\n \u00c0 la fin de juin, le minist\u00e8re des Finances f\u00e9d\u00e9ral a annonc\u00e9 des chiffres\n concrets pour soutenir ces promesses.\n <\/p>\n
\n Le gouvernement allemand gonflera son fonds sp\u00e9cial pour les\n infrastructures d\u2019environ 58 milliards d\u2019euros d\u2019ici 2026 et affectera\n environ 25 milliards d\u2019euros aux d\u00e9penses annuelles de d\u00e9fense. Le pic des\n stimulations, et du d\u00e9ficit budg\u00e9taire, est pr\u00e9vu pour 2026.\n <\/p>\n
\n Qui plus est, les d\u00e9tails publi\u00e9s par le minist\u00e8re des Finances montrent\n qu\u2019une part importante des d\u00e9penses est destin\u00e9e \u00e0 des domaines qui\n devraient stimuler la croissance de l\u2019\u00e9conomie. En 2025 seulement,\n 22 milliards d\u2019euros, soit environ 0,5 % du PIB allemand, seront consacr\u00e9s\n \u00e0 l\u2019am\u00e9lioration du secteur ferroviaire. Aussi, 4 milliards d\u2019euros par\n ann\u00e9e sont pr\u00e9vus pour le logement, 4 milliards d\u2019euros pour la\n num\u00e9risation et 6,5 milliards d\u2019euros pour l\u2019\u00e9ducation et les services aux\n enfants.\n <\/p>\n
\n RBC March\u00e9s des Capitaux s\u2019attend \u00e0 ce que ces d\u00e9penses favorisent\n substantiellement la croissance en Allemagne et, par cons\u00e9quent, dans la\n zone euro en 2025 et 2026, mais elles devraient s\u2019estomper par la suite.\n Cette conjoncture renforce la confiance de RBC March\u00e9s des Capitaux dans\n ses pr\u00e9visions de croissance pour l\u2019ensemble de la r\u00e9gion de 1,3 % et de\n 1,5 % pour cette ann\u00e9e et l\u2019ann\u00e9e prochaine, respectivement, des\n pr\u00e9visions qui sont l\u00e9g\u00e8rement sup\u00e9rieures \u00e0 celles des analystes.\n <\/p>\n \n
Les d\u00e9penses anticip\u00e9es accentueront le d\u00e9ficit de l\u2019Allemagne<\/h3>\n \n Pr\u00e9visions de d\u00e9ficit du minist\u00e8re des Finances de l\u2019Allemagne (% du PIB)\n <\/h4>\n \n \n ![\"Pr\u00e9visions](\"https:\/\/www.rbcwealthmanagement.com\/assets\/wp-content\/uploads\/europe-summer-2025-headlines-fr-chart-1-in-page-corp.png\"\n)
\n \n Le graphique montre les attentes du minist\u00e8re des Finances de l\u2019Allemagne \u00e0 l\u2019\u00e9gard du d\u00e9ficit du pays en pourcentage du PIB au d\u00e9but de l\u2019ann\u00e9e et apr\u00e8s l\u2019annonce budg\u00e9taire. Alors que le minist\u00e8re s\u2019attendait plus t\u00f4t \u00e0 ce que le d\u00e9ficit soit de 1,5 % du PIB en 2025 et de 1,2 % pour 2026 et 2027, il s\u2019attend maintenant \u00e0 ce qu\u2019il se situe entre 3 % et 4 % du PIB au cours des cinq prochaines ann\u00e9es.\n <\/p>\n
\n - \n \n <\/div>\n <\/div>\n Pr\u00e9visions de d\u00e9ficit avant l\u2019annonce budg\u00e9taire\n <\/li>\n
- \n \n <\/div>\n <\/div>\n Pr\u00e9visions de d\u00e9ficit apr\u00e8s l\u2019annonce budg\u00e9taire\n <\/li>\n <\/ul>\n
\n Sources : Minist\u00e8re des Finances allemand, Bundesbank, RBC March\u00e9s\n des Capitaux, RBC Gestion de patrimoine\n <\/p>\n <\/div>\n <\/div>\n \n
L\u2019accord commercial, au-del\u00e0 des manchettes<\/h2>\n
