{"id":27723,"date":"2025-12-10T14:38:02","date_gmt":"2025-12-10T19:38:02","guid":{"rendered":"https:\/\/www.rbcwealthmanagement.com\/fr-ca\/?p=27723"},"modified":"2025-12-10T14:38:04","modified_gmt":"2025-12-10T19:38:04","slug":"global-insight-2026-outlook-europe","status":"publish","type":"post","link":"https:\/\/www.rbcwealthmanagement.com\/fr-ca\/insights\/global-insight-2026-outlook-europe","title":{"rendered":"Perspectives mondiales\u00a0\u2013 Panorama\u00a02026\u00a0: Europe"},"content":{"rendered":"\n<p><strong>Par Fr\u00e9d\u00e9rique Carrier; Rufaro Chiriseri, CFA; Thomas McGarrity, CFA<\/strong><\/p>\n\n\n\n<!-- KEY POINTS -->\n    <div class=\"well b-blue-tint-4 mb-3\">\n      <ul class=\"list-spaced medium\">\n        <li>\n          L\u2019Europe vit les courants contraires de la d\u00e9flation caus\u00e9e par les\n          tarifs douaniers des \u00c9tats-Unis et de la reflation int\u00e9rieure, et\n          cette derni\u00e8re semble l\u2019emporter.\n        <\/li>\n        <li>\n          Les taux obligataires devraient augmenter, car l\u2019offre accrue\n          d\u2019obligations de soci\u00e9t\u00e9s et d\u2019\u00c9tat compose avec une concurrence\n          accrue pour la demande des investisseurs.\n        <\/li>\n      <\/ul>\n    <\/div>\n\n    <!-- SECTION -->\n    <h2>Actions europ\u00e9ennes<\/h2>\n    <p>\n      L\u2019Europe fait face \u00e0 des forces macro\u00e9conomiques oppos\u00e9es. D\u2019une part, les\n      tarifs douaniers am\u00e9ricains et la vigueur de l\u2019euro compriment les\n      exportations, tandis que la concurrence chinoise s\u2019intensifie. Des pays\n      comme l\u2019Allemagne et l\u2019Italie, qui ont d\u2019importants secteurs d\u2019exportation\n      industrielle, sont les plus touch\u00e9s.\n    <\/p>\n    <p>\n      En revanche, de puissantes forces procurent une pouss\u00e9e reflationniste :\n      une politique mon\u00e9taire expansionniste, la Banque centrale europ\u00e9enne\n      (BCE) ayant depuis le milieu de 2024 r\u00e9duit son taux directeur de moiti\u00e9\n      pour le porter \u00e0 2 %; des politiques budg\u00e9taires expansionnistes dans\n      certains pays, le programme d\u2019infrastructures de 500 milliards d\u2019euros sur\n      10 ans de l\u2019Allemagne \u00e9tant au centre de la sc\u00e8ne; et la mise en \u0153uvre de\n      r\u00e9formes structurelles.\n    <\/p>\n    <p>\n      Dans l\u2019ensemble, nous croyons que les donn\u00e9es montrent que les forces\n      reflationnistes nationales l\u2019emportent. Apr\u00e8s tout, la zone euro a connu\n      une croissance modeste, surpassant les attentes d\u2019un ralentissement de la\n      croissance du march\u00e9, et les pays expos\u00e9s aux exportations semblent avoir\n      \u00e9vit\u00e9 une r\u00e9cession en 2025. RBC March\u00e9s des Capitaux pr\u00e9voit une\n      croissance de 1,5 % pour la r\u00e9gion en 2026, car les investissements dans\n      les infrastructures et les d\u00e9penses militaires de l\u2019Allemagne devraient y\n      contribuer fortement.\n    <\/p>\n    <p>\n      Les progr\u00e8s des r\u00e9formes structurelles pourraient soutenir davantage la\n      croissance. L\u2019European Policy Innovation Council a constat\u00e9 que seulement\n      11 % des 383 recommandations de r\u00e9forme de l\u2019ancien pr\u00e9sident de la BCE,\n      Mario Draghi, ont \u00e9t\u00e9 enti\u00e8rement mises en \u0153uvre. Il y a un an, il a\n      exhort\u00e9 les dirigeants de l\u2019UE \u00e0 s\u2019attaquer au d\u00e9ficit de productivit\u00e9\n      persistant du bloc en approfondissant le march\u00e9 unique, en stimulant\n      l\u2019innovation et en diversifiant les cha\u00eenes d\u2019approvisionnement.