{"id":7154,"date":"2025-07-29T10:40:28","date_gmt":"2025-07-29T14:40:28","guid":{"rendered":"https:\/\/ex-ponent.com\/revue-des-marches-2e-trimestre-2025\/"},"modified":"2025-07-29T11:08:26","modified_gmt":"2025-07-29T15:08:26","slug":"revue-des-marches-2e-trimestre-2025","status":"publish","type":"post","link":"https:\/\/ex-ponent.com\/fr\/revue-des-marches-2e-trimestre-2025\/","title":{"rendered":"Revue des March\u00e9s \u2013 2e Trimestre 2025"},"content":{"rendered":"<p><iframe title=\"Revue du March\u00e9 q2 2025\" width=\"800\" height=\"450\" src=\"https:\/\/www.youtube.com\/embed\/x32NPJZibj4?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p> <p>&nbsp;<\/p> <h2>Croissance impressionnante\u2026 mais pour qui?<\/h2> <p>Le deuxi\u00e8me trimestre 2025 a offert des rendements solides sur les march\u00e9s, mais la performance globale masque une r\u00e9alit\u00e9 plus nuanc\u00e9e : une grande partie des gains a \u00e9t\u00e9 g\u00e9n\u00e9r\u00e9e par un nombre restreint de titres. Cela rappelle l&rsquo;importance, pour les investisseurs, de la s\u00e9lection rigoureuse des placements.<\/p> <h2> R\u00e9sultats par march\u00e9<\/h2> <ul> <li><strong>Canada<\/strong> : +8,5 % au trimestre, +26 % sur 1 an. Une belle performance aliment\u00e9e par quelques secteurs cl\u00e9s.<\/li> <li><strong>\u00c9tats-Unis \u2013 S&amp;P 500<\/strong> : +4,9 % (CAD), port\u00e9 par les titres technologiques. Le rendement sur 3 ans atteint 22 %.<\/li> <li><strong>NASDAQ<\/strong> : +11,4 % ce trimestre, gr\u00e2ce \u00e0 sa forte concentration tech.<\/li> <li><strong>Europe<\/strong> : plus modeste, avec +1 % au trimestre, mais +9 % sur 1 an.<\/li> <li><strong>Obligations<\/strong> : rendement l\u00e9g\u00e8rement n\u00e9gatif ce trimestre, mais positif sur 1 an, en raison de la baisse des taux.<\/li> <li><strong>Or<\/strong> : en hausse spectaculaire de 43 % sur 12 mois.<\/li> <li><strong>P\u00e9trole<\/strong> : toujours sous pression, en baisse.<\/li> <\/ul> <h2>Taux d\u2019int\u00e9r\u00eat : Une accalmie bien accueillie<\/h2> <p>Les taux ont fl\u00e9chi par rapport \u00e0 2024 :<\/p> <ul> <li>1 an : 2,6 %<\/li> <li>5 ans : 2,8 %<\/li> <li>10 ans : 3,3 %<\/li> <\/ul> <p>Les CPG (certificats de placement garanti) offrent entre 3,4 % et 3,8 %, contre pr\u00e8s de 5 % l\u2019an dernier. Cette d\u00e9tente soutient les actifs sensibles aux taux, comme les banques et services publics.<\/p> <h2>March\u00e9 : L\u2019illusion des indices<\/h2> <p>Derri\u00e8re les gains affich\u00e9s par les indices, la r\u00e9alit\u00e9 est plus contrast\u00e9e :<\/p> <h3>Aux \u00c9tats-Unis :<\/h3> <p>Cinq titres seulement \u2014 Broadcom, Netflix, Palantir, Oracle et Nvidia \u2014 ont g\u00e9n\u00e9r\u00e9 l&rsquo;essentiel de la performance du S&amp;P 500 (+8 % \u00e0 eux seuls), tandis que les 495 autres ont affich\u00e9 en moyenne une baisse de 3 %.<\/p> <h3>Au Canada :<\/h3> <p>Trois secteurs seulement tirent leur \u00e9pingle du jeu :<\/p> <ul> <li><strong>Technologie<\/strong> : Celestica (+80 %), Shopify (+20 %)<\/li> <li><strong>Mat\u00e9riaux<\/strong> : gr\u00e2ce \u00e0 l\u2019or<\/li> <li><strong>Financier<\/strong> : banques et assureurs, aid\u00e9s par la baisse des taux<\/li> <\/ul> <p>Les autres secteurs sont en repli, ce qui rend la s\u00e9lection de titres plus cruciale que jamais.