{"id":3032,"date":"2025-11-03T15:05:08","date_gmt":"2025-11-03T04:05:08","guid":{"rendered":"https:\/\/www.amillex.com\/?p=3032"},"modified":"2025-11-03T15:05:08","modified_gmt":"2025-11-03T04:05:08","slug":"amillex-daily-market-commentaryhawkish-rate-cut-from-the-fed-and-ongoing-tech-earnings-continue-to-dominate-market-swings-this-weeks-key-focus-can-gold-hold-the","status":"publish","type":"post","link":"https:\/\/amillexvn1.com\/fr\/2025\/11\/03\/amillex-daily-market-commentaryhawkish-rate-cut-from-the-fed-and-ongoing-tech-earnings-continue-to-dominate-market-swings-this-weeks-key-focus-can-gold-hold-the\/","title":{"rendered":"Commentaire quotidien d&#039;Amillex sur les march\u00e9s\u00a0: La \u00ab\u00a0baisse de taux drastique\u00a0\u00bb de la Fed et les r\u00e9sultats des entreprises technologiques continuent de dominer les fluctuations du march\u00e9. Cette semaine, l&#039;enjeu principal est le maintien de l&#039;or au-dessus de 4\u00a0000\u00a0$ ($4), principal champ de bataille entre acheteurs et vendeurs."},"content":{"rendered":"<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<h2 class=\"wp-block-heading\">3 novembre 2025 \u2014 Comme pr\u00e9vu, la R\u00e9serve f\u00e9d\u00e9rale a abaiss\u00e9 ses taux de 25 points de base la semaine derni\u00e8re, mais a adopt\u00e9 un ton ferme, temp\u00e9rant ainsi les anticipations d&#039;une nouvelle baisse en d\u00e9cembre. Le Nasdaq a progress\u00e9 de 2\u00a0241 milliards de dollars sur la semaine, malgr\u00e9 d&#039;importantes fluctuations quotidiennes. La capitalisation boursi\u00e8re de Nvidia a franchi la barre des 1\u00a0450 milliards de dollars, un cap historique. L&#039;or au comptant a recul\u00e9 de 2\u00a0651 milliards de dollars, mais s&#039;est maintenu au-dessus de 1\u00a0440 milliards de dollars, tandis que l&#039;indice du dollar am\u00e9ricain a atteint 99,7, son plus haut niveau en deux mois. Le principal sujet d&#039;int\u00e9r\u00eat pour le march\u00e9 demeure le bras de fer intense entre la \u00ab\u00a0r\u00e9\u00e9valuation des politiques mon\u00e9taires\u00a0\u00bb et \u00ab\u00a0l&#039;escalade des risques g\u00e9opolitiques\u00a0\u00bb.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">March\u00e9 boursier am\u00e9ricain\u00a0: le secteur technologique conna\u00eet une forte divergence\u00a0; Nvidia franchit une \u00e9tape historique<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Performance hebdomadaire : Nasdaq +2,24%, S&amp;P 500 +0,71%, Dow Jones +0,75% \u2014 tous prolongeant leurs s\u00e9ries de gains mensuels (septi\u00e8me gain mensuel cons\u00e9cutif pour le Nasdaq).<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">\u00c9tape importante\u00a0: la capitalisation boursi\u00e8re de Nvidia a d\u00e9pass\u00e9 1\u00a0405 milliards de dollars, faisant d\u2019elle la premi\u00e8re soci\u00e9t\u00e9 cot\u00e9e en bourse \u00e0 atteindre ce niveau\u00a0; les actions ont gagn\u00e9 plus de 81\u00a0300 milliards de dollars au cours de la semaine.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Performance polaris\u00e9e :<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Leaders : Amazon +10,61 TP3T (la croissance de son activit\u00e9 cloud atteint son plus haut niveau en trois ans) ; Google +51 TP3T (le chiffre d&#039;affaires du troisi\u00e8me trimestre d\u00e9passe pour la premi\u00e8re fois 1 TP4T100 milliards de dollars).<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">En retard : Meta -11% (le b\u00e9n\u00e9fice du T3 a chut\u00e9 de 83%) ; Microsoft -2% (la croissance du cloud Azure n&#039;a pas \u00e9t\u00e9 \u00e0 la hauteur des attentes).<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Principaux facteurs moteurs :<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Validation de la demande en IA\u00a0: les puces Blackwell de Nvidia devraient g\u00e9n\u00e9rer 1\u00a0400\u00a0500 milliards de dollars de revenus au cours des cinq prochains trimestres\u00a0; Qualcomm a lanc\u00e9 la puce AI200 pour contester sa domination sur le march\u00e9.