\n    <\/p>\n    <p>\n      Il reste beaucoup \u00e0 faire. Malheureusement, l\u2019instabilit\u00e9 politique en\n      France pourrait freiner les progr\u00e8s. Tant que la deuxi\u00e8me \u00e9conomie de l\u2019UE\n      n\u2019aura pas assaini ses finances publiques, il sera difficile de faire\n      progresser les discussions sur les emprunts communs pour financer la\n      d\u00e9fense et la recherche scientifique, comme Draghi l\u2019a laiss\u00e9 entendre.\n      Tout retard dans la mise en \u0153uvre du plan d\u2019infrastructures de l\u2019Allemagne\n      limiterait \u00e9galement les perspectives de croissance.\n    <\/p>\n\n    <!-- EUROPE EQUITIES CHART -->\n    <h3>\n      Moins du tiers des r\u00e9formes de Draghi ont \u00e9t\u00e9 enti\u00e8rement ou partiellement\n      mises en \u0153uvre\n    <\/h3>\n    <h4>\n      Pourcentage des mesures \u00e0 diverses \u00e9tapes de mise en \u0153uvre au\n      4 septembre 2025\n    <\/h4>\n    <div class=\"row mb-4\">\n      <div class=\"col-lg-10 col-md-8 col-sm-8 col-xs-10 col-xxs-12\">\n        <img decoding=\"async\"\n          src=\"https:\/\/www.rbcwealthmanagement.com\/assets\/wp-content\/uploads\/global\/gio-2026-EUROPE-fr-equities-chart.png\"\n          alt=\"Pourcentage des mesures \u00e0 diverses \u00e9tapes de mise en \u0153uvre au 4 septembre 2025\"\n          class=\"img-fluid mb-1-half\"\n          aria-describedby=\"europe-equities-chart-desc\"\n        \/>\n        <p class=\"sr-only\" id=\"europe-equities-chart-desc\">\n          Le graphique pr\u00e9sente les quatre \u00e9tapes de mise en \u0153uvre franchies\n          pour chacune des 383 recommandations de r\u00e9forme de Mario Draghi\n          (donn\u00e9es au 4 septembre 2025). Les pourcentages attribu\u00e9s \u00e0 chaque\n          cat\u00e9gorie sont les suivants : mise en \u0153uvre, 11 %; mise en \u0153uvre\n          partielle, 20 %; en cours 46 % et non mise en \u0153uvre, 23 %.\n        <\/p>\n        <p class=\"disclaimer\">\n          Sources : European Policy Innovation Council (EPIC), RBC Gestion\n          mondiale d\u2019actifs.\n        <\/p>\n      <\/div>\n    <\/div>\n\n    <p>\n      L\u2019indice STOXX Europe 600 hors Royaume-Uni \u2013 notre indicateur privil\u00e9gi\u00e9\n      pour les actions de la zone euro \u2013 se n\u00e9gocie \u00e0 14,8 fois les pr\u00e9visions\n      consensuelles de b\u00e9n\u00e9fices pour 2026. Cette donn\u00e9e est l\u00e9g\u00e8rement\n      au-dessus de sa moyenne \u00e0 long terme, et justifi\u00e9e, selon nous, \u00e9tant\n      donn\u00e9 que le paquet d\u2019aides budg\u00e9taires am\u00e9liore les perspectives de\n      croissance \u00e0 moyen terme pour la r\u00e9gion.\n    <\/p>\n    <p>\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, dont 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\n    <!-- SECTION -->\n    <h2>Titres \u00e0 revenu fixe europ\u00e9ens<\/h2>\n    <p>\n      Selon notre sc\u00e9nario de base, le PIB de la zone euro devrait cro\u00eetre de\n      1,6 % en 2026, en raison de l\u2019augmentation des d\u00e9penses budg\u00e9taires\n      r\u00e9gionales, notamment l\u2019assouplissement du frein budg\u00e9taire allemand et\n      les 500 milliards d\u2019euros de d\u00e9penses en infrastructures que l\u2019Allemagne\n      pr\u00e9voit pour la prochaine d\u00e9cennie. Cette situation devrait entra\u00eener une\n      l\u00e9g\u00e8re hausse de l\u2019inflation, maintenant le taux directeur de la Banque\n      centrale europ\u00e9enne (BCE) \u00e0 2 %. Les risques qui p\u00e8sent sur notre sc\u00e9nario\n      de base sont les difficult\u00e9s tarifaires et les retards dans les d\u00e9penses\n      budg\u00e9taires, qui pourraient freiner la croissance \u00e9conomique et, \u00e0 moyen\n      terme, faire en sorte que l\u2019inflation soit inf\u00e9rieure \u00e0 la cible de 2 % de\n      la BCE.