{"id":52538,"date":"2026-08-12T01:35:15","date_gmt":"2026-08-12T01:35:15","guid":{"rendered":"https:\/\/www.vtmarkets.com\/fr-eu\/uncategorized\/november-recap-december-outlook-2025\/"},"modified":"2026-08-12T01:35:15","modified_gmt":"2026-08-12T01:35:15","slug":"november-recap-december-outlook-2025","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/fr-eu\/monthly-market-insights\/november-recap-december-outlook-2025\/","title":{"rendered":"Bilan de novembre \/ Perspectives d\u00e9cembre 2025"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/wp-content\/uploads\/2025\/10\/Ross-Maxwell_1408x768-1024x559.jpg\" alt=\"\" class=\"wp-image-31502\" \/><\/figure>\n\n\n<p>D\u00e9but novembre a \u00e9t\u00e9 domin\u00e9 par la menace d\u2019une fermeture de l\u2019administration f\u00e9d\u00e9rale am\u00e9ricaine (\u00ab shutdown \u00bb), qui a accru l\u2019incertitude sur les march\u00e9s et interrompu la publication de statistiques \u00e9conomiques. Sans donn\u00e9es fiables, la R\u00e9serve f\u00e9d\u00e9rale (Fed, banque centrale des \u00c9tats-Unis) disposait de peu d\u2019\u00e9l\u00e9ments pour d\u00e9cider de sa politique mon\u00e9taire, c\u2019est-\u00e0-dire de son niveau de taux directeurs.<\/p>\n\n<p>La r\u00e9solution, m\u00eame temporaire, a apport\u00e9 un soulagement aux actifs risqu\u00e9s (actions, cr\u00e9dit, etc.). Surtout, le retour des publications statistiques a redonn\u00e9 de la visibilit\u00e9 aux d\u00e9cideurs et aux investisseurs. Avec une lecture plus claire de la croissance, de l\u2019inflation et des conditions mon\u00e9taires (taux, cr\u00e9dit, liquidit\u00e9), les intervenants ont repris confiance, ce qui a stabilis\u00e9 le sentiment de march\u00e9.<\/p>\n\n<p>Le d\u00e9bat sur la valorisation des g\u00e9ants technologiques (\u00ab mega caps \u00bb, entreprises \u00e0 tr\u00e8s forte capitalisation boursi\u00e8re) s\u2019est aussi intensifi\u00e9, avec la question d\u2019une bulle d\u2019actifs li\u00e9e \u00e0 l\u2019IA.<\/p>\n\n<p>Nvidia a contribu\u00e9 \u00e0 calmer ces craintes en <a href=\"https:\/\/www.vtmarkets.com\/opinion\/nvidias-earnings-and-the-tech-cycle\/\" target=\"_blank\" rel=\"noopener\" title=\"\">publiant des r\u00e9sultats solides au troisi\u00e8me trimestre<\/a> et des perspectives robustes pour le quatri\u00e8me. Les march\u00e9s y ont vu une confirmation du cycle d\u2019investissements en IA (\u00ab CapEx \u00bb : d\u00e9penses d\u2019investissement, par exemple dans les centres de donn\u00e9es et les puces).<\/p>\n\n<p>Malgr\u00e9 un mois difficile pour les indices, ce d\u00e9clencheur a soutenu un rebond g\u00e9n\u00e9ralis\u00e9 : le <a href=\"https:\/\/www.vtmarkets.com\/live-updates\/while-clients-were-pleased-the-sp-500-maintained-its-upward-trend-despite-disappointing-retail-sales-and-ppi\/\" target=\"_blank\" rel=\"noopener\" title=\"\">S&amp;P 500 a effac\u00e9 ses pertes<\/a> et \u00e9volue de nouveau juste sous ses records, proche de 7 000 points.<\/p>\n\n<p>L\u2019environnement reste toutefois tendu. La progression des salaires s\u2019am\u00e9liore, mais modestement. Les prix ralentissent, et le pouvoir d\u2019achat des m\u00e9nages ne fait que commencer \u00e0 se stabiliser.<\/p>\n\n<p>Les attentes de b\u00e9n\u00e9fices des tr\u00e8s grandes capitalisations restent \u00e9lev\u00e9es, laissant peu de marge en cas de d\u00e9ception. Le risque de \u00ab shutdown \u00bb reviendra fin janvier. La Fed devra aussi arbitrer finement la suite de sa politique mon\u00e9taire.<\/p>\n\n\n<h2 class=\"wp-block-heading has-medium-font-size\">Diving into Markets<\/h2>\n\n\n\n<h3 class=\"wp-block-heading has-medium-font-size\">Forex<\/h3>\n\n\n<p>En novembre, le march\u00e9 des changes (Forex, \u00e9changes de devises) a \u00e9t\u00e9 influenc\u00e9 par l\u2019\u00e9volution des anticipations de taux, l\u2019actualit\u00e9 budg\u00e9taire et des politiques de banques centrales qui divergent.