{"id":3139,"date":"2023-05-02T14:36:55","date_gmt":"2023-05-02T12:36:55","guid":{"rendered":"https:\/\/www.montsegur.com\/?p=3139"},"modified":"2024-01-10T15:08:41","modified_gmt":"2024-01-10T14:08:41","slug":"les-marches-se-decouvrent-d-un-fil","status":"publish","type":"post","link":"https:\/\/preprod.montsegur.com\/actualites\/edito-fr\/les-marches-se-decouvrent-d-un-fil\/","title":{"rendered":"Les march\u00e9s se d\u00e9couvrent d&rsquo;un fil"},"content":{"rendered":"\n\t<p><strong>Tandis que les probl\u00e9matiques inflationnistes restent d\u2019actualit\u00e9, les d\u00e9marches de transition \u00e9nerg\u00e9tique en Europe se concr\u00e9tisent, avec le risque d\u2019alimenter le ph\u00e9nom\u00e8ne inflationniste en place.<\/strong> Apr\u00e8s de nombreuses r\u00e9flexions, le Parlement europ\u00e9en a adopt\u00e9 la r\u00e9forme du march\u00e9 carbone afin d\u2019acc\u00e9l\u00e9rer la r\u00e9duction des quotas d\u2019\u00e9mission de CO2 d\u2019ici 2030. Face \u00e0 des tensions sociales d\u00e9j\u00e0 prononc\u00e9es et au sein d\u2019un environnement inflationniste, des mesures seront mises en application afin de limiter le co\u00fbt pour les m\u00e9nages europ\u00e9ens. En compl\u00e9ment, la \u00ab taxe carbone \u00bb pour les secteurs les plus polluants, \u00e0 l\u2019image de l\u2019aluminium, du ciment, ou encore de l\u2019engrais a \u00e9t\u00e9 adopt\u00e9e. Si le Parlement europ\u00e9en a \u00e9galement statu\u00e9 sur sa volont\u00e9 de d\u00e9velopper l\u2019industrie europ\u00e9enne des semi-conducteurs afin de r\u00e9duire sa d\u00e9pendance \u00e0 l\u2019\u00e9tranger, la combinaison de ces ambitions risquent d\u2019alimenter la hausse des prix dans les secteurs concern\u00e9s ces prochaines ann\u00e9es, impactant ainsi le taux d\u2019\u00e9quilibre de la Banque centrale europ\u00e9enne.<\/p>\n<p><strong>Aux Etats-Unis, les n\u00e9gociations relatives au rel\u00e8vement du plafond de la dette f\u00e9d\u00e9rale deviennent centrales.<\/strong> Alors que la proposition de loi r\u00e9publicaine permettant de relever le plafond a \u00e9t\u00e9 adopt\u00e9e au sein de la Chambre des Repr\u00e9sentants, le sujet reste primordial et alimente l\u2019aversion pour le risque tout en pesant sur les taux souverains am\u00e9ricains. En toile de fond, la croissance commence \u00e0 battre de l\u2019aile. Tandis que les donn\u00e9es du PIB du premier trimestre dressent un ralentissement par rapport au trimestre pr\u00e9c\u00e9dent, la consommation se montre quant \u00e0 elle relativement r\u00e9siliente. Pour la R\u00e9serve F\u00e9d\u00e9rale, le ralentissement \u00e9conomique reste n\u00e9cessaire si l\u2019institution souhaite lutter contre l\u2019inflation.<\/p>\n<p><strong>En Chine, le rebond ne fait que d\u00e9buter.<\/strong> La publication du PIB chinois a confirm\u00e9 la vigueur du rebond suite \u00e0 l\u2019arr\u00eat de la politique \u00ab z\u00e9ro-covid \u00bb, t\u00e9moignant d\u2019une croissance sup\u00e9rieure aux attentes. Port\u00e9e par la consommation des m\u00e9nages, l\u2019\u00e9conomie chinoise semble redevenir la locomotive pour l\u2019ann\u00e9e 2023. Si la tendance se poursuit dans les prochains mois, la demande pour les mati\u00e8res premi\u00e8res devrait s\u2019inscrire sur une dynamique positive, \u00e0 l\u2019instar des secteurs expos\u00e9s \u00e0 la demande chinoise comme le luxe ou le tourisme. <strong>Au Br\u00e9sil, le pr\u00e9sident de la banque centrale a \u00e9cart\u00e9 l\u2019hypoth\u00e8se d\u2019une baisse des taux.<\/strong> Pr\u00e9cisant que le niveau actuel \u00e9tait appropri\u00e9 face \u00e0 l\u2019inflation, l\u2019institution a maintenu le principal taux directeur \u00e0 13,75 %. Cette annonce a permis de rassurer quant \u00e0 l\u2019ind\u00e9pendance de la banque centrale alors qu\u2019une partie des investisseurs s\u2019en \u00e9tait inqui\u00e9t\u00e9e suite aux propos du gouvernement Lula.<\/p>\n<p><strong>A contre-courant, la Banque du Japon maintient le caract\u00e8re accommodant de sa politique mon\u00e9taire.