{"id":52524,"date":"2026-08-11T16:23:42","date_gmt":"2026-08-11T16:23:42","guid":{"rendered":"https:\/\/www.vtmarkets.com\/fr-ca\/uncategorized\/monthly-market-reviews-december-recap-january-outlook\/"},"modified":"2026-08-11T16:23:42","modified_gmt":"2026-08-11T16:23:42","slug":"monthly-market-reviews-december-recap-january-outlook","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/fr-ca\/monthly-market-insights\/monthly-market-reviews-december-recap-january-outlook\/","title":{"rendered":"Revues mensuelles des march\u00e9s : bilan de d\u00e9cembre \/ perspectives de janvier"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/wp-content\/uploads\/2025\/06\/ross_maxwell_banner_mobile-1024x559.png\" alt=\"\" class=\"wp-image-25586\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">D\u00e9cembre a conclu une ann\u00e9e exigeante pour les march\u00e9s mondiaux. La r\u00e9union tr\u00e8s attendue de la R\u00e9serve f\u00e9d\u00e9rale (Fed, la banque centrale des \u00c9tats-Unis) a marqu\u00e9 un v\u00e9ritable point tournant.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">L\u2019ann\u00e9e a \u00e9t\u00e9 marqu\u00e9e par une croissance lente, une inflation tenace (hausse des prix qui persiste) et des risques g\u00e9opolitiques (tensions entre pays). La Fed a proc\u00e9d\u00e9 \u00e0 une troisi\u00e8me baisse de taux de suite, apr\u00e8s une longue p\u00e9riode de politique restrictive (taux \u00e9lev\u00e9s pour freiner l\u2019\u00e9conomie et l\u2019inflation).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Les actifs risqu\u00e9s (placements qui bougent plus, comme les actions) ont d\u2019abord bien accueilli la d\u00e9cision, mais le ton est rest\u00e9 prudent.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Les pressions inflationnistes diminuent, mais la Fed a r\u00e9p\u00e9t\u00e9 que les prochaines d\u00e9cisions d\u00e9pendront des donn\u00e9es \u00e9conomiques (inflation, emploi, croissance).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">L\u2019inflation des services qui colle (prix des services qui baissent difficilement) et un march\u00e9 du travail solide limitent la marge pour des baisses rapides en 2026. Le sc\u00e9nario le plus probable reste une d\u00e9tente graduelle (assouplissement lent des taux).<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">La divergence des politiques reste un th\u00e8me central<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">La Banque d\u2019Angleterre a aussi abaiss\u00e9 ses taux. La demande int\u00e9rieure plus faible (consommation et investissements au pays) et une inflation plus mod\u00e9r\u00e9e lui ont donn\u00e9 de la latitude.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Elle a toutefois soulign\u00e9 des vents contraires structurels (probl\u00e8mes durables), comme une offre de main-d\u2019\u0153uvre serr\u00e9e (difficult\u00e9 \u00e0 recruter) et une forte croissance des salaires, qui compliquent la suite.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">UK inflation slipped to its lowest level in eight months, a bigger than expected drop that clears the path to an interest-rate cut at the Bank of England <a href=\"https:\/\/t.co\/u3HfdbdnUU\">https:\/\/t.co\/u3HfdbdnUU<\/a><\/p>&mdash; Bloomberg (@business) <a href=\"https:\/\/x.com\/business\/status\/2001189833465626877?ref_src=twsrc%5Etfw\">December 17, 2025<\/a><\/blockquote><script async src=\"https:\/\/platform.x.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Ce tableau confirme le th\u00e8me de 2025 : les banques centrales n\u2019ajustent pas les taux au m\u00eame rythme, car les \u00e9conomies n\u2019avancent pas au m\u00eame pas et les risques diff\u00e8rent.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Les actifs risqu\u00e9s terminent 2025 en force<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Malgr\u00e9 des obstacles, les march\u00e9s boursiers ont fini l\u2019ann\u00e9e en hausse. La d\u00e9cision de d\u00e9cembre de la Fed a consolid\u00e9 l\u2019id\u00e9e que les conditions financi\u00e8res (facilit\u00e9 d\u2019emprunter et co\u00fbt du cr\u00e9dit) s\u2019assoupliront graduellement en 2026.