<\/p>\n\n<p>Le ralentissement de l\u2019inflation et la baisse des rendements des bons du Tr\u00e9sor am\u00e9ricain (les \u00ab Treasury yields \u00bb, c\u2019est-\u00e0-dire les taux sur la dette publique des \u00c9tats-Unis) ont renforc\u00e9 l\u2019id\u00e9e d\u2019une baisse de taux de la Fed d\u00e8s d\u00e9cembre. Le dollar (USD) a parfois profit\u00e9 d\u2019un r\u00f4le de valeur refuge (actif recherch\u00e9 en p\u00e9riode d\u2019incertitude), mais le march\u00e9 estime globalement que la phase de hausse de taux est termin\u00e9e, ce qui r\u00e9duit l\u2019avantage du \u00ab carry \u00bb (gain li\u00e9 \u00e0 un \u00e9cart de taux entre devises, en empruntant une devise \u00e0 faible taux pour acheter une devise \u00e0 taux plus \u00e9lev\u00e9).<\/p>\n\n<p>La livre sterling (GBP) a r\u00e9agi aux annonces budg\u00e9taires :<\/p>\n\n\n<ul class=\"wp-block-list\">\n<li>Le budget d\u2019automne au Royaume-Uni a mis en avant des <strong>mesures pro-croissance et des ajustements fiscaux cibl\u00e9s<\/strong>.<\/li>\n\n\n\n<li>Soutien mod\u00e9r\u00e9 pour la GBP, mais potentiel limit\u00e9 par une productivit\u00e9 faible et l\u2019h\u00e9sitation de la Banque d\u2019Angleterre (BoE) \u00e0 baisser ses taux.<\/li>\n<\/ul>\n\n\n<p>Le yen (JPY) sous pression :<\/p>\n\n\n<ul class=\"wp-block-list\">\n<li>La Banque du Japon (BoJ) a maintenu une <strong>politique tr\u00e8s accommodante<\/strong> (taux tr\u00e8s bas et soutien \u00e0 la liquidit\u00e9).<\/li>\n\n\n\n<li>Le yen a recul\u00e9, car les \u00e9carts de rendement se sont creus\u00e9s (diff\u00e9rence de taux entre le Japon et d\u2019autres pays).<\/li>\n\n\n\n<li>Des rumeurs d\u2019intervention ont circul\u00e9, mais la baisse des rendements am\u00e9ricains a limit\u00e9 les pertes.<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/wp-content\/uploads\/2025\/12\/image-1-1024x332.jpeg\" alt=\"\" class=\"wp-image-35742\" \/><figcaption class=\"wp-element-caption\">#image_title<\/figcaption><\/figure>\n\n\n<p><em>Fig. 1 : Graphique mensuel de l\u2019USD\/JPY approchant une r\u00e9sistance de long terme (niveau de prix o\u00f9 la hausse bute souvent) remontant aux ann\u00e9es 1980<\/em><\/p>\n\n\n<h3 class=\"wp-block-heading has-medium-font-size\">Gold and Silver<\/h3>\n\n\n<p>L\u2019or et l\u2019argent ont progress\u00e9 en novembre, les \u00e9volutions macro\u00e9conomiques poussant les investisseurs vers les m\u00e9taux pr\u00e9cieux. La baisse des rendements am\u00e9ricains et la mont\u00e9e des anticipations de baisse des taux de la Fed ont soutenu les deux.<\/p>\n\n<p>Avec des taux r\u00e9els en repli (taux d\u2019int\u00e9r\u00eat corrig\u00e9s de l\u2019inflation) et un dollar plus faible, l\u2019or a mont\u00e9 r\u00e9guli\u00e8rement, port\u00e9 par son r\u00f4le de valeur refuge.<\/p>\n\n<p>L\u2019argent a aussi avanc\u00e9, mais avec plus d\u2019\u00e0-coups. M\u00eame <a href=\"https:\/\/www.vtmarkets.com\/live-updates\/amid-strong-industrial-demand-and-dovish-fed-expectations-silver-reached-an-all-time-high-above-56\/\" target=\"_blank\" rel=\"noopener\" title=\"\">soutenu par les m\u00eames tendances macro\u00e9conomiques<\/a>, l\u2019argent r\u00e9agit davantage aux signaux du secteur industriel, car il est \u00e0 la fois m\u00e9tal pr\u00e9cieux et m\u00e9tal utilis\u00e9 dans l\u2019industrie (notamment fabrication).<\/p>\n\n<p>L\u2019am\u00e9lioration du sentiment sur la demande industrielle \u2014 surtout dans le solaire et l\u2019\u00e9lectronique \u2014 a aid\u00e9 l\u2019argent \u00e0 bien terminer le mois, en se rapprochant de ses records.