\n Les \u00c9tats-Unis et l\u2019Union europ\u00e9enne (UE) ont conclu une entente \u00e0 la fin\n de juillet qui introduit des tarifs de 15 % pour la plupart des\n exportations de l\u2019UE, y compris les automobiles, les produits\n pharmaceutiques et les semiconducteurs. L\u2019acier et l\u2019aluminium demeurent\n assujettis \u00e0 des droits de 50 % \u00e0 l\u2019\u00e9chelle mondiale, mais des discussions\n sont en cours concernant d\u2019\u00e9ventuelles r\u00e9ductions.\n <\/p>\n
\n De plus, la Commission europ\u00e9enne, qui a n\u00e9goci\u00e9 les modalit\u00e9s de\n l\u2019entente au nom des \u00c9tats membres, s\u2019est engag\u00e9e \u00e0 ce que l\u2019UE investisse\n 600 milliards de dollars dans l\u2019\u00e9conomie am\u00e9ricaine et \u00e0 ce qu\u2019elle ach\u00e8te\n pour 750 milliards de dollars d\u2019exportations \u00e9nerg\u00e9tiques des \u00c9tats-Unis\n au cours des trois prochaines ann\u00e9es.\n <\/p>\n
\n D\u2019embl\u00e9e, l\u2019entente a \u00e9t\u00e9 mal accueillie en Europe. Les tarifs de 15 %\n \u00e9tant plus \u00e9lev\u00e9s que ceux de 10 % en vigueur depuis avril 2025; il\n semblait donc que l\u2019UE avait capitul\u00e9. Cette entente a d\u00e9\u00e7u de nombreux\n observateurs, \u00e9tant donn\u00e9 que le march\u00e9 europ\u00e9en, qui compte 450 millions\n de personnes avec un pouvoir d\u2019achat par habitant \u00e9lev\u00e9, est une force\n g\u00e9o\u00e9conomique.\n <\/p>\n
\n Cela dit, le tarif convenu est inf\u00e9rieur \u00e0 celui de 30 % que le pr\u00e9sident\n Trump mena\u00e7ait d\u2019imposer en juin. M\u00eame si le taux de 15 % ne se compare\n pas favorablement aux droits de douane de 10 % du Royaume-Uni, les\n nombreux accords commerciaux conclus depuis avec d\u2019autres partenaires\n commerciaux pr\u00e9voient des droits d\u2019au moins 15 %, ce qui nous donne \u00e0\n penser que l\u2019UE n\u2019est pas dans une mauvaise position concurrentielle apr\u00e8s\n tout.\n <\/p>\n
\n La Commission europ\u00e9enne n\u2019a pas le pouvoir de faire appliquer les\n compromis qu\u2019elle a n\u00e9goci\u00e9s, soit de hausser les investissements et les\n achats d\u2019\u00e9nergie europ\u00e9ens. Bien qu\u2019elle puisse n\u00e9gocier des accords\n commerciaux, elle n\u2019a aucune autorit\u00e9 sur les investissements priv\u00e9s et\n elle ne peut pas non plus dicter aux entreprises o\u00f9 s\u2019approvisionner en\n \u00e9nergie. L\u2019\u00e9quipe de la strat\u00e9gie relative aux produits de base de\n RBC March\u00e9s des Capitaux doute que les \u00c9tats-Unis puissent livrer une\n quantit\u00e9 d\u2019\u00e9nergie \u00e9quivalant \u00e0 750 milliards de dollars \u00e0 l\u2019UE au cours\n des trois prochaines ann\u00e9es.\n <\/p>\n
\n Enfin, l\u2019UE n\u2019a pas abandonn\u00e9 sa r\u00e9glementation des multinationales\n am\u00e9ricaines sur le sol europ\u00e9en ni son pouvoir d\u2019imposer une taxe sur les\n services num\u00e9riques (elle tient toujours ces pr\u00e9cieuses cartes dans ses\n mains).\n <\/p>\n
\n Par ailleurs, il semble que Trump ait abandonn\u00e9 l\u2019id\u00e9e de traiter la taxe\n sur la valeur ajout\u00e9e impos\u00e9e par les \u00c9tats membres de l\u2019UE \u2013 une taxe de\n vente g\u00e9n\u00e9ralement sup\u00e9rieure \u00e0 20 % \u2013 comme une barri\u00e8re fiscale injuste\n pour les exportations am\u00e9ricaines.\n <\/p>\n
\n Dans l\u2019ensemble, nous pensons que cet accord n\u2019est pas aussi d\u00e9favorable \u00e0\n l\u2019Europe que les premi\u00e8res r\u00e9actions l\u2019ont laiss\u00e9 entendre.\n <\/p>\n \n