\n    <\/p>\n    <p>\n      L\u2019Allemagne dispose d\u2019une marge de man\u0153uvre budg\u00e9taire pour emprunter,\n      tandis que le contexte politique impr\u00e9visible de la France fait en sorte\n      que le resserrement budg\u00e9taire semble un d\u00e9fi de taille. Les taux des\n      obligations d\u2019\u00c9tat fran\u00e7aises devraient rester \u00e9gaux ou sup\u00e9rieurs \u00e0 ceux\n      de l\u2019Italie. En revanche, l\u2019Italie est en voie de se retirer de la\n      proc\u00e9dure de d\u00e9ficit excessif de l\u2019UE d\u2019ici 2026. Ailleurs, nous pensons\n      que les d\u00e9ficits budg\u00e9taires de l\u2019Espagne, du Portugal et de la Gr\u00e8ce\n      devraient demeurer bien ma\u00eetris\u00e9s et que les obligations d\u2019\u00c9tat de ces\n      pays devraient briller dans un contexte concurrentiel de taux. Compte tenu\n      de l\u2019augmentation de l\u2019offre globale d\u2019obligations et de notre pr\u00e9vision\n      d\u2019une hausse des taux obligataires en 2026, en particulier en Allemagne,\n      nous pr\u00e9f\u00e9rons sous-pond\u00e9rer les obligations d\u2019\u00c9tat europ\u00e9ennes.\n    <\/p>\n\n    <!-- EUROPE FIXED INCOME CHART -->\n    <h3>\n      Les taux des obligations d\u2019\u00c9tat devraient augmenter au cours de la\n      prochaine ann\u00e9e\n    <\/h3>\n    <h4>\n      Taux des obligations d\u2019\u00c9tat allemandes et taux des obligations d\u2019\u00c9tat\n      implicites du march\u00e9 dans un an\n    <\/h4>\n    <div class=\"row mb-4\">\n      <div class=\"col-lg-10 col-md-8 col-sm-8 col-xs-10 col-xxs-12\">\n        <img decoding=\"async\"\n          src=\"https:\/\/www.rbcwealthmanagement.com\/assets\/wp-content\/uploads\/global\/gio-2026-EUROPE-fr-fixed-income-chart.png\"\n          alt=\"Taux des obligations d\u2019\u00c9tat allemandes et taux des obligations d\u2019\u00c9tat implicites du march\u00e9 dans un an\"\n          class=\"img-fluid mb-1-half\"\n          aria-describedby=\"europe-fi-chart-desc\"\n        \/>\n        <p class=\"sr-only\" id=\"europe-fi-chart-desc\">\n          Le graphique illustre la courbe des taux actuelle des obligations\n          d\u2019\u00c9tat allemandes et la courbe des taux pr\u00e9vue par le march\u00e9 dans un\n          horizon de un an, pour les \u00e9ch\u00e9ances allant de un an \u00e0 30 ans (donn\u00e9es\n          au 6 novembre 2025). Les pr\u00e9visions du march\u00e9 \u00e0 l\u2019\u00e9gard de la courbe\n          des taux pour toutes les \u00e9ch\u00e9ances sont invariablement plus \u00e9lev\u00e9es\n          que les taux actuels. C\u2019est la cat\u00e9gorie des \u00e9ch\u00e9ances \u00e0 trois ans qui\n          pr\u00e9sente l\u2019\u00e9cart le plus important entre les taux actuels et ceux\n          pr\u00e9vus : le march\u00e9 pr\u00e9voit que le taux actuel de 2,02 % devrait\n          atteindre 2,24 % dans un an, soit une diff\u00e9rence de 0,22 %. C\u2019est la\n          cat\u00e9gorie des \u00e9ch\u00e9ances \u00e0 30 ans qui pr\u00e9sente l\u2019\u00e9cart le plus faible :\n          le march\u00e9 pr\u00e9voit que le taux actuel de 3,20 % devrait atteindre 3,30\n          % dans un an plus tard, soit une diff\u00e9rence de 0,10 %.