{"id":52527,"date":"2026-08-12T00:49:59","date_gmt":"2026-08-12T00:49:59","guid":{"rendered":"https:\/\/www.vtmarkets.com\/fr-eu\/uncategorized\/monthly-market-reviews-december-recap-january-outlook\/"},"modified":"2026-08-12T00:49:59","modified_gmt":"2026-08-12T00:49:59","slug":"monthly-market-reviews-december-recap-january-outlook","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/fr-eu\/monthly-market-insights\/monthly-market-reviews-december-recap-january-outlook\/","title":{"rendered":"Revue mensuelle 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 cl\u00f4tur\u00e9 une ann\u00e9e \u00e9prouvante pour les march\u00e9s mondiaux, avec la r\u00e9union tr\u00e8s attendue de la R\u00e9serve f\u00e9d\u00e9rale (Fed, banque centrale am\u00e9ricaine) qui a marqu\u00e9 un tournant net.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Une ann\u00e9e marqu\u00e9e par une croissance molle, des tensions inflationnistes tenaces (hausse des prix qui peine \u00e0 ralentir) et un risque g\u00e9opolitique persistant. La Fed a proc\u00e9d\u00e9 \u00e0 sa troisi\u00e8me baisse de taux cons\u00e9cutive, apr\u00e8s une longue p\u00e9riode de politique restrictive (taux \u00e9lev\u00e9s pour freiner l\u2019inflation).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Les actifs risqu\u00e9s (placements plus volatils comme les actions) ont d\u2019abord salu\u00e9 la d\u00e9cision, mais le message est rest\u00e9 prudent.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Les pressions inflationnistes s\u2019att\u00e9nuent, mais la Fed a rappel\u00e9 que ses prochaines d\u00e9cisions resteront \u00ab d\u00e9pendantes des donn\u00e9es \u00bb (guid\u00e9es par les chiffres publi\u00e9s sur l\u2019inflation, l\u2019emploi et l\u2019activit\u00e9).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Une inflation des services qui r\u00e9siste (prix des services qui baissent lentement) et un march\u00e9 du travail solide (emploi et salaires qui tiennent) limitent la marge pour une forte d\u00e9tente mon\u00e9taire en 2026, ce qui plaide pour un ajustement progressif plut\u00f4t qu\u2019un virage rapide.<\/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 (BoE) a ensuite r\u00e9duit ses taux, la demande int\u00e9rieure ralentissant et l\u2019inflation se mod\u00e9rant, ce qui a laiss\u00e9 plus de latitude aux d\u00e9cideurs.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">La BoE a toutefois mis en avant des freins structurels (probl\u00e8mes durables de l\u2019\u00e9conomie) comme une offre de travail limit\u00e9e (p\u00e9nurie de main-d\u2019\u0153uvre) et une hausse \u00e9lev\u00e9e des salaires, qui compliquent sa trajectoire.<\/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\">Cela confirme le fil rouge de 2025 : les banques centrales n\u2019actionnent pas les m\u00eames leviers au m\u00eame rythme, car les \u00e9conomies se redressent diff\u00e9remment et n\u2019ont pas les m\u00eames niveaux de risque.<\/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 vents contraires persistants, les march\u00e9s actions ont fini l\u2019ann\u00e9e en hausse. La d\u00e9cision de d\u00e9cembre de la Fed a renforc\u00e9 l\u2019id\u00e9e que les conditions financi\u00e8res vont se desserrer progressivement en 2026 (cr\u00e9dit plus accessible, financement moins co\u00fbteux).<\/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 leurs records, tandis que le Dow Jones a inscrit de nouveaux sommets. La r\u00e9action du march\u00e9 est rest\u00e9e limit\u00e9e, signe qu\u2019une grande partie du sc\u00e9nario de baisse des taux \u00e9tait d\u00e9j\u00e0 int\u00e9gr\u00e9e dans les prix.<\/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 sur les secteurs sensibles \u00e0 la croissance (qui profitent quand l\u2019activit\u00e9 repart), notamment 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 statut de valeur refuge<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">L\u2019or a prolong\u00e9 sa forte hausse en d\u00e9cembre et termine l\u2019ann\u00e9e avec plus de 60% de progression. L\u2019argent a fait encore mieux, avec plus de 100%.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">La baisse des rendements r\u00e9els (rendements corrig\u00e9s de l\u2019inflation), la diversification des r\u00e9serves des banques centrales (r\u00e9duction de la d\u00e9pendance \u00e0 certaines devises) 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 des taux de la Fed a signal\u00e9 un pic des rendements r\u00e9els, ce qui r\u00e9duit le co\u00fbt d\u2019opportunit\u00e9 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 droits de douane (taxes sur les importations) et les achats soutenus des banques centrales ont renforc\u00e9 le r\u00f4le de l\u2019or comme couverture strat\u00e9gique (protection contre les chocs).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">L\u2019argent a aussi profit\u00e9 de tendances de demande de long terme li\u00e9es \u00e0 l\u2019\u00e9lectrification, aux infrastructures pour l\u2019IA et au d\u00e9veloppement 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 connu une fin d\u2019ann\u00e9e 2025 mitig\u00e9e. Les inqui\u00e9tudes sur la demande ont persist\u00e9, surtout en Chine et dans certaines parties de l\u2019Europe, o\u00f9 la croissance a continu\u00e9 de ralentir.