Optimisme soutenu?<\/h2>\n
\n Apr\u00e8s un d\u00e9but d\u2019ann\u00e9e vigoureux et une reprise rapide suivant la\n correction induite par l\u2019annonce du 2 avril sur les tarifs r\u00e9ciproques,\n les actions europ\u00e9ennes ont stagn\u00e9 cet \u00e9t\u00e9, leur rendement ayant \u00e9t\u00e9\n \u00e9clips\u00e9 par celui du secteur am\u00e9ricain des technologies et par les\n fluctuations de change. Or, dans l\u2019ensemble, l\u2019indice STOXX Europe hors\n Royaume-Uni a tout de m\u00eame inscrit un rendement de plus de 13 % depuis le\n d\u00e9but de l\u2019ann\u00e9e en monnaies locales (y compris les dividendes),\n surpassant le rendement de 9,5 % de l\u2019indice S&P 500 en dollars. Gr\u00e2ce\n \u00e0 la d\u00e9pr\u00e9ciation non n\u00e9gligeable du dollar am\u00e9ricain par rapport \u00e0 l\u2019euro\n cette ann\u00e9e, le rendement de l\u2019indice STOXX Europe hors Royaume-Uni est\n d\u2019environ 28 % en dollars am\u00e9ricains.\n <\/p>\n
\n Cette performance a \u00e9t\u00e9 port\u00e9e par les titres de valeur, notamment ceux\n des banques (en hausse de pr\u00e8s de 60 % en monnaies locales). De plus, la\n construction et les mat\u00e9riaux, l\u2019assurance, et les services publics ont\n tous progress\u00e9 de plus de 20 %. La plupart des titres de qualit\u00e9 ont d\u00e9\u00e7u\n les attentes, ce qui t\u00e9moigne en partie de la rotation du march\u00e9 vers les\n titres de valeur, mais aussi d\u2019un \u00e9ventail de facteurs idiosyncrasiques\n qui ont entra\u00een\u00e9 des r\u00e9visions \u00e0 la baisse des b\u00e9n\u00e9fices.\n <\/p>\n
\n Une r\u00e9solution diplomatique du conflit en Ukraine pourrait agir comme\n catalyseur positif pour les actions europ\u00e9ennes, \u00e0 notre avis. L\u2019espoir\n d\u2019efforts de reconstruction pourrait \u00e9merger, mais ce sc\u00e9nario\n n\u00e9cessiterait que les hostilit\u00e9s cessent de fa\u00e7on durable. Si tel \u00e9tait le\n cas, les banques, en particulier celles qui sont expos\u00e9es \u00e0 l\u2019Europe\n centrale et orientale, pourraient en profiter, selon nous, tout comme les\n entreprises de construction et de granulats. La baisse des prix de\n l\u2019\u00e9nergie gr\u00e2ce \u00e0 la r\u00e9duction des co\u00fbts de transport et d\u2019assurance\n pourrait \u00e9galement avantager la r\u00e9gion, mais l\u2019am\u00e9lioration des prix sera\n probablement n\u00e9gligeable, cari l y a fort \u00e0 parier que les sanctions de\n l\u2019UE contre la Russie demeureront en place, m\u00eame si un cessez-le-feu \u00e9tait\n d\u00e9cr\u00e9t\u00e9.\n <\/p>\n
\n Globalement, l\u2019optimisme \u00e0 l\u2019\u00e9gard des actifs risqu\u00e9s europ\u00e9ens pourrait\n s\u2019am\u00e9liorer \u00e0 court terme dans la foul\u00e9e des efforts diplomatiques\n apparemment fructueux, mais nous d\u00e9conseillons tout exc\u00e8s d\u2019optimisme\n quant \u00e0 une fin imm\u00e9diate et durable des hostilit\u00e9s, car les enjeux\n connexes sont complexes.\n <\/p>\n
