{"id":27731,"date":"2025-12-10T14:39:51","date_gmt":"2025-12-10T19:39:51","guid":{"rendered":"https:\/\/www.rbcwealthmanagement.com\/fr-ca\/?p=27731"},"modified":"2025-12-10T14:39:52","modified_gmt":"2025-12-10T19:39:52","slug":"global-insight-2026-outlook-canada","status":"publish","type":"post","link":"https:\/\/www.rbcwealthmanagement.com\/fr-ca\/insights\/global-insight-2026-outlook-canada","title":{"rendered":"Perspectives mondiales\u00a0\u2013 Panorama\u00a02026\u00a0: Canada"},"content":{"rendered":"\n<p><strong>Par Matt Altro, CFA et Brett Feland<\/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          Le r\u00e9cent budget f\u00e9d\u00e9ral pourrait encore favoriser l\u2019indice S&#038;P\/TSX,\n          qui pourrait poursuivre son fort rendement relatif de 2025.\n        <\/li>\n        <li>\n          L\u2019accentuation de la courbe des taux am\u00e9liore les perspectives pour\n          assumer le risque li\u00e9 \u00e0 la duration, tandis que la r\u00e9mun\u00e9ration du\n          risque de cr\u00e9dit demeure tr\u00e8s modeste.\n        <\/li>\n      <\/ul>\n    <\/div>\n\n    <!-- SECTION -->\n    <h2>Actions canadiennes<\/h2>\n    <p>\n      En 2025, l\u2019indice compos\u00e9 S&#038;P\/TSX est en voie de produire l\u2019un des\n      meilleurs rendements parmi les march\u00e9s boursiers des pays d\u00e9velopp\u00e9s. Le\n      S&#038;P\/TSX a progress\u00e9 malgr\u00e9 des \u00e9pisodes de volatilit\u00e9 et un contexte de\n      croissance \u00e9conomique atone. Le rendement sup\u00e9rieur peut \u00eatre en grande\n      partie attribuable aux prix records de l\u2019or et \u00e0 l\u2019am\u00e9lioration des\n      perspectives pour des segments cl\u00e9s du march\u00e9, y compris les pr\u00eateurs\n      canadiens. De plus, m\u00eame si les tarifs douaniers des \u00c9tats-Unis demeurent\n      une pr\u00e9occupation cl\u00e9 \u00e0 l\u2019\u00e9chelle mondiale, l\u2019ACEUM a prot\u00e9g\u00e9 de\n      nombreuses industries canadiennes. Comme l\u2019ACEUM fera l\u2019objet d\u2019une\n      r\u00e9vision conjointe l\u2019\u00e9t\u00e9 prochain, nous esp\u00e9rons que l\u2019accord actuel\n      demeurera relativement inchang\u00e9. Nous continuerons de surveiller les\n      discussions entre le pr\u00e9sident Donald Trump et le premier ministre\n      Mark Carney concernant un \u00e9ventuel all\u00e8gement pour les industries des\n      m\u00e9taux et du bois d\u2019\u0153uvre.\n    <\/p>\n    <p>\n      Dans le budget f\u00e9d\u00e9ral de 2025, le gouvernement a propos\u00e9 d\u2019accro\u00eetre les\n      d\u00e9penses et les investissements de 280 milliards de dollars canadiens sur\n      cinq ans. Les investissements ciblent les infrastructures, la productivit\u00e9\n      et la comp\u00e9titivit\u00e9, la d\u00e9fense et la s\u00e9curit\u00e9, et le logement. Le\n      gouvernement f\u00e9d\u00e9ral esp\u00e8re attirer d\u2019importants capitaux priv\u00e9s et\n      publics, en plus de ses propres capitaux, pour favoriser de nouveaux\n      investissements de capitaux totalisant 1 000 milliards de dollars\n      canadiens.