\n        <\/p>\n        <ul class=\"rbc-legend\">\n          <li class=\"rbc-legend-item\">\n            <div class=\"rbc-legend-line c-dark-blue-tint-1\">\n              <div\n                class=\"rbc-legend-circle rbc-legend-outline b-white c-dark-blue-tint-1\"\n              ><\/div>\n            <\/div>\n            Courbe des taux des obligations d&rsquo;\u00c9tat allemandes (aujourd&rsquo;hui)\n          <\/li>\n          <li class=\"rbc-legend-item\">\n            <div class=\"rbc-legend-line c-tundra\">\n              <div\n                class=\"rbc-legend-circle rbc-legend-outline b-white c-tundra\"\n              ><\/div>\n            <\/div>\n            Courbe des taux des obligations d&rsquo;\u00c9tat allemandes implicite du\n            march\u00e9 (un an \u00e0 l&rsquo;avance)\n          <\/li>\n        <\/ul>\n        <p class=\"disclaimer\">\n          Sources : RBC Gestion de patrimoine, Bloomberg; donn\u00e9es au\n          6 novembre 2025.\n        <\/p>\n      <\/div>\n    <\/div>\n\n    <p>\n      Du c\u00f4t\u00e9 des obligations de soci\u00e9t\u00e9s, nous pr\u00e9voyons un modeste\n      \u00e9largissement des \u00e9carts de taux des obligations de cat\u00e9gorie\n      investissement \u2013 soit la r\u00e9mun\u00e9ration suppl\u00e9mentaire pour prendre un\n      risque de cr\u00e9dit \u2013 et un \u00e9largissement plus marqu\u00e9 des \u00e9carts de taux des\n      obligations \u00e0 rendement \u00e9lev\u00e9. M\u00eame si apr\u00e8s des sommets cycliques, les\n      taux de d\u00e9faillance des obligations \u00e0 rendement \u00e9lev\u00e9 ont fondu et se sont\n      stabilis\u00e9s, nous pr\u00e9voyons une tendance haussi\u00e8re des d\u00e9faillances en 2026\n      en raison de facteurs idiosyncrasiques. La forte demande des investisseurs\n      pour les taux et la politique budg\u00e9taire expansionniste devraient\n      continuer de soutenir les \u00e9carts de taux, et nous nous attendons \u00e0 ce que\n      le segment des titres \u00e0 rendement \u00e9lev\u00e9 surpasse celui des titres de\n      cat\u00e9gorie investissement. Du c\u00f4t\u00e9 des titres de cat\u00e9gorie investissement,\n      nous croyons que des occasions restent dans le segment de l\u2019automobile en\n      raison des valorisations int\u00e9ressantes par rapport aux moyennes\n      historiques et des bilans relativement solides. Pour des raisons\n      semblables, nous croyons qu\u2019il existe des occasions int\u00e9ressantes dans les\n      secteurs des t\u00e9l\u00e9communications, des services publics et de la finance.\n    <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Les actions europ\u00e9ennes devraient profiter de la reflation, mais l\u2019offre \u00e9lev\u00e9e d\u2019obligations et le resserrement de la demande des investisseurs devraient faire grimper les taux.<\/p>\n","protected":false},"author":22,"featured_media":27724,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"rbcwm_post_date":"2025-12-02T11:56:02","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":[1058,1060,1057,1059],"rbcwm_content_owner":[675],"rbcwm_need":[],"rbcwm_segment":[],"rbcwm_solution":[],"rbcwm_topic":[590],"rbcwm_channel":[],"rbcwm_format":[],"class_list":["post-27723","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-analyse","tag-actions-deurope","tag-perspectives-dapercu-mondial","tag-rendements-obligataires","tag-titres-a-revenu-fixe-en-europe","rbcwm_content_owner-pag","rbcwm_topic-global-insights"],"acf":{"rbcwm_subtitle":"Les actions europ\u00e9ennes devraient profiter de la reflation, mais l\u2019offre \u00e9lev\u00e9e d\u2019obligations et le resserrement de la demande des investisseurs devraient faire grimper les taux.","rbcwm_post_author":"","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":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.8 (Yoast SEO v26.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Perspectives mondiales\u00a0\u2013 Panorama\u00a02026\u00a0: Europe<\/title>\n<meta name=\"description\" content=\"Les actions europ\u00e9ennes devraient profiter de la reflation, mais 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