\n Quoi qu\u2019il en soit, \u00e0 la lumi\u00e8re de la reprise \u00e9conomique europ\u00e9enne\n attribuable \u00e0 la baisse des taux d\u2019int\u00e9r\u00eat, au programme budg\u00e9taire\n allemand et \u00e0 l\u2019engagement de la r\u00e9gion \u00e0 investir dans son secteur de la\n d\u00e9fense, nous sommes d\u2019avis que les arguments en faveur des placements en\n Europe demeurent valides. L\u2019indice STOXX Europe hors Royaume-Uni se\n n\u00e9gocie 16,2 fois les pr\u00e9visions consensuelles de b\u00e9n\u00e9fices sur 12 mois,\n ce qui est l\u00e9g\u00e8rement au-dessus de sa moyenne \u00e0 long terme, et justifi\u00e9,\n selon nous, compte tenu des meilleures perspectives de croissance \u00e0 moyen\n terme pour la r\u00e9gion.\n <\/p>\n
\n Nous pr\u00e9f\u00e9rons toujours les secteurs qui sont susceptibles, selon nous, de\n profiter du paquet d\u2019aides, comme certains segments du secteur des\n produits industriels, telle la d\u00e9fense, et les mati\u00e8res. \u00c0 notre avis, les\n banques devraient profiter des meilleures perspectives de croissance \u00e0\n moyen terme de la r\u00e9gion, tout en continuant d\u2019offrir des dividendes\n int\u00e9ressants et des occasions de rachats d\u2019actions.\n <\/p>\n
Avec l\u2019apport de Thomas McGarrity, CFA<\/p>\n \n <\/body>\n\n\n\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
L\u2019Europe a fait couler beaucoup d\u2019encre cet \u00e9t\u00e9. Nous faisons fi des manchettes pour rep\u00e9rer les segments du march\u00e9 boursier europ\u00e9en qui, de notre avis, sont int\u00e9ressants.<\/p>\n","protected":false},"author":15,"featured_media":26786,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"rbcwm_post_date":"2025-08-21T12:25:15","editor_notices":[],"rbc_url_alias":"","rbcwm_featured_desktop_image_position":"","rbcwm_featured_mobile_image_position":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[510],"tags":[],"rbcwm_content_owner":[675],"rbcwm_need":[],"rbcwm_segment":[],"rbcwm_solution":[],"rbcwm_topic":[590],"rbcwm_channel":[],"rbcwm_format":[],"class_list":["post-26785","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-analyse","rbcwm_content_owner-pag","rbcwm_topic-global-insights"],"acf":{"rbcwm_subtitle":"L\u2019Europe a fait couler beaucoup d\u2019encre cet \u00e9t\u00e9. Nous faisons fi des manchettes pour rep\u00e9rer les segments du march\u00e9 boursier europ\u00e9en qui, de notre avis, sont int\u00e9ressants.","rbcwm_post_author":[958],"rbcwm_custom_breadcrumb_text":"","rbcwm_custom_breadcrumb_link_url":"","rbcwm_disclaimers":{"add_disclosures":["Yes"],"perspective_disclaimer":"","expandable":"","omit_from_pages":"","disclaimer_footnote":""},"rbcwm_insight_cta_id":[10888],"rbcwm_pagination":{"next_link":"","next_link_text":"Next article","previous_link":"","previous_link_text":"Previous article"},"rbcwm_video_duration":"","article_time":"","rbcwm_enable_toc":false,"rbcwm_toc_selector":"h2"},"yoast_head":"\n
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\n \n Le graphique montre les attentes du minist\u00e8re des Finances de l\u2019Allemagne \u00e0 l\u2019\u00e9gard du d\u00e9ficit du pays en pourcentage du PIB au d\u00e9but de l\u2019ann\u00e9e et apr\u00e8s l\u2019annonce budg\u00e9taire. Alors que le minist\u00e8re s\u2019attendait plus t\u00f4t \u00e0 ce que le d\u00e9ficit soit de 1,5 % du PIB en 2025 et de 1,2 % pour 2026 et 2027, il s\u2019attend maintenant \u00e0 ce qu\u2019il se situe entre 3 % et 4 % du PIB au cours des cinq prochaines ann\u00e9es.\n <\/p>\n
- \n
- \n \n<\/div>\n <\/div>\n Pr\u00e9visions de d\u00e9ficit avant l\u2019annonce budg\u00e9taire\n <\/li>\n
