{"id":16156,"date":"2021-09-20T08:22:41","date_gmt":"2021-09-20T08:22:41","guid":{"rendered":"https:\/\/www.bruellan.ch\/?p=16156"},"modified":"2023-12-12T11:34:09","modified_gmt":"2023-12-12T10:34:09","slug":"bourses-sessoufflent","status":"publish","type":"post","link":"https:\/\/www.bruellan.ch\/de\/bourses-sessoufflent\/","title":{"rendered":"Pourquoi les bourses s\u2019essoufflent"},"content":{"rendered":"\n<p>Source :\u00a0Alors que les march\u00e9s boursiers sont dans le rouge depuis d\u00e9but septembre, les investisseurs d\u00e9cortiqueront chaque mot de la R\u00e9serve f\u00e9d\u00e9rale am\u00e9ricaine, mercredi prochain, \u00e0 la recherche d\u2019indications\u00a0sur la future r\u00e9duction de son soutien\u2026 \u2014\u00a0<span class=\"picture-copyright\">\u00a9 REUTERS<\/span><\/p>\n<p>&nbsp;<\/p>\n<p style=\"font-size: 21px;\"><strong>Ralentissement de la croissance, inflation, variant Delta: les motifs d\u2019inqui\u00e9tude ne manquent pas pour les investisseurs. Qui se demandent si le r\u00e9cent recul des actions augure d\u2019un basculement vers un nouveau cycle \u00e9conomique.<\/strong><\/p>\n<p style=\"font-size: 21px;\">Dans la derni\u00e8re ligne droite vers la fin de l\u2019ann\u00e9e, les sujets de tension ne manquent pas pour les investisseurs: ralentissement de la croissance, inflation, fin du soutien des banques centrales ou encore le variant Delta. Les principaux indices boursiers sont dans le rouge depuis d\u00e9but septembre, le S&amp;P 500 de 1,4%, l\u2019Euro Stoxx 500 de 1,47% et le SMI de 3,4%. Apr\u00e8s une phase de croissance ininterrompue entre 2009 et d\u00e9but 2020, se dirige-t-on vers un nouveau cycle \u00e9conomique? Ou l\u2019\u00e9pisode de la pand\u00e9mie pourrait-il n\u2019avoir \u00e9t\u00e9 qu\u2019une pause dans une tendance porteuse?<\/p>\n<p style=\"font-size: 21px;\">La r\u00e9cession la plus courte de l\u2019histoire, entre mars et avril derniers, a succ\u00e9d\u00e9 \u00e0 la plus longue phase de croissance jamais observ\u00e9e, entre la fin de la crise financi\u00e8re de 2008 et le d\u00e9but de la pand\u00e9mie. Un nouveau cycle d\u2019expansion a-t-il d\u00e9but\u00e9 en mai? Pourrait-il se r\u00e9v\u00e9ler tr\u00e8s court? Ce sont des questions que se pose Matthieu Dulguerov, de la banque Degroof Petercam \u00e0 Gen\u00e8ve: \u00abLa croissance ralentit aux Etats-Unis, comme le montre notamment le recul des permis de construire depuis le d\u00e9but de l\u2019ann\u00e9e\u00bb, d\u00e9taille le responsable des investissements de l\u2019\u00e9tablissement affichant environ 1\u00a0milliard de francs d\u2019avoirs sous gestion.<\/p>\n<p style=\"font-size: 21px;\">Dans le m\u00eame temps, poursuit-il, \u00abla courbe des taux d\u2019int\u00e9r\u00eat am\u00e9ricains se \u00abd\u00e9-pentifie\u00bb, sous l\u2019effet de la baisse des taux \u00e0 long terme. Soit la R\u00e9serve f\u00e9d\u00e9rale ach\u00e8te davantage d\u2019obligations d\u2019Etat am\u00e9ricaines\u00a0\u00e0 long terme qu\u2019elle ne le dit, soit les investisseurs reviennent massivement sur ces actifs sans risque, ce qui fait baisser leurs rendements. Dans les deux cas, ce sont des motifs d\u2019inqui\u00e9tude\u00bb.<\/p>\n<h3>La liquidit\u00e9 et la Chine<\/h3>\n<p style=\"font-size: 21px;\">Nous traversons probablement un mini-cycle de ralentissement, estime pour sa part Florian Marini, responsable des investissements chez Bruellan, un g\u00e9rant ind\u00e9pendant genevois. \u00abDurant le cycle 2009-2020, nous avons observ\u00e9 trois mini-cycles pendant lesquels les indicateurs avanc\u00e9s ont atteint un sommet, puis baiss\u00e9 avant de remonter. Depuis le bas touch\u00e9 mi-2020, une reprise s\u2019est concr\u00e9tis\u00e9e jusqu\u2019\u00e0 fin mai et nous assistons maintenant \u00e0 une d\u00e9c\u00e9l\u00e9ration de la croissance, mais toujours dans une tendance \u00e0 l\u2019expansion qui va durer plusieurs ann\u00e9es.