\n    <\/p>\n    <p>\n      Les niveaux actuels de ch\u00f4mage demeurent \u00e9lev\u00e9s, tandis que l\u2019inflation\n      demeure obstin\u00e9ment sup\u00e9rieure aux niveaux cibles. Malgr\u00e9 ces conditions,\n      les mesures de d\u00e9penses globales donnent \u00e0 penser que les consommateurs\n      canadiens continuent de d\u00e9penser. Cette dynamique s\u2019explique en grande\n      partie par le clivage \u00e9conomique entre les Canadiens \u00e0 revenu \u00e9lev\u00e9 et \u00e0\n      revenu modeste. Les m\u00e9nages \u00e0 revenu \u00e9lev\u00e9 font plus que leur juste part\n      de consommation et nous nous attendons \u00e0 ce que les comportements de\n      recherche de valeur demeurent constants en 2026.\n    <\/p>\n\n    <!-- EQUITIES CHART -->\n    <h3>\n      R\u00e9partition sectorielle du rendement total de l\u2019indice compos\u00e9 S&#038;P\/TSX\n      depuis le d\u00e9but de 2025\n    <\/h3>\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-CANADA-fr-equities-chart.png\"\n          alt=\"R\u00e9partition sectorielle du rendement total de l\u2019indice compos\u00e9 S&#038;P\/TSX depuis le d\u00e9but de 2025\"\n          class=\"img-fluid mb-1-half\"\n          aria-describedby=\"canada-equity-desc\"\n        \/>\n        <p class=\"sr-only\" id=\"canada-equity-desc\">\n          Le graphique \u00e0 barres montre la r\u00e9partition sectorielle du rendement\n          total depuis le d\u00e9but de l\u2019ann\u00e9e de 24,85 % de l\u2019indice compos\u00e9\n          S&#038;P\/TSX, au 21 novembre 2025. Les r\u00e9partitions sectorielles sont les\n          suivantes : soins de sant\u00e9, -0,02 %; immobilier, 0,09 %; consommation\n          de base, 0,58 %; services de communications, 0,26 %; produits\n          industriels, 0,24 %; consommation discr\u00e9tionnaire, 0,86 %; services\n          publics, 0,79 %; \u00e9nergie, 2,93 %; technologie de l\u2019information, 1,89\n          %; finance, 8,41 % et mati\u00e8res, 8,81 %.\n        <\/p>\n        <p class=\"disclaimer\">\n          Sources : FactSet, RBC Dominion valeurs mobili\u00e8res; donn\u00e9es en date du\n          21 novembre 2025.\n        <\/p>\n      <\/div>\n    <\/div>\n\n    <p>\n      \u00c0 un ratio cours-b\u00e9n\u00e9fice de 15,9, l\u2019indice S&#038;P\/TSX continue de se\n      n\u00e9gocier \u00e0 un cours sup\u00e9rieur \u00e0 son ratio moyen historique \u00e0 long terme de\n      14,7. Toutefois, cette prime est nettement inf\u00e9rieure \u00e0 celle de l\u2019indice\n      S&#038;P 500, dont le ratio est de 21,3 par rapport \u00e0 son ratio moyen \u00e0 long\n      terme de 16,6. Les attentes relatives \u00e0 la croissance \u00e9conomique et aux\n      b\u00e9n\u00e9fices des soci\u00e9t\u00e9s seront plus difficiles \u00e0 satisfaire ou \u00e0 d\u00e9passer,\n      les multiples de valorisation sup\u00e9rieurs limitant la progression du cours\n      des actions. Cela dit, la modeste prime de l\u2019indice S&#038;P\/TSX pourrait\n      offrir une certaine protection en cas de repli g\u00e9n\u00e9ralis\u00e9 de la valeur des\n      actions. Au-del\u00e0 du positionnement macro\u00e9conomique g\u00e9n\u00e9ralis\u00e9, nous\n      continuons d\u2019appuyer les soci\u00e9t\u00e9s dot\u00e9es d\u2019un bilan solide, d\u2019un profil de\n      b\u00e9n\u00e9fices viable et croissant, et d\u2019\u00e9quipes de direction \u00e9prouv\u00e9es qui ont\n      d\u00e9montr\u00e9 leur capacit\u00e9 \u00e0 composer avec la volatilit\u00e9 des march\u00e9s.