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Contexte politique : La baisse des taux de la Fed \u00e0 3,75%\u20134,00% a att\u00e9nu\u00e9 les pressions sur le financement, mais le ton restrictif a limit\u00e9 la croissance des valorisations.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">M\u00e9taux pr\u00e9cieux\u00a0: L\u2019or se stabilise au-dessus de 1\u00a0TP4\u00a0T4\u00a0000 apr\u00e8s de fortes fluctuations\u00a0; les achats des banques centrales soutiennent les perspectives \u00e0 long terme<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Or au comptant : Fourchette hebdomadaire sup\u00e9rieure \u00e0 5%, a bri\u00e8vement chut\u00e9 \u00e0 $3 870 avant de rebondir pour cl\u00f4turer \u00e0 $4 003.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Argent au comptant : +0,19% \u00e0 $48,68, marquant son sixi\u00e8me gain mensuel cons\u00e9cutif.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Principes fondamentaux :<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Impact d&#039;une baisse de taux restrictive\u00a0: Powell a d\u00e9clar\u00e9 qu&#039;\u00ab\u00a0une baisse de taux en d\u00e9cembre n&#039;est pas acquise\u00a0\u00bb, ce qui a provoqu\u00e9 une chute de 3% en une seule journ\u00e9e du cours de l&#039;or.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Soutien g\u00e9opolitique\u00a0: les projets am\u00e9ricains d\u2019une \u00e9ventuelle action militaire contre le Venezuela et le cessez-le-feu fragile \u00e0 Gaza soulignent l\u2019attrait de l\u2019or comme valeur refuge.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Pr\u00e9visions divergentes\u00a0: Citi reste pessimiste \u00e0 court terme (objectif $3\u00a0800), tandis que HSBC pr\u00e9voit une hausse du cours de l\u2019or \u00e0 $4\u00a0400 au premier semestre 2026.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">March\u00e9 des changes : Le dollar atteint son plus haut niveau en deux mois tandis que le yen chute \u00e0 son plus bas niveau annuel.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Dollar : DXY +0,77% \u00e0 99,7, soutenu par la rh\u00e9torique restrictive de la Fed.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Le yen a chut\u00e9 \u00e0 153,50 \u00a5 pour un dollar am\u00e9ricain, son niveau le plus bas depuis f\u00e9vrier, la Banque du Japon ayant maintenu sa politique inchang\u00e9e, creusant ainsi l&#039;\u00e9cart de taux.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Logique principale\u00a0: Les orientations politiques divergentes de la Fed (rigoureuse) et de la BOJ (accommodante) ont aliment\u00e9 une reprise des op\u00e9rations de portage.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Mati\u00e8res premi\u00e8res : Le p\u00e9trole est confront\u00e9 \u00e0 un bras de fer entre l&#039;offre et la demande, alors que la prime de risque li\u00e9e au Venezuela augmente.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">P\u00e9trole brut WTI\u00a0: en baisse de 1,21\u00a0TP3T sur la semaine \u00e0 $60,8, mais a rebondi vendredi suite \u00e0 des informations selon lesquelles les \u00c9tats-Unis pourraient mener des frappes militaires au Venezuela.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Conducteurs :<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Pressions sur l&#039;offre : les anticipations d&#039;\u00e9ventuelles hausses de production de l&#039;OPEP+ ont pes\u00e9 sur les prix ; les r\u00e9ductions des stocks de l&#039;EIA n&#039;ont pas compens\u00e9 la faiblesse de l&#039;offre.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Prime g\u00e9opolitique : Toute action militaire am\u00e9ricaine contre le Venezuela pourrait faire grimper les prix du p\u00e9trole jusqu&#039;\u00e0 $65 \u00e0 court terme.