\u00bb<\/p>\n<p style=\"font-size: 21px;\">Notamment car \u00abla fortune nette du consommateur a augment\u00e9 durant la pand\u00e9mie, ce qui est tr\u00e8s atypique en sortie de r\u00e9cession (plus de 2500\u00a0milliards de dollars d\u2019exc\u00e8s d\u2019\u00e9pargne pour le consommateur am\u00e9ricain)\u00bb.<\/p>\n<p style=\"font-size: 21px;\">Le sp\u00e9cialiste voit deux raisons \u00e0 ce ralentissement: \u00abLa liquidit\u00e9, qui cro\u00eet moins vite car les banques ont notamment octroy\u00e9 moins de cr\u00e9dit. Et la Chine, qui ralentit car elle a \u00e9t\u00e9 la premi\u00e8re \u00e0 sortir de la r\u00e9cession, en mars 2020. La Chine ralentit mais la banque centrale chinoise a d\u00e9j\u00e0 baiss\u00e9 en juillet le taux de r\u00e9serve obligatoire des banques pour stimuler le cr\u00e9dit.\u00bb<\/p>\n<p style=\"font-size: 21px;\">Les cons\u00e9quences? \u00abUn climat davantage propice aux corrections sur les march\u00e9s, mais en aucun cas une fin de cycle et une r\u00e9cession \u00e0 venir\u00bb, conclut Florian Marini, qui souligne les r\u00e9sultats tr\u00e8s solides des entreprises au deuxi\u00e8me trimestre et le fait que les pr\u00e9visions de b\u00e9n\u00e9fices ont \u00e9t\u00e9 constamment relev\u00e9es au cours de l\u2019ann\u00e9e par les analystes financiers.<\/p>\n<h3>Propice aux corrections de march\u00e9<\/h3>\n<p style=\"font-size: 21px;\">Les cons\u00e9quences? \u00abUn climat davantage propice aux corrections sur les march\u00e9s, mais en aucun cas une fin de cycle et une r\u00e9cession \u00e0 venir\u00bb, conclut Florian Marini, qui souligne les r\u00e9sultats tr\u00e8s solides des entreprises au deuxi\u00e8me trimestre et le fait que les pr\u00e9visions de b\u00e9n\u00e9fices ont \u00e9t\u00e9 constamment relev\u00e9es au cours de l\u2019ann\u00e9e par les analystes financiers.<\/p>\n<blockquote>\n<p style=\"font-size: 21px; text-align: left;\"><em>&#8220; Un climat davantage propice aux corrections sur les march\u00e9s, mais en aucun cas une fin de cycle et une r\u00e9cession \u00e0 venir &#8222;<\/em><\/p>\n<p style=\"font-size: 21px; text-align: right;\"><span style=\"text-align: right; font-size: 16px;\">&#8211; Florian Marini \u2013 responsable des investissements de Bruellan<\/span><\/p>\n<\/blockquote>\n<p>&nbsp;<\/p>\n\n\n\n\n\n\n\n\n\n<p><a href=\"https:\/\/www.letemps.ch\/economie\/bourses-sessoufflent\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-16157 size-full\" src=\"https:\/\/www.bruellan.ch\/wp-content\/uploads\/2021\/09\/FLM_LeTemps_SEP21.png\" alt=\"Florian Marini Bruellan\" width=\"726\" height=\"693\" \/><\/a><\/p>\n<p>&nbsp;<\/p>\n<p>Source : <a href=\"https:\/\/www.letemps.ch\/economie\/bourses-sessoufflent\" target=\"_blank\" rel=\"noopener noreferrer\">Le Temps<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Source :\u00a0Alors que les march\u00e9s boursiers sont dans le rouge depuis d\u00e9but septembre, les investisseurs d\u00e9cortiqueront chaque mot de la R\u00e9serve f\u00e9d\u00e9rale am\u00e9ricaine, mercredi prochain, \u00e0 la recherche d\u2019indications\u00a0sur la &#8230; <\/p>\n<div class=\"read-more-link-box\"><a class=\"read-more-link\" href=\"https:\/\/www.bruellan.ch\/de\/bourses-sessoufflent\/\">Weiterlesen<\/a><\/div>\n","protected":false},"author":3,"featured_media":16165,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[3],"tags":[39],"class_list":["post-16156","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-actualites","tag-bruellan-fr"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Pourquoi les bourses s\u2019essoufflent - Bruellan<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bruellan.ch\/bourses-sessoufflent\/\" \/>\n<meta property=\"og:locale\" content=\"de_DE\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Pourquoi les bourses s\u2019essoufflent - Bruellan\" \/>\n<meta property=\"og:description\" content=\"Source :\u00a0Alors que les march\u00e9s boursiers sont dans le rouge depuis d\u00e9but septembre, les investisseurs d\u00e9cortiqueront chaque mot de la R\u00e9serve f\u00e9d\u00e9rale am\u00e9ricaine, mercredi prochain, \u00e0 la recherche d\u2019indications\u00a0sur la ... 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