{"id":5225,"date":"2025-07-14T09:34:23","date_gmt":"2025-07-14T07:34:23","guid":{"rendered":"https:\/\/previs.previewlink.ch\/retrospective-des-placements-2e-trimestre-2023\/"},"modified":"2025-07-28T14:38:01","modified_gmt":"2025-07-28T12:38:01","slug":"evolution-des-placements-2e-trimestre-2025","status":"publish","type":"post","link":"https:\/\/www.previs.ch\/fr\/evolution-des-placements-2e-trimestre-2025\/","title":{"rendered":"Evolution des placements, 2e trimestre 2025"},"content":{"rendered":"","protected":false},"excerpt":{"rendered":"","protected":false},"author":1,"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-5225","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 - 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Un accord provisoire dans le conflit commercial entre la Chine et les Etats-Unis, coupl\u00e9 \u00e0 l\u2019espoir d\u2019une solution diplomatique, a donn\u00e9 lieu \u00e0 une forte appr\u00e9ciation des cours. Le DAX a atteint de nouveaux records et le S&amp;P\u00a0500 a progress\u00e9 de plus de 6%. En parall\u00e8le, les donn\u00e9es \u00e9conomiques am\u00e9ricaines ont r\u00e9v\u00e9l\u00e9 de premi\u00e8res faiblesses: recul de la consommation, chute des importations de biens de pr\u00e8s de 20% et fl\u00e9chissement de la demande immobili\u00e8re. La persistance des taux d\u2019int\u00e9r\u00eat \u00e9lev\u00e9s a affect\u00e9 les m\u00e9nages priv\u00e9s de mani\u00e8re croissante. La hausse massive des rendements des emprunts d\u2019Etat am\u00e9ricains \u00e0 30\u00a0ans a mis en lumi\u00e8re les inqui\u00e9tudes grandissantes concernant les finances publiques du pays. En r\u00e9action, l\u2019agence de notation Moody\u2019s a r\u00e9\u00e9valu\u00e9 la note de cr\u00e9dit des \u00c9tats-Unis \u00e0 la baisse. Le march\u00e9 suisse a connu une \u00e9volution plus mod\u00e9r\u00e9e, tout en demeurant r\u00e9solument orient\u00e9 \u00e0 la hausse durant l\u2019ann\u00e9e. En juin, les tensions g\u00e9opolitiques ont domin\u00e9 l\u2019actualit\u00e9: les affrontements entre Isra\u00ebl et l\u2019Iran ont fait monter les prix du p\u00e9trole de plus de 10% sur une br\u00e8ve p\u00e9riode, mais les march\u00e9s se sont rapidement stabilis\u00e9s. L\u2019or a servi de \u00abvaleur refuge\u00bb \u00e0 court terme, perdant n\u00e9anmoins promptement de son attrait. L\u2019attention s\u2019est de nouveau port\u00e9e sur le ralentissement de la consommation am\u00e9ricaine et la hausse de l\u2019inflation. L\u2019incertitude quant \u00e0 l\u2019issue des n\u00e9gociations douani\u00e8res en cours aux Etats-Unis a une nouvelle fois influ\u00e9 de mani\u00e8re n\u00e9gative sur le sentiment de march\u00e9, entra\u00eenant de possibles r\u00e9percussions sur les cha\u00eenes d\u2019approvisionnement, les marges et les niveaux de prix, en particulier dans les secteurs d\u00e9pendant des importations. Face \u00e0 ces tensions, la R\u00e9serve f\u00e9d\u00e9rale am\u00e9ricaine (Fed) a maintenu son taux directeur entre 4.25% et 4.50%, tandis que la BCE et la BNS ont revu leurs taux \u00e0 la baisse."},{"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":"Apr\u00e8s avoir connu d\u2019importants revers en avril, les march\u00e9s se sont nettement redress\u00e9s en mai, poursuivant sur cette lanc\u00e9e en juin. Au deuxi\u00e8me trimestre, le march\u00e9 boursier am\u00e9ricain (MSCI USA en USD) a progress\u00e9 de 11.4%, une \u00e9volution qui contraste toutefois avec la d\u00e9gradation des donn\u00e9es \u00e9conomiques. Les actions des pays \u00e9mergents (MSCI EMMA en USD) ont elles aussi gagn\u00e9 du terrain, enregistrant une hausse de 12.2%. Au deuxi\u00e8me trimestre en revanche, l\u2019USD a perdu plus de 10% face au CHF, gommant ainsi quasiment toute la plus-value acquise. Les march\u00e9s boursiers europ\u00e9ens (MSCI Europe ex. CH en EUR) ont pour leur part connu une valorisation de 3.1%. Apr\u00e8s un brillant premier trimestre, le march\u00e9 suisse des actions (SPI) n\u2019a pu maintenir son niveau, enregistrant une baisse de 1.6%."},{"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":"Tandis que les taux d\u2019int\u00e9r\u00eat sont rest\u00e9s stables aux Etats-Unis, les banques centrales europ\u00e9enne et suisse ont encore baiss\u00e9 leurs taux directeurs. Les rendements am\u00e9ricains \u00e0 long terme ont l\u00e9g\u00e8rement augment\u00e9 en raison de l\u2019endettement croissant et des risques fiscaux. Au deuxi\u00e8me trimestre, les rendements des bons du Tr\u00e9sor am\u00e9ricain \u00e0 dix ans ont connu une hausse, allant jusqu\u2019\u00e0 4.6%, avant de cl\u00f4turer le trimestre sans grand changement \u00e0 4.23%. En Europe et en Suisse, les rendements \u00e0 long terme ont l\u00e9g\u00e8rement recul\u00e9. Les rendements des obligations de la Conf\u00e9d\u00e9ration \u00e0 dix ans sont pass\u00e9s de 0.50% au cours du trimestre \u00e0 moins de 0.20%, pour cl\u00f4turer \u00e0 0.37% fin juin. Les obligations en francs suisses ont ainsi enregistr\u00e9 des gains comptables au deuxi\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":"L\u2019USD s\u2019est nettement d\u00e9pr\u00e9ci\u00e9; il s\u2019agit, pour le \u00abbillet vert\u00bb, du premier semestre le plus faible depuis 1973. En contrepartie, le franc suisse a de nouveau \u00e9t\u00e9 demand\u00e9 comme valeur refuge. La paire USD\/CHF s\u2019\u00e9tablissait \u00e0 0.8843 au d\u00e9but du trimestre, cl\u00f4turant celui\u2011ci \u00e0 0.7931. Le CHF s\u2019est \u00e9galement appr\u00e9ci\u00e9 par rapport \u00e0 l\u2019EUR. Le taux de change EUR\/CHF s\u2019est abaiss\u00e9, passant de 0.9564 \u00e0 0.9348."}]},"publishpress_future_action":{"enabled":false,"date":"2026-04-28 19:21:05","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\/5225","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\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.previs.ch\/fr\/api\/wp\/v2\/comments?post=5225"}],"version-history":[{"count":4,"href":"https:\/\/www.previs.ch\/fr\/api\/wp\/v2\/posts\/5225\/revisions"}],"predecessor-version":[{"id":13404,"href":"https:\/\/www.previs.ch\/fr\/api\/wp\/v2\/posts\/5225\/revisions\/13404"}],"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=5225"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.previs.ch\/fr\/api\/wp\/v2\/categories?post=5225"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.previs.ch\/fr\/api\/wp\/v2\/tags?post=5225"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}