- \n
\n<\/div>\n <\/div>\n Pr\u00e9visions de d\u00e9ficit apr\u00e8s l\u2019annonce budg\u00e9taire\n <\/li>\n <\/ul>\n\n Sources : Minist\u00e8re des Finances allemand, Bundesbank, RBC March\u00e9s\n des Capitaux, RBC Gestion de patrimoine\n <\/p>\n <\/div>\n <\/div>\n \n
L\u2019accord commercial, au-del\u00e0 des manchettes<\/h2>\n
\n Les \u00c9tats-Unis et l\u2019Union europ\u00e9enne (UE) ont conclu une entente \u00e0 la fin\n de juillet qui introduit des tarifs de 15 % pour la plupart des\n exportations de l\u2019UE, y compris les automobiles, les produits\n pharmaceutiques et les semiconducteurs. L\u2019acier et l\u2019aluminium demeurent\n assujettis \u00e0 des droits de 50 % \u00e0 l\u2019\u00e9chelle mondiale, mais des discussions\n sont en cours concernant d\u2019\u00e9ventuelles r\u00e9ductions.\n <\/p>\n
\n De plus, la Commission europ\u00e9enne, qui a n\u00e9goci\u00e9 les modalit\u00e9s de\n l\u2019entente au nom des \u00c9tats membres, s\u2019est engag\u00e9e \u00e0 ce que l\u2019UE investisse\n 600 milliards de dollars dans l\u2019\u00e9conomie am\u00e9ricaine et \u00e0 ce qu\u2019elle ach\u00e8te\n pour 750 milliards de dollars d\u2019exportations \u00e9nerg\u00e9tiques des \u00c9tats-Unis\n au cours des trois prochaines ann\u00e9es.\n <\/p>\n
\n D\u2019embl\u00e9e, l\u2019entente a \u00e9t\u00e9 mal accueillie en Europe. Les tarifs de 15 %\n \u00e9tant plus \u00e9lev\u00e9s que ceux de 10 % en vigueur depuis avril 2025; il\n semblait donc que l\u2019UE avait capitul\u00e9. Cette entente a d\u00e9\u00e7u de nombreux\n observateurs, \u00e9tant donn\u00e9 que le march\u00e9 europ\u00e9en, qui compte 450 millions\n de personnes avec un pouvoir d\u2019achat par habitant \u00e9lev\u00e9, est une force\n g\u00e9o\u00e9conomique.\n <\/p>\n
\n Cela dit, le tarif convenu est inf\u00e9rieur \u00e0 celui de 30 % que le pr\u00e9sident\n Trump mena\u00e7ait d\u2019imposer en juin. M\u00eame si le taux de 15 % ne se compare\n pas favorablement aux droits de douane de 10 % du Royaume-Uni, les\n nombreux accords commerciaux conclus depuis avec d\u2019autres partenaires\n commerciaux pr\u00e9voient des droits d\u2019au moins 15 %, ce qui nous donne \u00e0\n penser que l\u2019UE n\u2019est pas dans une mauvaise position concurrentielle apr\u00e8s\n tout.\n <\/p>\n
\n La Commission europ\u00e9enne n\u2019a pas le pouvoir de faire appliquer les\n compromis qu\u2019elle a n\u00e9goci\u00e9s, soit de hausser les investissements et les\n achats d\u2019\u00e9nergie europ\u00e9ens. Bien qu\u2019elle puisse n\u00e9gocier des accords\n commerciaux, elle n\u2019a aucune autorit\u00e9 sur les investissements priv\u00e9s et\n elle ne peut pas non plus dicter aux entreprises o\u00f9 s\u2019approvisionner en\n \u00e9nergie. L\u2019\u00e9quipe de la strat\u00e9gie relative aux produits de base de\n RBC March\u00e9s des Capitaux doute que les \u00c9tats-Unis puissent livrer une\n quantit\u00e9 d\u2019\u00e9nergie \u00e9quivalant \u00e0 750 milliards de dollars \u00e0 l\u2019UE au cours\n des trois prochaines ann\u00e9es.\n <\/p>\n
\n Enfin, l\u2019UE n\u2019a pas abandonn\u00e9 sa r\u00e9glementation des multinationales\n am\u00e9ricaines sur le sol europ\u00e9en ni son pouvoir d\u2019imposer une taxe sur les\n services num\u00e9riques (elle tient toujours ces pr\u00e9cieuses cartes dans ses\n mains).\n <\/p>\n