<\/p>\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/wp-content\/uploads\/2025\/12\/image-3-1024x414.jpeg\" alt=\"\" class=\"wp-image-35744\" \/><\/figure>\n\n\n<p><em>Fig. 2 : Graphique 4 heures de l\u2019argent montrant une cl\u00f4ture mensuelle robuste proche des sommets<\/em><\/p>\n\n\n<h3 class=\"wp-block-heading has-medium-font-size\">Oil<\/h3>\n\n\n<p>Les prix du p\u00e9trole brut ont l\u00e9g\u00e8rement recul\u00e9 en novembre, p\u00e9nalis\u00e9s par une offre abondante et une demande moins dynamique.<\/p>\n\n<p>Les indicateurs de croissance se sont tass\u00e9s. Les PMI manufacturiers (enqu\u00eates aupr\u00e8s des directeurs d\u2019achats, qui donnent un signal rapide sur l\u2019activit\u00e9) aux \u00c9tats-Unis, en Europe et dans une partie de l\u2019Asie ont indiqu\u00e9 un ralentissement en fin d\u2019ann\u00e9e.<\/p>\n\n<p>C\u00f4t\u00e9 offre, plusieurs pays de l\u2019OPEP+ (alliance de producteurs men\u00e9e par l\u2019Arabie saoudite et la Russie) ont discr\u00e8tement d\u00e9pass\u00e9 leurs quotas de production (objectifs de volumes) pour accro\u00eetre leurs recettes, sous pression budg\u00e9taire. Cela a ajout\u00e9 des barils inattendus sur le march\u00e9.<\/p>\n\n<p>Parall\u00e8lement, la production am\u00e9ricaine de p\u00e9trole de schiste est rest\u00e9e \u00e9lev\u00e9e, aid\u00e9e par des gains d\u2019efficacit\u00e9 et par des strat\u00e9gies de couverture (\u00ab hedging \u00bb, contrats qui verrouillent un prix futur) permettant de maintenir l\u2019activit\u00e9 m\u00eame avec des prix plus faibles.<\/p>\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/wp-content\/uploads\/2025\/12\/image-4-1024x435.jpeg\" alt=\"\" class=\"wp-image-35745\" \/><\/figure>\n\n\n<p><em>Fig. 3 : Graphique 4 heures du p\u00e9trole illustrant une pression baissi\u00e8re progressive tout au long de novembre<\/em><\/p>\n\n\n<h3 class=\"wp-block-heading has-medium-font-size\">Indices<\/h3>\n\n\n<p>Novembre a \u00e9t\u00e9 marqu\u00e9 par une forte volatilit\u00e9 (variations rapides et importantes des cours) sur les actions mondiales. Le mois a d\u00e9marr\u00e9 par un net repli, aliment\u00e9 par la crainte d\u2019une sur\u00e9valuation des g\u00e9ants technologiques am\u00e9ricains.<\/p>\n\n<p>L\u2019incertitude li\u00e9e au \u00ab shutdown \u00bb a aussi r\u00e9duit la visibilit\u00e9 sur les donn\u00e9es et pes\u00e9 sur l\u2019app\u00e9tit pour le risque.<\/p>\n\n<p>Le sentiment a chang\u00e9 \u00e0 mi-mois gr\u00e2ce \u00e0 deux facteurs. D\u2019abord, la fin du \u00ab shutdown \u00bb a redonn\u00e9 confiance et permis d\u2019analyser de nouvelles statistiques.<\/p>\n\n<p>Ensuite, Nvidia a publi\u00e9 des r\u00e9sultats exceptionnellement solides, relan\u00e7ant la confiance dans le cycle d\u2019investissements en IA (d\u00e9penses d\u2019\u00e9quipement et d\u2019infrastructures) et effa\u00e7ant une grande partie des ventes de valeurs technologiques du d\u00e9but de mois. Cela a stabilis\u00e9 les indices et d\u00e9clench\u00e9 un rebond de soulagement.<\/p>\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\">AI chipmaker Nvidia reports results after markets close. That stock alone is 7% of the S&amp;P 500&#39;s market value, so traders are braced for big swings whatever happens. Find out what&#39;s moving markets before the Wall Street open, with the Reuters Market Rundown <a href=\"https:\/\/t.co\/SmdxYefUtF\">pic.twitter.com\/SmdxYefUtF<\/a><\/p>&mdash; Reuters (@Reuters) <a href=\"https:\/\/x.com\/Reuters\/status\/1991099136322732088?ref_src=twsrc%5Etfw\">November 19, 2025<\/a><\/blockquote><script async src=\"https:\/\/platform.x.