<\/p> <h2>\u00c9conomie et g\u00e9opolitique : ce qu\u2019il faut retenir<\/h2> <h3> Manchettes au Canada :<\/h3> <ul> <li>R\u00e9duction du d\u00e9ficit commercial<\/li> <li>Ambition \u00e9nerg\u00e9tique nationale<\/li> <li>Loi pour acc\u00e9l\u00e9rer les projets de ressources<\/li> <li>Plateforme \u00e9lectorale plus \u201cpro-business\u201d<\/li> <li>Ren\u00e9gociations Canada\u2013\u00c9tats-Unis<\/li> <\/ul> <h3> Aux \u00c9tats-Unis :<\/h3> <ul> <li>Cr\u00e9ation d\u2019emplois vigoureuse (ch\u00f4mage \u00e0 4,1 %)<\/li> <li>Ralentissement dans le priv\u00e9, maintien dans le public<\/li> <li>Taux d\u2019int\u00e9r\u00eat stables, en l\u00e9g\u00e8re baisse<\/li> <li>Inqui\u00e9tudes sur les tarifs douaniers<\/li> <li>JP Morgan alerte sur un risque de stagflation<\/li> <\/ul> <h2>\u201cTariff tantrum\u201d et rebond<\/h2> <p>Le d\u00e9but d\u2019avril a \u00e9t\u00e9 marqu\u00e9 par une chute de 10 \u00e0 12 % sur les march\u00e9s, caus\u00e9e par les tensions commerciales. Ce recul a vite \u00e9t\u00e9 suivi d\u2019un rebond, particuli\u00e8rement dans les titres technologiques. Ceux qui ont renforc\u00e9 leurs positions en avril s\u2019en tirent bien.<\/p> <h2>Politiques publiques : les vraies forces en jeu<\/h2> <p>Chez Exponent, nous croyons que les politiques publiques influencent les march\u00e9s de fa\u00e7on plus durable que les \u00e9lections. Un exemple concret : les normes de consommation de carburant impos\u00e9es aux \u00c9tats-Unis par l\u2019EPA.<\/p> <h2>Exemple : le march\u00e9 automobile transform\u00e9<\/h2> <ul> <li>Le <strong>Silverado 2025<\/strong> est plus lourd et plus haut que son \u00e9quivalent de 2005, mais respecte plus facilement les normes d\u2019\u00e9missions gr\u00e2ce \u00e0 une r\u00e8gle technique : la \u201cfootprint rule\u201d.<\/li> <li>Cette r\u00e8gle avantage les grands v\u00e9hicules, encourageant indirectement la mont\u00e9e des <strong>SUV<\/strong>.<\/li> <li>Des voitures compactes comme la <strong>Honda Fit<\/strong> ont disparu du march\u00e9 nord-am\u00e9ricain.<\/li> <li>R\u00e9sultat : les pickups ont r\u00e9duit leur consommation de seulement 20 % en 20 ans, malgr\u00e9 l\u2019ajout de technologies de pointe.<\/li> <\/ul> <h2>Cons\u00e9quences inattendues :<\/h2> <ul> <li>Plus de poids \u279d r\u00e9parations plus co\u00fbteuses \u279d primes d\u2019assurance plus \u00e9lev\u00e9es<\/li> <li>Plus de plastique et de mat\u00e9riaux composites<\/li> <li>Moins de v\u00e9hicules compacts \u279d repositionnement de l\u2019industrie<\/li> <\/ul> <h2>Opportunit\u00e9s pour les investisseurs<\/h2> <p>Certaines industries sortent gagnantes de ces \u00e9volutions structurelles :<\/p> <ul> <li><strong>Assureurs<\/strong> : primes plus \u00e9lev\u00e9es<\/li> <li><strong>Fournisseurs de pi\u00e8ces automobiles<\/strong> : v\u00e9hicules plus complexes = plus d\u2019entretien<\/li> <li><strong>Fabricants de plastiques et composites<\/strong> : plus de mat\u00e9riaux l\u00e9gers n\u00e9cessaires<\/li> <\/ul> <h2>Notre approche chez Exponent<\/h2> <p>Nous construisons nos portefeuilles en \u00e9quilibrant :<\/p> <ol> <li><strong>Rendement