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Cryptomonnaies\u00a0: Le Bitcoin chute de pr\u00e8s de 41\u00a0000\u00a0trous face \u00e0 l\u2019incertitude r\u00e9glementaire croissante<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Principales cryptomonnaies\u00a0: Bitcoin -3,8% \u00e0 $105\u00a0000\u00a0; Ethereum a suivi la m\u00eame tendance \u00e0 la baisse.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Contraintes politiques\u00a0: La Banque populaire de Chine a r\u00e9it\u00e9r\u00e9 sa lutte contre la sp\u00e9culation sur les cryptomonnaies, tandis que la SEC am\u00e9ricaine a renforc\u00e9 son contr\u00f4le sur les stablecoins.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">\u00c9v\u00e9nements cl\u00e9s \u00e0 surveiller cette semaine<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Interventions des membres de la Fed\u00a0: Remarques du pr\u00e9sident de la Fed de New York, Williams, et du pr\u00e9sident de la Fed de Saint-Louis, Musalem \u2014 indices potentiels sur l\u2019\u00e9volution des taux en d\u00e9cembre.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Banques centrales :<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">D\u00e9cision de politique mon\u00e9taire de la Banque d&#039;Angleterre \u2014 les taux devraient rester inchang\u00e9s ; des votes partag\u00e9s pourraient entra\u00eener une volatilit\u00e9 de la livre sterling.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">La Banque de r\u00e9serve d&#039;Australie devrait maintenir ses taux inchang\u00e9s face \u00e0 une inflation persistante.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Donn\u00e9es am\u00e9ricaines : L&#039;indice PMI de l&#039;emploi d&#039;ADP et des services d&#039;ISM servira d&#039;indicateur cl\u00e9 dans le contexte de la fermeture continue du gouvernement (les cr\u00e9ations d&#039;emplois non agricoles pourraient \u00eatre \u00e0 nouveau retard\u00e9es).<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Cour supr\u00eame des \u00c9tats-Unis\u00a0: Une affaire relative \u00e0 l\u2019autorit\u00e9 tarifaire pourrait limiter les pouvoirs pr\u00e9sidentiels et apaiser les tensions commerciales.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">G\u00e9opolitique : \u00c9volution de la situation au Venezuela \u2014 une escalade pourrait faire grimper la prime de risque du p\u00e9trole.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">B\u00e9n\u00e9fices des entreprises :<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">AMD : Les commandes de puces IA et le potentiel de collaboration avec OpenAI au centre des pr\u00e9occupations.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Qualcomm : Si les nouvelles commandes de puces IA d\u00e9passent les pr\u00e9visions, cela pourrait remettre en question la domination de Nvidia.<\/h2>\n<\/blockquote>","protected":false},"excerpt":{"rendered":"<p>November 3, 2025 \u2014 As expected, the Federal Reserve cut rates by 25 basis points last week but delivered a hawkish message that dampened expectations for another cut in December. The Nasdaq rose 2.24% for the week but showed wider daily fluctuations. Nvidia\u2019s market capitalization surpassed $5 trillion, marking a historic milestone. Spot gold fell [&hellip;]<\/p>\n","protected":false},"author":6,"featured_media":3033,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"ocean_post_layout":"","ocean_both_sidebars_style":"","ocean_both_sidebars_content_width":0,"ocean_both_sidebars_sidebars_width":0,"ocean_sidebar":"","ocean_second_sidebar":"","ocean_disable_margins":"enable","ocean_add_body_class":"","ocean_shortcode_before_top_bar":"","ocean_shortcode_after_top_bar":"","ocean_shortcode_before_header":"","ocean_shortcode_after_header":"","ocean_has_shortcode":"","ocean_shortcode_after_title":"","ocean_shortcode_before_footer_widgets":"","ocean_shortcode_after_footer_widgets