en d\u00e9cembre: en fin d\u2019ann\u00e9e, il avait consolid\u00e9 sa position \u00e0 la fois par rapport au dollar US et \u00e0 l\u2019euro. Cette appr\u00e9ciation traduit la demande persistante en valeurs refuges et la stabilit\u00e9 relative des perspectives conjoncturelles suisses. Les effets de change sur les portefeuilles sont globalement rest\u00e9s circonscrits au quatri\u00e8me trimestre."}]},"publishpress_future_action":{"enabled":false,"date":"2026-05-07 19:07:18","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\/15002","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\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/www.previs.ch\/fr\/api\/wp\/v2\/comments?post=15002"}],"version-history":[{"count":2,"href":"https:\/\/www.previs.ch\/fr\/api\/wp\/v2\/posts\/15002\/revisions"}],"predecessor-version":[{"id":15006,"href":"https:\/\/www.previs.ch\/fr\/api\/wp\/v2\/posts\/15002\/revisions\/15006"}],"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=15002"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.previs.ch\/fr\/api\/wp\/v2\/categories?post=15002"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.previs.ch\/fr\/api\/wp\/v2\/tags?post=15002"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}