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">US stocks rose and the S&amp;P 500 notched a closing record, boosted by Nvidia, after a flurry of economic data, including a reading of economic growth, pushed bond yields higher and elevated growth names <a href=\"https:\/\/t.co\/I9PthLMpeY\">https:\/\/t.co\/I9PthLMpeY<\/a> <a href=\"https:\/\/t.co\/OWwrCvKNIr\">pic.twitter.com\/OWwrCvKNIr<\/a><\/p>&mdash; Reuters (@Reuters) <a href=\"https:\/\/x.com\/Reuters\/status\/2003615353188786326?ref_src=twsrc%5Etfw\">December 23, 2025<\/a><\/blockquote><script async src=\"https:\/\/platform.x.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Le S&amp;P 500 et le Nasdaq se sont rapproch\u00e9s de sommets records, tandis que le Dow a inscrit de nouveaux sommets. La r\u00e9action du march\u00e9 a \u00e9t\u00e9 mod\u00e9r\u00e9e, signe qu\u2019une bonne partie des attentes de baisse de taux \u00e9tait d\u00e9j\u00e0 int\u00e9gr\u00e9e aux prix (d\u00e9j\u00e0 \u00ab dans le prix \u00bb).<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/wp-content\/uploads\/2025\/12\/5dccd82a-7c5e-45ac-8caa-21de9ccf52c2.jpg\" alt=\"\" class=\"wp-image-37726\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Les gains se sont concentr\u00e9s dans les secteurs sensibles \u00e0 la croissance (qui profitent quand l\u2019activit\u00e9 acc\u00e9l\u00e8re), surtout la technologie et l\u2019IA (intelligence artificielle), moteurs des indices toute l\u2019ann\u00e9e.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">L\u2019or confirme son r\u00f4le de valeur refuge<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">L\u2019or a poursuivi sa forte progression en d\u00e9cembre et termine l\u2019ann\u00e9e avec des gains de plus de 60 %. L\u2019argent (m\u00e9tal) a fait encore mieux, en hausse de plus de 100 %.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">La baisse des taux r\u00e9els (taux d\u2019int\u00e9r\u00eat apr\u00e8s inflation), la diversification des banques centrales (r\u00e9partition des r\u00e9serves) et les tensions g\u00e9opolitiques ont soutenu la demande pour les deux m\u00e9taux.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Traders are loading up on Treasury options targeting a bond rally that would send US 10-year yields back to 4% in coming weeks, a level not seen since the end of November <a href=\"https:\/\/t.co\/NZvim9QNPb\">https:\/\/t.co\/NZvim9QNPb<\/a><\/p>&mdash; Bloomberg (@business) <a href=\"https:\/\/x.com\/business\/status\/2003166901753524285?ref_src=twsrc%5Etfw\">December 22, 2025<\/a><\/blockquote><script async src=\"https:\/\/platform.x.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">La baisse de taux de la Fed a laiss\u00e9 entendre que les taux r\u00e9els ont atteint un sommet, ce qui r\u00e9duit le co\u00fbt d\u2019opportunit\u00e9 (ce \u00e0 quoi on renonce) de d\u00e9tenir de l\u2019or et d\u2019autres actifs sans rendement (qui ne versent pas d\u2019int\u00e9r\u00eat).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Les tensions en Europe de l\u2019Est et au Moyen-Orient, l\u2019incertitude sur les tarifs douaniers (droits \u00e0 l\u2019importation) et les achats soutenus des banques centrales ont renforc\u00e9 l\u2019or comme couverture (protection) strat\u00e9gique.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">L\u2019argent a aussi profit\u00e9 d\u2019une demande structurelle (tendance de fond) li\u00e9e \u00e0 l\u2019\u00e9lectrification, aux infrastructures li\u00e9es \u00e0 l\u2019IA et \u00e0 l\u2019expansion des \u00e9nergies vertes.