fiable<\/strong><\/li> <li><strong>Croissance du capital<\/strong><\/li> <li><strong>S\u00e9curit\u00e9<\/strong><\/li> <\/ol> <p>Mais nous restons agiles face \u00e0 :<\/p> <ul> <li>L\u2019impact des politiques publiques<\/li> <li>Les changements d\u00e9mographiques<\/li> <li>La d\u00e9globalisation<\/li> <li>L\u2019\u00e9volution des taux d\u2019int\u00e9r\u00eat<\/li> <\/ul> <p>Nous privil\u00e9gions les entreprises :<\/p> <ul> <li>Disciplin\u00e9es sur les dividendes<\/li> <li>Solides sur le plan financier<\/li> <li>Men\u00e9es par des \u00e9quipes de direction exp\u00e9riment\u00e9es<\/li> <\/ul> <h2>Conclusion : Une croissance \u00e0 g\u00e9om\u00e9trie variable<\/h2> <p>Le T2 2025 d\u00e9montre que tous les gains ne sont pas \u00e9quivalents. La dispersion est forte, les gagnants peu nombreux. Dans un tel contexte, la discipline et une s\u00e9lection rigoureuse demeurent les meilleurs alli\u00e9s de l\u2019investisseur \u00e0 long terme.<\/p> <p>Pour toute question ou pour revoir votre strat\u00e9gie, n\u2019h\u00e9sitez pas \u00e0 nous contacter.<\/p> <p>&nbsp;<\/p>","protected":false},"excerpt":{"rendered":"<p>&nbsp; Croissance impressionnante\u2026 mais pour qui? Le deuxi\u00e8me trimestre 2025 a offert des rendements solides sur les march\u00e9s, mais la performance globale masque une r\u00e9alit\u00e9 plus nuanc\u00e9e : une grande partie des gains a \u00e9t\u00e9 g\u00e9n\u00e9r\u00e9e par un nombre restreint de titres. Cela rappelle l&rsquo;importance, pour les investisseurs, de la s\u00e9lection rigoureuse des placements. R\u00e9sultats [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":7150,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1221,1215,1222],"tags":[],"class_list":["post-7154","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-actualites-du-marche","category-apercus","category-videos"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.0 (Yoast SEO v28.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Revue des March\u00e9s \u2013 2e Trimestre 2025 | Exponent Investment Management<\/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:\/\/ex-ponent.com\/fr\/revue-des-marches-2e-trimestre-2025\/\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Revue des March\u00e9s \u2013 2e Trimestre 2025\" \/>\n<meta property=\"og:description\" content=\"&nbsp; Croissance impressionnante\u2026 mais pour qui? Le deuxi\u00e8me trimestre 2025 a offert des rendements solides sur les march\u00e9s, mais la performance globale masque une r\u00e9alit\u00e9 plus nuanc\u00e9e : une grande partie des gains a \u00e9t\u00e9 g\u00e9n\u00e9r\u00e9e par un nombre restreint de titres. Cela rappelle l&rsquo;importance, pour les investisseurs, de la s\u00e9lection rigoureuse des placements. 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Le deuxi\u00e8me trimestre 2025 a offert des rendements solides sur les march\u00e9s, mais la performance globale masque une r\u00e9alit\u00e9 plus nuanc\u00e9e : une grande partie des gains a \u00e9t\u00e9 g\u00e9n\u00e9r\u00e9e par un nombre restreint de titres. Cela rappelle l&rsquo;importance, pour les investisseurs, de la s\u00e9lection rigoureuse des placements. 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