":"","ocean_shortcode_before_footer_bottom":"","ocean_shortcode_after_footer_bottom":"","ocean_display_top_bar":"default","ocean_display_header":"default","ocean_header_style":"","ocean_center_header_left_menu":"","ocean_custom_header_template":"","ocean_custom_logo":0,"ocean_custom_retina_logo":0,"ocean_custom_logo_max_width":0,"ocean_custom_logo_tablet_max_width":0,"ocean_custom_logo_mobile_max_width":0,"ocean_custom_logo_max_height":0,"ocean_custom_logo_tablet_max_height":0,"ocean_custom_logo_mobile_max_height":0,"ocean_header_custom_menu":"","ocean_menu_typo_font_family":"","ocean_menu_typo_font_subset":"","ocean_menu_typo_font_size":0,"ocean_menu_typo_font_size_tablet":0,"ocean_menu_typo_font_size_mobile":0,"ocean_menu_typo_font_size_unit":"px","ocean_menu_typo_font_weight":"","ocean_menu_typo_font_weight_tablet":"","ocean_menu_typo_font_weight_mobile":"","ocean_menu_typo_transform":"","ocean_menu_typo_transform_tablet":"","ocean_menu_typo_transform_mobile":"","ocean_menu_typo_line_height":0,"ocean_menu_typo_line_height_tablet":0,"ocean_menu_typo_line_height_mobile":0,"ocean_menu_typo_line_height_unit":"","ocean_menu_typo_spacing":0,"ocean_menu_typo_spacing_tablet":0,"ocean_menu_typo_spacing_mobile":0,"ocean_menu_typo_spacing_unit":"","ocean_menu_link_color":"","ocean_menu_link_color_hover":"","ocean_menu_link_color_active":"","ocean_menu_link_background":"","ocean_menu_link_hover_background":"","ocean_menu_link_active_background":"","ocean_menu_social_links_bg":"","ocean_menu_social_hover_links_bg":"","ocean_menu_social_links_color":"","ocean_menu_social_hover_links_color":"","ocean_disable_title":"default","ocean_disable_heading":"default","ocean_post_title":"","ocean_post_subheading":"","ocean_post_title_style":"","ocean_post_title_background_color":"","ocean_post_title_background":0,"ocean_post_title_bg_image_position":"","ocean_post_title_bg_image_attachment":"","ocean_post_title_bg_image_repeat":"","ocean_post_title_bg_image_size":"","ocean_post_title_height":0,"ocean_post_title_bg_overlay":0.5,"ocean_post_title_bg_overlay_color":"","ocean_disable_breadcrumbs":"default","ocean_breadcrumbs_color":"","ocean_breadcrumbs_separator_color":"","ocean_breadcrumbs_links_color":"","ocean_breadcrumbs_links_hover_color":"","ocean_display_footer_widgets":"default","ocean_display_footer_bottom":"default","ocean_custom_footer_template":"","ocean_post_oembed":"","ocean_post_self_hosted_media":"","ocean_post_video_embed":"","ocean_link_format":"","ocean_link_format_target":"self","ocean_quote_format":"","ocean_quote_format_link":"post","ocean_gallery_link_images":"on","ocean_gallery_id":[],"footnotes":""},"categories":[1],"tags":[],"class_list":["post-3032","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorised","entry","has-media"],"_links":{"self":[{"href":"https:\/\/amillexvn1.com\/fr\/wp-json\/wp\/v2\/posts\/3032","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/amillexvn1.com\/fr\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/amillexvn1.com\/fr\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/amillexvn1.com\/fr\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/amillexvn1.com\/fr\/wp-json\/wp\/v2\/comments?post=3032"}],"version-history":[{"count":1,"href":"https:\/\/amillexvn1.com\/fr\/wp-json\/wp\/v2\/posts\/3032\/revisions"}],"predecessor-version":[{"id":3034,"href":"https:\/\/amillexvn1.com\/fr\/wp-json\/wp\/v2\/posts\/3032\/revisions\/3034"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/amillexvn1.com\/fr\/wp-json\/wp\/v2\/media\/3033"}],"wp:attachment":[{"href":"https:\/\/amillexvn1.com\/fr\/wp-json\/wp\/v2\/media?parent=3032"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/amillexvn1.com\/fr\/wp-json\/wp\/v2\/categories?post=3032"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/amillexvn1.com\/fr\/wp-json\/wp\/v2\/tags?post=3032"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}