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/wp-content\/uploads\/2025\/12\/6e448a7b-94b1-46e1-ad99-2f963bb16b46.jpg\" alt=\"\" class=\"wp-image-37727\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Le p\u00e9trole termine l\u2019ann\u00e9e sous pression<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Le p\u00e9trole brut a fini 2025 de fa\u00e7on mitig\u00e9e. Les inqui\u00e9tudes sur la demande ont persist\u00e9, surtout en Chine et dans certaines r\u00e9gions d\u2019Europe, o\u00f9 la croissance a continu\u00e9 de ralentir.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">OPEP+ (alliance de pays producteurs men\u00e9e par l\u2019OPEP et ses partenaires) a gard\u00e9 une discipline prudente sur l\u2019offre (contr\u00f4le de la production). Mais la hausse de production hors OPEP, surtout aux \u00c9tats-Unis, a limit\u00e9 le potentiel de hausse.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">A hoard of Venezuelan crude on tankers at sea will provide a cushion for Chinese refiners \u2014 the biggest buyers \u2014 should the US escalate hostilities against the OPEC producer and disrupt exports <a href=\"https:\/\/t.co\/VgLstsxipF\">https:\/\/t.co\/VgLstsxipF<\/a><\/p>&mdash; Bloomberg (@business) <a href=\"https:\/\/x.com\/business\/status\/2000791106003382470?ref_src=twsrc%5Etfw\">December 16, 2025<\/a><\/blockquote><script async src=\"https:\/\/platform.x.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">La baisse de taux de d\u00e9cembre a eu peu d\u2019effet, car le march\u00e9 de l\u2019\u00e9nergie r\u00e9agit surtout aux signaux de demande (consommation, activit\u00e9 industrielle) plut\u00f4t qu\u2019aux taux d\u2019int\u00e9r\u00eat.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Un pic de prix \u00e0 mi-ann\u00e9e, caus\u00e9 par la hausse des tensions entre Isra\u00ebl et l\u2019Iran, a \u00e9t\u00e9 de courte dur\u00e9e. Sur l\u2019ensemble de l\u2019ann\u00e9e, le p\u00e9trole a sous-perform\u00e9, la solidit\u00e9 de l\u2019offre l\u2019emportant sur les perturbations g\u00e9opolitiques.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/wp-content\/uploads\/2025\/12\/c83ac673-06ee-4287-addd-3ed0dc2e4ab6.jpg\" alt=\"\" class=\"wp-image-37728\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Les devises s\u2019ajustent aux baisses de taux<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Sur le march\u00e9 des changes (devises), le dollar am\u00e9ricain a recul\u00e9 l\u00e9g\u00e8rement apr\u00e8s la baisse de taux de la Fed, ce qui a aid\u00e9 certaines monnaies de pays \u00e9mergents (\u00e9conomies en d\u00e9veloppement). Les flux de capitaux (argent qui entre et sort des pays) sont toutefois rest\u00e9s s\u00e9lectifs.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">La livre sterling et l\u2019euro ont peu progress\u00e9, frein\u00e9s par des perspectives de croissance plus faibles et une incertitude persistante sur les politiques \u00e9conomiques.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">La livre a recul\u00e9 apr\u00e8s la baisse de la Banque d\u2019Angleterre, le march\u00e9 jugeant le Royaume-Uni plus expos\u00e9 \u00e0 un ralentissement et \u00e0 une marge budg\u00e9taire limit\u00e9e (moins de capacit\u00e9 \u00e0 stimuler par les d\u00e9penses publiques).<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/wp-content\/uploads\/2025\/12\/3ab866de-6253-4081-9aa2-c5eaf53d052a.jpg\" alt=\"\" class=\"wp-image-37725\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">En 2025, l\u2019indice du dollar am\u00e9ricain (USDX, mesure du dollar contre un panier de grandes devises) a fortement baiss\u00e9 en premi\u00e8re moiti\u00e9 d\u2019ann\u00e9e, alors que la croissance ralentissait et que les investisseurs anticipaient des baisses de la Fed. La deuxi\u00e8me moiti\u00e9 a \u00e9t\u00e9 plus stable, port\u00e9e par la demande de valeur refuge (achat de dollars en p\u00e9riode d\u2019incertitude) et une \u00e9conomie plus r\u00e9sistante. L\u2019USDX a fini l\u2019ann\u00e9e en consolidation (phase de va-et-vient) entre 96,25 et 100,50.