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/wp-content\/uploads\/2025\/12\/image-5-1024x529.jpeg\" alt=\"\" class=\"wp-image-35746\" \/><\/figure>\n\n\n<p><em>Fig. 4 : Graphique 4 heures du SPX (indice S&amp;P 500) montrant une pression en d\u00e9but de mois puis un rebond \u00e0 mi-mois<\/em><\/p>\n\n\n<h3 class=\"wp-block-heading has-medium-font-size\">Crypto<\/h3>\n\n\n<p>Le bitcoin a fortement recul\u00e9 en novembre, sous l\u2019effet combin\u00e9 de facteurs macro\u00e9conomiques, r\u00e9glementaires et li\u00e9s au fonctionnement du march\u00e9. Le mois a commenc\u00e9 en mode \u00ab risk-off \u00bb (r\u00e9duction du risque : vente d\u2019actifs risqu\u00e9s), apr\u00e8s la correction des valeurs technologiques jug\u00e9es trop ch\u00e8res, ce qui a entra\u00een\u00e9 les actifs sp\u00e9culatifs \u00e0 la baisse. Novembre a \u00e9t\u00e9 l\u2019un des mois les plus faibles de 2025 pour le BTC.<\/p>\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\">LATEST: \ud83d\udcca Bitcoin has posted losses for two straight months, breaking from the historical average of bullish October and November price performance, as analysts debate whether demand will return or a deep accumulation phase is imminent. <a href=\"https:\/\/t.co\/qqAnfIcnbx\">pic.twitter.com\/qqAnfIcnbx<\/a><\/p>&mdash; CoinMarketCap (@CoinMarketCap) <a href=\"https:\/\/x.com\/CoinMarketCap\/status\/1993675525735211148?ref_src=twsrc%5Etfw\">November 26, 2025<\/a><\/blockquote><script async src=\"https:\/\/platform.x.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n<p>La hausse des craintes de r\u00e9cession et le resserrement de la liquidit\u00e9 (moins d\u2019argent disponible pour investir) ont pouss\u00e9 les investisseurs vers le cash et les obligations \u00e0 courte maturit\u00e9 (titres dont l\u2019\u00e9ch\u00e9ance est proche, donc moins sensibles aux variations de taux), r\u00e9duisant l\u2019app\u00e9tit pour des actifs tr\u00e8s volatils comme le bitcoin.<\/p>\n\n<p>La pression r\u00e9glementaire s\u2019est accrue lorsque plusieurs grandes juridictions ont signal\u00e9 vouloir renforcer le contr\u00f4le des r\u00e9serves des stablecoins (cryptomonnaies cens\u00e9es suivre une devise, souvent le dollar, gr\u00e2ce \u00e0 des r\u00e9serves) et des plateformes d\u2019\u00e9change bas\u00e9es \u00e0 l\u2019\u00e9tranger (\u00ab offshore \u00bb, hors du pays de l\u2019investisseur ou du r\u00e9gulateur).<\/p>\n\n<p>Dans le m\u00eame temps, les mineurs de bitcoin ont augment\u00e9 leurs ventes pour couvrir la hausse des co\u00fbts d\u2019\u00e9nergie et de financement, accentuant la pression baissi\u00e8re.<\/p>\n\n<p>Le sentiment sur les r\u00e9seaux sociaux est devenu tr\u00e8s n\u00e9gatif, amplifiant la baisse et faisant de novembre l\u2019un des pires mois de l\u2019ann\u00e9e pour le bitcoin.<\/p>\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/wp-content\/uploads\/2025\/12\/image-6-1024x500.jpeg\" alt=\"\" class=\"wp-image-35749\" \/><\/figure>\n\n\n<p>Fig. 5 : Graphique 4 heures du bitcoin montrant la baisse marqu\u00e9e de novembre<\/p>\n\n\n<h2 class=\"wp-block-heading has-medium-font-size\">Into December<\/h2>\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>Shutdown \u00e9vit\u00e9, donn\u00e9es relanc\u00e9es: la Fed retrouve du cap et les march\u00e9s respirent. Nvidia rassure sur l\u2019IA, le S&#038;P 500 rebondit; dollar h\u00e9site, or grimpe, p\u00e9trole flanche, bitcoin d\u00e9croche.<\/p>\n","protected":false},"author":87,"featured_media":52537,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[33],"tags":[],"class_list":["post-52538","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=\"Shutdown \u00e9vit\u00e9, donn\u00e9es relanc\u00e9es: la Fed retrouve du cap et les march\u00e9s respirent. 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