<\/strong> En effet, \u00e0 l\u2019issue de la premi\u00e8re r\u00e9union pr\u00e9sid\u00e9e par Kazuo Ueda, ce dernier a affirm\u00e9 qu\u2019il \u00e9tait toujours opportun de maintenir la politique en place. Toutefois, le gouverneur a annonc\u00e9 qu\u2019un examen sera conduit, avec l\u2019objectif de pr\u00e9senter les conclusions d\u2019ici 12 \u00e0 18 mois. Face \u00e0 une banque centrale qui prend son temps, le yen s\u2019est d\u00e9pr\u00e9ci\u00e9 face au dollar. Si la porte n\u2019est pas ferm\u00e9e pour un resserrement de la politique mon\u00e9taire, l\u2019institution n\u2019agira que lorsque la dynamique sera suffisante pour atteindre la cible des 2 %. Notons que la publication des chiffres d\u2019inflation CPI du mois de mars a permis de confirmer que les hausses de prix s\u2019inscrivent dans la dur\u00e9e. Si le rebond \u00e9conomique se poursuit au Japon, et que les hausses de salaires continuent de cro\u00eetre, l\u2019inflation sous-jacente pourrait s\u2019inscrire en hausse et mat\u00e9rialiser ainsi les effets de second tour. Dans l\u2019attente, la Banque du Japon continue de surveiller ses pr\u00e9visions d\u2019inflation avant d\u2019op\u00e9rer toute modification de la communication aupr\u00e8s des investisseurs.<\/p>\n<p>Malgr\u00e9 les incertitudes, le second trimestre aura d\u00e9but\u00e9 sur la m\u00eame dynamique positive des premiers mois, permettant au STOXX Europe 600 de s\u2019inscrire en hausse de 9,8 % depuis le d\u00e9but de l\u2019ann\u00e9e, devant son homologue am\u00e9ricain, le S&amp;P 500, qui progresse de 5,4 % en euros. Compte tenu des niveaux atteints par les march\u00e9s actions et des rendements propos\u00e9s sur les march\u00e9s obligataires et mon\u00e9taires, la s\u00e9lectivit\u00e9 des supports d\u2019investissements et la diversification des allocations reste primordiales.<\/p>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":6,"featured_media":3148,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[9],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.14 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Les march\u00e9s se d\u00e9couvrent d&#039;un fil - Monts\u00e9gur Finance<\/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.montsegur.com\/actualites\/edito-fr\/les-marches-se-decouvrent-d-un-fil\/\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Les march\u00e9s se d\u00e9couvrent d&#039;un fil - Monts\u00e9gur Finance\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.montsegur.com\/actualites\/edito-fr\/les-marches-se-decouvrent-d-un-fil\/\" \/>\n<meta property=\"og:site_name\" content=\"Monts\u00e9gur Finance\" \/>\n<meta property=\"article:published_time\" content=\"2023-05-02T12:36:55+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-01-10T14:08:41+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.montsegur.com\/assets\/uploads\/2023\/05\/adobestock_123462732_mtsg-1024x485-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"485\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"L&#039;\u00e9quipe Monts\u00e9gur\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"\u00c9crit par\" \/>\n\t<meta name=\"twitter:data1\" content=\"L'\u00e9quipe Monts\u00e9gur\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.montsegur.com\/actualites\/edito-fr\/les-marches-se-decouvrent-d-un-fil\/\",\"url\":\"https:\/\/www.montsegur.com\/actualites\/edito-fr\/les-marches-se-decouvrent-d-un-fil\/\",\"name\":\"Les march\u00e9s se d\u00e9couvrent d'un fil - Monts\u00e9gur Finance\",\"isPartOf\":{\"@id\":\"https:\/\/www.montsegur.com\/#website\"},\"datePublished\":\"2023-05-02T12:36:55+00:00\",\"dateModified\":\"2024-01-10T14:08:41+00:00\",\"author\":{\"@id\":\"https:\/\/www.montsegur.com\/#\/schema\/person\/0f05ff428d4800cbc1229d12c7013b4f\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.montsegur.com\/actualites\/edito-fr\/les-marches-se-decouvrent-d-un-fil\/#breadcrumb\"},\"inLanguage\":\"fr-FR\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.montsegur.com\/actualites\/edito-fr\/les-marches-se-decouvrent-d-un-fil\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.montsegur.com\/actualites\/edito-fr\/les-marches-se-decouvrent-d-un-fil\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Accueil\",\"item\":\"https:\/\/www.montsegur.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Actualit\u00e9s de l'investisseur\",\"item\":\"https:\/\/www.montsegur.com\/actualites\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Edito\",\"item\":\"https:\/\/www.montsegur.com\/actualites\/edito-fr\/\"},{\"@type\":\"ListItem\",\"position\":4,\"name\":\"Les march\u00e9s se d\u00e9couvrent d&rsquo;un fil\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.montsegur.com\/#website\",\"url\":\"https:\/\/www.montsegur.com\/\",\"name\":\"Monts\u00e9gur Finance\",\"description\":\"Investir. 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