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Les cryptomonnaies trouvent un plancher<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Les cryptomonnaies se sont stabilis\u00e9es en d\u00e9cembre apr\u00e8s une forte correction en novembre (recul rapide des prix). Le bitcoin a trouv\u00e9 du soutien (niveau o\u00f9 les achats augmentent) et a \u00e9volu\u00e9 dans une fourchette plus \u00e9troite, signe d\u2019une confiance accrue.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">La tendance de fond est rest\u00e9e intacte, d\u00e9cembre \u00e9tant surtout une p\u00e9riode de consolidation (pause) plut\u00f4t qu\u2019un renversement.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">La baisse de taux de la Fed a soutenu l\u2019app\u00e9tit pour le risque (volont\u00e9 d\u2019acheter des actifs plus risqu\u00e9s), tandis que l\u2019int\u00e9r\u00eat des institutions pour des produits crypto r\u00e9glement\u00e9s (offerts dans un cadre l\u00e9gal) a continu\u00e9 de cro\u00eetre.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/wp-content\/uploads\/2025\/12\/b444b6d9-8082-4a91-81ee-292bd557763d.jpg\" alt=\"\" class=\"wp-image-37729\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Avec un assouplissement graduel attendu en 2026, plusieurs investisseurs ont vu les mouvements r\u00e9cents comme une remise \u00e0 z\u00e9ro saine (normalisation apr\u00e8s une hausse).<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Les principaux moteurs de 2025<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Toutes cat\u00e9gories d\u2019actifs confondues, quatre facteurs macro\u00e9conomiques (forces g\u00e9n\u00e9rales de l\u2019\u00e9conomie) ont domin\u00e9 : l\u2019instabilit\u00e9 g\u00e9opolitique, les frictions commerciales (tensions sur le commerce), la divergence des politiques des banques centrales, et l\u2019\u00e9quilibre fragile entre assouplir et relancer l\u2019inflation.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">En d\u00e9cembre, ces th\u00e8mes se sont rejoints : l\u2019or, les actions et certaines devises ont r\u00e9agi \u00e0 un contexte encore complexe, mais plus orient\u00e9.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Signaux \u00e0 surveiller en janvier<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">En d\u00e9but de 2026, les march\u00e9s surveilleront comment les changements de politique se refl\u00e8tent dans les donn\u00e9es \u00e9conomiques.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Les premi\u00e8res donn\u00e9es sur l\u2019IPC (indice des prix \u00e0 la consommation, mesure de l\u2019inflation), l\u2019emploi et les enqu\u00eates manufacturi\u00e8res (sondages sur l\u2019activit\u00e9 des usines) guideront le sentiment quant \u00e0 la capacit\u00e9 des baisses de taux \u00e0 s\u2019installer sans relancer l\u2019inflation.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Les actions pourraient profiter de conditions de liquidit\u00e9 favorables (argent disponible et cr\u00e9dit plus facile), mais les valorisations \u00e9lev\u00e9es (prix d\u00e9j\u00e0 chers) laissent peu de marge \u00e0 la d\u00e9ception.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Virage fin 2025: la Fed coupe encore, mais reste prudente. Actions dop\u00e9es par techno\/IA, or et argent flambent en refuges. P\u00e9trole sous pression, dollar consolide, cryptos se stabilisent; 2026 d\u00e9pendra des donn\u00e9es.<\/p>\n","protected":false},"author":87,"featured_media":0,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[33],"tags":[],"class_list":["post-52524","post","type-post","status-publish","format-standard","hentry","category-monthly-market-insights"],"acf":{"acf_article_selection_author":null},"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO Pro 5.0.1 - aioseo.com -->\n\t<meta name=\"description\" content=\"Virage fin 2025: la Fed coupe encore, mais reste prudente. Actions dop\u00e9es par techno\/IA, or et argent flambent en refuges. 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