{"id":38220,"date":"2025-04-17T11:33:01","date_gmt":"2025-04-17T09:33:01","guid":{"rendered":"https:\/\/www.sandp.ch\/perspectives-du-marche-t2-2025\/"},"modified":"2025-04-17T13:32:20","modified_gmt":"2025-04-17T11:32:20","slug":"perspectives-du-marche-t2-2025","status":"publish","type":"post","link":"https:\/\/www.sandp.ch\/fr\/perspectives-du-marche-t2-2025\/","title":{"rendered":"Perspectives du march\u00e9 T2 2025"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"38220\" class=\"elementor elementor-38220 elementor-38209\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section data-dce-background-image-url=\"https:\/\/www.sandp.ch\/wp-content\/uploads\/2025\/04\/shutterstock_2101712362-scaled.jpg\" class=\"elementor-section elementor-top-section elementor-element elementor-element-7140083 elementor-section-height-min-height elementor-section-items-stretch elementor-section-boxed elementor-section-height-default\" data-id=\"7140083\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t\t<div class=\"elementor-background-overlay\"><\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-b9cd67d\" data-id=\"b9cd67d\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-e1d7fe5 elementor-widget elementor-widget-heading\" data-id=\"e1d7fe5\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Perspectives du march\u00e9 <span style=\"font-weight: 600;\">T2 2025<\/span><\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-5cedc04 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"5cedc04\" data-element_type=\"section\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-ae306a9\" data-id=\"ae306a9\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-ef05d83 elementor-widget elementor-widget-heading\" data-id=\"ef05d83\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><span style=\"font-weight: 600;\">Perspectives du march\u00e9<span style=\"font-weight: 600;\"> <\/span><\/span>T2 2025<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a3984dc elementor-widget elementor-widget-text-editor\" data-id=\"a3984dc\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Les march\u00e9s restent stables mais prudents en raison des tensions g\u00e9opolitiques, des risques commerciaux et de l&#8217;incertitude politique. Les valorisations \u00e9lev\u00e9es persistent dans un contexte de b\u00e9n\u00e9fices mitig\u00e9s et de ralentissement de la croissance am\u00e9ricaine, avec un PIB pr\u00e9vu \u00e0 1,9 % en 2025, puis \u00e0 1,6 % au quatri\u00e8me trimestre (S&amp;P Global Ratings). Les nouveaux droits de douane am\u00e9ricains pourraient stimuler l&#8217;inflation, tandis que la Fed devrait r\u00e9duire ses taux \u00e0 deux reprises, sauf surprise inflationniste.  <\/p>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-77acc87 elementor-widget elementor-widget-text-editor\" data-id=\"77acc87\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>L&#8217;Europe reste faible, avec une croissance de 1,2 % dans la zone euro, bien que l&#8217;Espagne soit plus performante. La Suisse b\u00e9n\u00e9ficie de la stabilit\u00e9 et d&#8217;une faible inflation. Parmi les march\u00e9s \u00e9mergents, l&#8217;Inde fait preuve de vigueur, tandis que le Mexique est confront\u00e9 \u00e0 des probl\u00e8mes li\u00e9s aux droits de douane. Le risque de r\u00e9cession aux \u00c9tats-Unis augmente, mais les probabilit\u00e9s \u00e0 court terme restent faibles, \u00e0 20 % (Bloomberg), le taux de ch\u00f4mage atteignant 4,6 % \u00e0 la mi-2026.   <\/p>\n<p>Les valeurs de rendement et les petites capitalisations gagnent en attrait par rapport aux valeurs de croissance on\u00e9reuses, en particulier aux \u00c9tats-Unis, o\u00f9 l&#8217;on esp\u00e8re une d\u00e9r\u00e9glementation. Les actions am\u00e9ricaines restent solides gr\u00e2ce \u00e0 l&#8217;IA et aux d\u00e9penses de consommation, malgr\u00e9 les baisses induites par la politique mon\u00e9taire depuis janvier. L&#8217;Europe offre de la valeur avec un ratio C\/B inf\u00e9rieur de 45 % \u00e0 celui des \u00c9tats-Unis, tandis que le Japon et l&#8217;Inde b\u00e9n\u00e9ficient des r\u00e9formes et de la croissance de l&#8217;IA. Les perspectives de la Chine sont mitig\u00e9es.   <\/p>\n<p>Les principaux secteurs sont la sant\u00e9, l&#8217;industrie et les infrastructures \u00e9nerg\u00e9tiques, soutenus par l&#8217;IA et la demande nucl\u00e9aire. La Fed devrait r\u00e9duire ses taux \u00e0 deux reprises ; la BCE reste optimiste et pr\u00e9voit des taux proches de 2,5 % d&#8217;ici mai. Les rendements am\u00e9ricains \u00e0 10 ans pourraient atteindre 5,2 % au premier trimestre 2025, ce qui reste sup\u00e9rieur aux rendements europ\u00e9ens inf\u00e9rieurs \u00e0 2 %.  <\/p>\n<p>Le dollar am\u00e9ricain est sous pression, tandis que l&#8217;euro pourrait se renforcer gr\u00e2ce au soutien de la BCE. Le yen pourrait augmenter avec les hausses de la Banque centrale europ\u00e9enne, et le franc reste une valeur refuge. Les fonds sp\u00e9culatifs (macro\/quantitatif) et les fonds de capital-investissement (technologie\/\u00e9nergie) sont bien positionn\u00e9s.  <\/p>\n<p>Le dollar am\u00e9ricain est sous pression, tandis que l&#8217;euro pourrait se renforcer gr\u00e2ce au soutien de la BCE. Le yen pourrait augmenter avec les hausses de la Banque centrale europ\u00e9enne, et le franc reste une valeur refuge. Les fonds sp\u00e9culatifs (macro\/quantitatif) et les fonds de capital-investissement (technologie\/\u00e9nergie) sont bien positionn\u00e9s.  <\/p>\n<p>Principaux risques : guerres commerciales, changements de politique aux \u00c9tats- Unis, corrections des stocks d&#8217;IA et resserrement du cr\u00e9dit. Les investisseurs doivent rester d\u00e9fensifs et s\u00e9lectifs, en privil\u00e9giant les obligations de qualit\u00e9, l&#8217;or et les actions r\u00e9sistantes, tout en diversifiant les r\u00e9gions et les secteurs avec discipline. <\/p>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div data-dce-advanced-background-image-url=\"https:\/\/www.sandp.ch\/wp-content\/uploads\/2025\/04\/shutterstock_2101712362-scaled.jpg\" class=\"elementor-element elementor-element-0bddbfb elementor-widget elementor-widget-spacer\" data-id=\"0bddbfb\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f0e5691 elementor-widget elementor-widget-text-editor\" data-id=\"f0e5691\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Ce texte est un mat\u00e9riel de marketing publi\u00e9 par Schmid &amp; Partners Management Services Ltd. Il n&#8217;est pas destin\u00e9 \u00e0 \u00eatre distribu\u00e9, publi\u00e9, fourni ou utilis\u00e9 par des personnes physiques ou morales qui sont citoyennes ou r\u00e9sidentes d&#8217;un \u00c9tat, d&#8217;un pays ou d&#8217;une juridiction o\u00f9 sa distribution, sa publication, sa fourniture ou son utilisation sont interdites par la loi. Il ne s&#8217;adresse \u00e0 aucune personne ou entit\u00e9 \u00e0 laquelle il serait ill\u00e9gal d&#8217;envoyer ce type de mat\u00e9riel de marketing.<\/p>\n<p>Ce texte est fourni \u00e0 titre d&#8217;information uniquement et ne doit pas \u00eatre interpr\u00e9t\u00e9 comme une offre, une sollicitation ou une recommandation pour la souscription, l&#8217;achat, la vente ou la garde de tout titre ou instrument financier, l&#8217;engagement dans toute autre transaction, la fourniture de tout conseil ou service d&#8217;investissement, ou comme un document contractuel. Il ne s&#8217;agit pas d&#8217;un conseil d&#8217;investissement, juridique, fiscal ou comptable, ni d&#8217;une d\u00e9claration selon laquelle un investissement ou une strat\u00e9gie est adapt\u00e9 ou appropri\u00e9 \u00e0 la situation d&#8217;un individu, ni d&#8217;un conseil d&#8217;investissement personnalis\u00e9 pour un investisseur.<\/p>\n<p>Ce texte refl\u00e8te les informations, les opinions et les commentaires de Schmid &amp; Partners Management Services Ltd. qui peuvent \u00eatre modifi\u00e9s sans pr\u00e9avis.<\/p>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section data-dce-background-color=\"#112457\" data-dce-background-image-url=\"https:\/\/www.sandp.ch\/wp-content\/uploads\/2022\/06\/6.jpg\" data-dce-background-overlay-image-url=\"https:\/\/www.sandp.ch\/wp-content\/uploads\/2022\/06\/3-1-1.png\" class=\"elementor-section elementor-top-section elementor-element elementor-element-fa1e721 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"fa1e721\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t\t<div class=\"elementor-background-overlay\"><\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-787eb36\" data-id=\"787eb36\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-758841e elementor-widget elementor-widget-heading\" data-id=\"758841e\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">KONTAKT <span style=\"font-weight: 600;\">ANFRAGE <\/span><\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8e8de50 elementor-widget elementor-widget-text-editor\" data-id=\"8e8de50\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Pour plus d&#8217;informations, n&#8217;h\u00e9sitez pas \u00e0 nous contacter.