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">L\u2019OPEP+ (pays exportateurs et alli\u00e9s) a maintenu une gestion prudente de l\u2019offre (limitations de production), mais l\u2019augmentation de la production hors OPEP, notamment aux \u00c9tats-Unis, a plafonn\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 des taux de d\u00e9cembre a peu soutenu le p\u00e9trole, les march\u00e9s de l\u2019\u00e9nergie r\u00e9agissant davantage aux indicateurs de demande (consommation, activit\u00e9) qu\u2019aux taux d\u2019int\u00e9r\u00eat.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Un pic des prix au milieu de l\u2019ann\u00e9e, li\u00e9 \u00e0 la mont\u00e9e des tensions entre Isra\u00ebl et l\u2019Iran, a \u00e9t\u00e9 bref. 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 s\u2019est l\u00e9g\u00e8rement affaibli apr\u00e8s la baisse de taux de la Fed, apportant un r\u00e9pit \u00e0 certaines monnaies de pays \u00e9mergents. Les flux de capitaux (mouvements d\u2019argent entre 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 BoE, les march\u00e9s jugeant le Royaume-Uni plus expos\u00e9 \u00e0 un ralentissement et disposant d\u2019une marge budg\u00e9taire limit\u00e9e (peu de capacit\u00e9 \u00e0 augmenter les d\u00e9penses ou baisser les imp\u00f4ts sans creuser le d\u00e9ficit).<\/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\">Sur l\u2019ensemble de 2025, l\u2019indice du dollar (US Dollar Index, USDX, qui mesure le billet vert face \u00e0 un panier de grandes devises) a nettement recul\u00e9 au premier semestre, avec le ralentissement de la croissance et l\u2019anticipation de baisses de taux. Le second semestre a apport\u00e9 une stabilisation, la demande de valeur refuge (achat d\u2019actifs jug\u00e9s plus s\u00fbrs) et la relative solidit\u00e9 am\u00e9ricaine limitant la baisse. L\u2019USDX a fini l\u2019ann\u00e9e en consolidation (\u00e9volution dans une fourchette) entre 96,25 et 100,50.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Les cryptomonnaies se stabilisent<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Les cryptomonnaies se sont stabilis\u00e9es en d\u00e9cembre apr\u00e8s une forte correction (baisse rapide) en novembre. Le bitcoin a trouv\u00e9 un support (niveau de prix o\u00f9 les achats reviennent) et a \u00e9volu\u00e9 dans une fourchette plus \u00e9troite, signe d\u2019une confiance en am\u00e9lioration.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">La tendance de fond est rest\u00e9e intacte, d\u00e9cembre marquant une phase de consolidation (pause apr\u00e8s une hausse ou une baisse) plut\u00f4t qu\u2019un retournement.<\/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, tandis que l\u2019int\u00e9r\u00eat des institutions (grands investisseurs) pour des produits crypto encadr\u00e9s par la r\u00e9glementation continuait de progresser.<\/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<h2 class=\"wp-block-heading\">Les moteurs cl\u00e9s de 2025<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Toutes classes d\u2019actifs confondues, quatre facteurs macro\u00e9conomiques ont structur\u00e9 l\u2019ann\u00e9e : l\u2019instabilit\u00e9 g\u00e9opolitique, les tensions commerciales mondiales, la divergence des politiques des banques centrales, et l\u2019\u00e9quilibre fragile entre assouplissement et risque de relance de l\u2019inflation.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">D\u00e9cembre a reli\u00e9 ces th\u00e8mes : l\u2019or, les actions et certaines devises ont r\u00e9agi \u00e0 un environnement macro\u00e9conomique complexe, mais plus lisible.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Premiers signaux \u00e0 surveiller en janvier<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">En ce d\u00e9but de 2026, les march\u00e9s suivront de pr\u00e8s la fa\u00e7on dont les changements de politique mon\u00e9taire se refl\u00e8tent dans les statistiques.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Les premi\u00e8res publications d\u2019IPC (indice des prix \u00e0 la consommation, mesure de l\u2019inflation), les chiffres de l\u2019emploi et les enqu\u00eates sur l\u2019industrie aideront \u00e0 \u00e9valuer si la baisse des taux soutient l\u2019activit\u00e9 sans raviver l\u2019inflation.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Les actions pourraient encore profiter de liquidit\u00e9s abondantes (argent facilement disponible sur les march\u00e9s), mais des valorisations \u00e9lev\u00e9es (prix d\u00e9j\u00e0 chers) laissent peu de place aux d\u00e9ceptions.<\/p>\n\n\n\n\n<p class=\"wp-block-paragraph\"><b>Commencez \u00e0 trader d\u00e8s maintenant \u2014 cliquez <a href=\"https:\/\/www.vtmarkets.com\/fr-eu\/trade-now\/\">ici<\/a> pour cr\u00e9er votre compte r\u00e9el VT Markets.<\/b>\n\n<\/p>","protected":false},"excerpt":{"rendered":"<p>Et maintenant ? Apr\u00e8s la troisi\u00e8me baisse de taux de la Fed, 2025 s\u2019ach\u00e8ve entre prudence mon\u00e9taire et divergence des banques centrales : actions dop\u00e9es par l\u2019IA, or refuge (+60%), p\u00e9trole sous pression, dollar consolid\u00e9, cryptos stabilis\u00e9es.<\/p>\n","protected":false},"author":87,"featured_media":52526,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[33],"tags":[],"class_list":["post-52527","post","type-post","status-publish","format-standard","has-post-thumbnail","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=\"Et maintenant ? 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