\n Par ailleurs, il semble que Trump ait abandonn\u00e9 l\u2019id\u00e9e de traiter la taxe\n sur la valeur ajout\u00e9e impos\u00e9e par les \u00c9tats membres de l\u2019UE \u2013 une taxe de\n vente g\u00e9n\u00e9ralement sup\u00e9rieure \u00e0 20 % \u2013 comme une barri\u00e8re fiscale injuste\n pour les exportations am\u00e9ricaines.\n <\/p>\n
\n Dans l\u2019ensemble, nous pensons que cet accord n\u2019est pas aussi d\u00e9favorable \u00e0\n l\u2019Europe que les premi\u00e8res r\u00e9actions l\u2019ont laiss\u00e9 entendre.\n <\/p>\n \n
Optimisme soutenu?<\/h2>\n
\n Apr\u00e8s un d\u00e9but d\u2019ann\u00e9e vigoureux et une reprise rapide suivant la\n correction induite par l\u2019annonce du 2 avril sur les tarifs r\u00e9ciproques,\n les actions europ\u00e9ennes ont stagn\u00e9 cet \u00e9t\u00e9, leur rendement ayant \u00e9t\u00e9\n \u00e9clips\u00e9 par celui du secteur am\u00e9ricain des technologies et par les\n fluctuations de change. Or, dans l\u2019ensemble, l\u2019indice STOXX Europe hors\n Royaume-Uni a tout de m\u00eame inscrit un rendement de plus de 13 % depuis le\n d\u00e9but de l\u2019ann\u00e9e en monnaies locales (y compris les dividendes),\n surpassant le rendement de 9,5 % de l\u2019indice S&P 500 en dollars. Gr\u00e2ce\n \u00e0 la d\u00e9pr\u00e9ciation non n\u00e9gligeable du dollar am\u00e9ricain par rapport \u00e0 l\u2019euro\n cette ann\u00e9e, le rendement de l\u2019indice STOXX Europe hors Royaume-Uni est\n d\u2019environ 28 % en dollars am\u00e9ricains.\n <\/p>\n
\n Cette performance a \u00e9t\u00e9 port\u00e9e par les titres de valeur, notamment ceux\n des banques (en hausse de pr\u00e8s de 60 % en monnaies locales). De plus, la\n construction et les mat\u00e9riaux, l\u2019assurance, et les services publics ont\n tous progress\u00e9 de plus de 20 %. La plupart des titres de qualit\u00e9 ont d\u00e9\u00e7u\n les attentes, ce qui t\u00e9moigne en partie de la rotation du march\u00e9 vers les\n titres de valeur, mais aussi d\u2019un \u00e9ventail de facteurs idiosyncrasiques\n qui ont entra\u00een\u00e9 des r\u00e9visions \u00e0 la baisse des b\u00e9n\u00e9fices.\n <\/p>\n
\n Une r\u00e9solution diplomatique du conflit en Ukraine pourrait agir comme\n catalyseur positif pour les actions europ\u00e9ennes, \u00e0 notre avis. L\u2019espoir\n d\u2019efforts de reconstruction pourrait \u00e9merger, mais ce sc\u00e9nario\n n\u00e9cessiterait que les hostilit\u00e9s cessent de fa\u00e7on durable. Si tel \u00e9tait le\n cas, les banques, en particulier celles qui sont expos\u00e9es \u00e0 l\u2019Europe\n centrale et orientale, pourraient en profiter, selon nous, tout comme les\n entreprises de construction et de granulats. La baisse des prix de\n l\u2019\u00e9nergie gr\u00e2ce \u00e0 la r\u00e9duction des co\u00fbts de transport et d\u2019assurance\n pourrait \u00e9galement avantager la r\u00e9gion, mais l\u2019am\u00e9lioration des prix sera\n probablement n\u00e9gligeable, cari l y a fort \u00e0 parier que les sanctions de\n l\u2019UE contre la Russie demeureront en place, m\u00eame si un cessez-le-feu \u00e9tait\n d\u00e9cr\u00e9t\u00e9.\n <\/p>\n
