NK Lettre Mensuelle – Septembre 2026<\/a><\/strong><\/p>\n\u00ab\u00a0En septembre, les banques centrales ont rattrap\u00e9 le march\u00e9 obligataire<\/strong>. La Banque centrale europ\u00e9enne, la R\u00e9serve f\u00e9d\u00e9rale et la Banque du Japon ont chacune relev\u00e9 leurs taux de 25 points de base en l’espace de huit jours<\/strong>, alors que l’enlisement des n\u00e9gociations entre les \u00c9tats-Unis et l’Iran ramenait le Brent au-dessus de 100 dollars et les prix du gaz europ\u00e9en \u00e0 des niveaux in\u00e9dits depuis 2022. Face \u00e0 une inflation li\u00e9e \u00e0 l’\u00e9nergie qui refuse de refluer, les banquiers centraux ont clairement indiqu\u00e9 qu’ils n’\u00e9taient pas pr\u00eats \u00e0 ignorer ce choc, et la R\u00e9serve f\u00e9d\u00e9rale a proc\u00e9d\u00e9 \u00e0 sa premi\u00e8re hausse de taux depuis 2023.<\/em><\/p>\nLes taux longs n’ont pas attendu. Le rendement du 10 ans am\u00e9ricain a franchi les 5 %<\/strong> pour la premi\u00e8re fois depuis 2007, tandis que les taux japonais et europ\u00e9ens atteignaient des plus hauts de plusieurs ann\u00e9es et que l’\u00e9cart OAT\u2013Bund se creusait \u00e0 son plus haut niveau depuis plus de dix ans<\/strong>. Les actions, en revanche, ont fait preuve d’une r\u00e9silience remarquable<\/strong> : le S&P 500 a termin\u00e9 le mois proche de son record d’ao\u00fbt, port\u00e9 par une solide dynamique des r\u00e9sultats et de nouvelles r\u00e9visions \u00e0 la hausse des pr\u00e9visions de b\u00e9n\u00e9fices pour 2026, m\u00eame si les petites capitalisations ont \u00e9t\u00e9 mises sous pression. L’or a rendu l’essentiel de sa hausse de fin ao\u00fbt, la remont\u00e9e des taux r\u00e9els ayant accru le co\u00fbt d’opportunit\u00e9 de sa d\u00e9tention.<\/em><\/p>\nNos convictions restent globalement inchang\u00e9es<\/strong> : nous demeurons constructifs sur les actifs risqu\u00e9s, avec une nette pr\u00e9f\u00e9rence pour la qualit\u00e9, la diversification et la s\u00e9lectivit\u00e9<\/strong>. La principale \u00e9volution concerne les obligations. Apr\u00e8s la forte hausse des taux, les niveaux actuels permettent de s\u00e9curiser des rendements plus \u00e9lev\u00e9s sur plusieurs ann\u00e9es*, et nous voyons une opportunit\u00e9 croissante de reconstituer une exposition aux obligations de qualit\u00e9<\/strong>. Avec le d\u00e9troit d’Ormuz, les \u00e9lections de mi-mandat am\u00e9ricaines et la saison des r\u00e9sultats du troisi\u00e8me trimestre en ligne de mire, la discipline reste de mise<\/strong>.\u00a0\u00bb<\/em><\/p>\nJEAN-PHILIPPE PETIT, Chief Investment Officer<\/p>\n
Ce document est fourni \u00e0 titre informatif uniquement et refl\u00e8te les opinions et analyses de march\u00e9 de Norman K. \u00e0 la date de sa publication. Ces opinions sont susceptibles d\u2019\u00e9voluer sans pr\u00e9avis et la pr\u00e9sente communication n\u2019a pas vocation \u00e0 \u00eatre mise \u00e0 jour afin de refl\u00e9ter les \u00e9volutions ult\u00e9rieures des march\u00e9s. Elle ne constitue ni un conseil en investissement, ni une recherche en investissement, ni une offre, une sollicitation ou une recommandation d\u2019achat ou de vente d\u2019un quelconque instrument financier. Toute d\u00e9cision d\u2019investissement doit \u00eatre prise sur la seule base de l\u2019\u00e9valuation propre de l\u2019investisseur et, le cas \u00e9ch\u00e9ant, apr\u00e8s consultation d\u2019un professionnel.<\/p>\n","protected":false},"excerpt":{"rendered":"
✉️ Nous avons le plaisir de vous pr\u00e9senter notre newsletter\u2026<\/p>\n","protected":false},"author":3,"featured_media":1820,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[55],"tags":[],"class_list":["post-3821","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-nk-monthly-newsletter-2-fr"],"acf":[],"yoast_head":"\n
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