&nbsp;<\/p>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div data-dce-background-color=\"#11245700\" class=\"elementor-element elementor-element-69d4e72 elementor-widget elementor-widget-button\" data-id=\"69d4e72\" data-element_type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/www.sandp.ch\/fr\/contact\/\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\"><div class=\"word1\">Contact<\/div><b><div class=\"word2\">  nous<\/div><\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Perspectives du march\u00e9 T2 2025 Perspectives du march\u00e9 T2 2025 Les march\u00e9s restent stables mais prudents en raison des tensions g\u00e9opolitiques, des risques commerciaux et de l&#8217;incertitude politique. Les valorisations \u00e9lev\u00e9es persistent dans un contexte de b\u00e9n\u00e9fices mitig\u00e9s et de ralentissement de la croissance am\u00e9ricaine, avec un PIB pr\u00e9vu \u00e0 1,9 % en 2025, puis [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"elementor_header_footer","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[],"class_list":["post-38220","post","type-post","status-publish","format-standard","hentry","category-non-classifiee"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Perspectives du march\u00e9 T2 2025 - Schmid &amp; Partners Management Services Ltd.<\/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.sandp.ch\/fr\/perspectives-du-marche-t2-2025\/\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Perspectives du march\u00e9 T2 2025 - Schmid &amp; Partners Management Services Ltd.\" \/>\n<meta property=\"og:description\" content=\"Perspectives du march\u00e9 T2 2025 Perspectives du march\u00e9 T2 2025 Les march\u00e9s restent stables mais prudents en raison des tensions g\u00e9opolitiques, des risques commerciaux et de l&#8217;incertitude politique. Les valorisations \u00e9lev\u00e9es persistent dans un contexte de b\u00e9n\u00e9fices mitig\u00e9s et de ralentissement de la croissance am\u00e9ricaine, avec un PIB pr\u00e9vu \u00e0 1,9 % en 2025, puis [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.sandp.ch\/fr\/perspectives-du-marche-t2-2025\/\" \/>\n<meta property=\"og:site_name\" content=\"Schmid &amp; Partners Management Services Ltd.\" \/>\n<meta property=\"article:published_time\" content=\"2025-04-17T09:33:01+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-04-17T11:32:20+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.sandp.ch\/wp-content\/uploads\/2022\/07\/Logo-1024x1024-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"1024\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"MByc3FyPKGyxy94E\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"\u00c9crit par\" \/>\n\t<meta name=\"twitter:data1\" content=\"MByc3FyPKGyxy94E\" \/>\n\t<meta name=\"twitter:label2\" content=\"Dur\u00e9e de lecture estim\u00e9e\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.sandp.ch\/fr\/perspectives-du-marche-t2-2025\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.sandp.ch\/fr\/perspectives-du-marche-t2-2025\/\"},\"author\":{\"name\":\"MByc3FyPKGyxy94E\",\"@id\":\"https:\/\/www.sandp.ch\/#\/schema\/person\/f3d990bc4f7bc602523285b21863ec00\"},\"headline\":\"Perspectives du march\u00e9 T2 2025\",\"datePublished\":\"2025-04-17T09:33:01+00:00\",\"dateModified\":\"2025-04-17T11:32:20+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.sandp.ch\/fr\/perspectives-du-marche-t2-2025\/\"},\"wordCount\":751,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/www.sandp.ch\/#organization\"},\"articleSection\":[\"Non classifi\u00e9(e)\"],\"inLanguage\":\"fr-FR\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.sandp.ch\/fr\/perspectives-du-marche-t2-2025\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.sandp.ch\/fr\/perspectives-du-marche-t2-2025\/\",\"url\":\"https:\/\/www.sandp.ch\/fr\/perspectives-du-marche-t2-2025\/\",\"name\":\"Perspectives du march\u00e9 T2 2025 - Schmid &amp; 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