\n Globalement, l\u2019optimisme \u00e0 l\u2019\u00e9gard des actifs risqu\u00e9s europ\u00e9ens pourrait\n s\u2019am\u00e9liorer \u00e0 court terme dans la foul\u00e9e des efforts diplomatiques\n apparemment fructueux, mais nous d\u00e9conseillons tout exc\u00e8s d\u2019optimisme\n quant \u00e0 une fin imm\u00e9diate et durable des hostilit\u00e9s, car les enjeux\n connexes sont complexes.\n <\/p>\n
\n Quoi qu\u2019il en soit, \u00e0 la lumi\u00e8re de la reprise \u00e9conomique europ\u00e9enne\n attribuable \u00e0 la baisse des taux d\u2019int\u00e9r\u00eat, au programme budg\u00e9taire\n allemand et \u00e0 l\u2019engagement de la r\u00e9gion \u00e0 investir dans son secteur de la\n d\u00e9fense, nous sommes d\u2019avis que les arguments en faveur des placements en\n Europe demeurent valides. L\u2019indice STOXX Europe hors Royaume-Uni se\n n\u00e9gocie 16,2 fois les pr\u00e9visions consensuelles de b\u00e9n\u00e9fices sur 12 mois,\n ce qui est l\u00e9g\u00e8rement au-dessus de sa moyenne \u00e0 long terme, et justifi\u00e9,\n selon nous, compte tenu des meilleures perspectives de croissance \u00e0 moyen\n terme pour la r\u00e9gion.\n <\/p>\n
\n Nous pr\u00e9f\u00e9rons toujours les secteurs qui sont susceptibles, selon nous, de\n profiter du paquet d\u2019aides, comme certains segments du secteur des\n produits industriels, telle la d\u00e9fense, et les mati\u00e8res. \u00c0 notre avis, les\n banques devraient profiter des meilleures perspectives de croissance \u00e0\n moyen terme de la r\u00e9gion, tout en continuant d\u2019offrir des dividendes\n int\u00e9ressants et des occasions de rachats d\u2019actions.\n <\/p>\n
Avec l\u2019apport de Thomas McGarrity, CFA<\/p>\n \n <\/body>\n\n\n\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
L\u2019Europe a fait couler beaucoup d\u2019encre cet \u00e9t\u00e9. Nous faisons fi des manchettes pour rep\u00e9rer les segments du march\u00e9 boursier europ\u00e9en qui, de notre avis, sont int\u00e9ressants.<\/p>\n","protected":false},"author":15,"featured_media":26786,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"rbcwm_post_date":"2025-08-21T12:25:15","editor_notices":[],"rbc_url_alias":"","rbcwm_featured_desktop_image_position":"","rbcwm_featured_mobile_image_position":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[510],"tags":[],"rbcwm_content_owner":[675],"rbcwm_need":[],"rbcwm_segment":[],"rbcwm_solution":[],"rbcwm_topic":[590],"rbcwm_channel":[],"rbcwm_format":[],"class_list":["post-26785","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-analyse","rbcwm_content_owner-pag","rbcwm_topic-global-insights"],"acf":{"rbcwm_subtitle":"L\u2019Europe a fait couler beaucoup d\u2019encre cet \u00e9t\u00e9. Nous faisons fi des manchettes pour rep\u00e9rer les segments du march\u00e9 boursier europ\u00e9en qui, de notre avis, sont int\u00e9ressants.","rbcwm_post_author":[958],"rbcwm_custom_breadcrumb_text":"","rbcwm_custom_breadcrumb_link_url":"","rbcwm_disclaimers":{"add_disclosures":["Yes"],"perspective_disclaimer":"","expandable":"","omit_from_pages":"","disclaimer_footnote":""},"rbcwm_insight_cta_id":[10888],"rbcwm_pagination":{"next_link":"","next_link_text":"Next article","previous_link":"","previous_link_text":"Previous article"},"rbcwm_video_duration":"","article_time":"","rbcwm_enable_toc":false,"rbcwm_toc_selector":"h2"},"yoast_head":"\n
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