\n    <\/p>\n\n    <!-- SECTION -->\n    <h2>Titres \u00e0 revenu fixe canadiens<\/h2>\n    <p>\n      \u00c0 l\u2019exception d\u2019une pause de six mois au milieu de l\u2019ann\u00e9e, la Banque du\n      Canada (BdC) a continu\u00e9 d\u2019assouplir sa politique mon\u00e9taire en 2025. Les\n      deux derni\u00e8res r\u00e9ductions de 25 points de base (pb), en septembre et en\n      octobre, ont port\u00e9 le taux du financement \u00e0 un jour \u00e0 2,25 %, \u00e0 la limite\n      inf\u00e9rieure de la fourchette neutre estimative de la banque centrale, \u00e0\n      laquelle la politique n\u2019est ni restrictive ni expansionniste. Pour\n      soutenir un march\u00e9 de l\u2019emploi chancelant et encourager la croissance\n      \u00e9conomique qui a \u00e9t\u00e9 frein\u00e9e par la politique tarifaire des \u00c9tats\u2011Unis,\n      la BdC a proc\u00e9d\u00e9 \u00e0 des r\u00e9ductions totalisant 275 pb depuis que les taux\n      ont culmin\u00e9 en 2023-2024, soit plus que tout autre pays du G7. \u00c0 moins que\n      les donn\u00e9es sur la croissance ou l\u2019emploi ne continuent \u00e0 se d\u00e9t\u00e9riorer,\n      comme les d\u00e9cideurs s\u2019y attendent, le gouverneur de la BdC, Tiff Macklem,\n      a indiqu\u00e9 que la banque centrale a probablement fini d\u2019assouplir sa\n      politique mon\u00e9taire pour l\u2019instant.\n    <\/p>\n    <p>\n      M\u00eame si la r\u00e9duction du taux du financement \u00e0 un jour a fait fondre les\n      taux obligataires canadiens \u00e0 court terme au cours de la derni\u00e8re ann\u00e9e,\n      les taux obligataires \u00e0 long terme ont en fait grimp\u00e9. La courbe des taux\n      s\u2019est accentu\u00e9e, car la prime de risque \u2013 la r\u00e9mun\u00e9ration suppl\u00e9mentaire\n      que les investisseurs re\u00e7oivent pour acheter des obligations \u00e0 long\n      terme \u2013 s\u2019est accrue. Comme dans les autres pays du G7, les pr\u00e9occupations\n      d\u2019ordre budg\u00e9taire ont exerc\u00e9 des pressions \u00e0 la hausse sur les taux\n      obligataires \u00e0 long terme et ont contribu\u00e9 \u00e0 cette accentuation de la\n      courbe des taux. Les d\u00e9ficits pr\u00e9vus dans le budget de 2025 du\n      gouvernement f\u00e9d\u00e9ral, publi\u00e9 en novembre, sont nettement plus importants\n      que ceux de l\u2019\u00c9nonc\u00e9 \u00e9conomique de l\u2019automne 2024, le gouvernement ayant\n      annonc\u00e9 une s\u00e9rie de paquets d\u2019aide afin de renforcer la croissance\n      \u00e9conomique.\n    <\/p>\n\n    <!-- FIXED INCOME CHART -->\n    <h3>Courbe des taux des obligations d\u2019\u00c9tat canadiennes<\/h3>\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-CANADA-fr-fixed-income-chart.png\"\n          alt=\"Courbe des taux des obligations d\u2019\u00c9tat canadiennes\"\n          class=\"img-fluid mb-1-half\"\n          aria-describedby=\"canada-fi-desc\"\n        \/>\n        <p class=\"sr-only\" id=\"canada-fi-desc\">\n          Ce graphique montre la courbe des taux canadiens en repr\u00e9sentant les\n          taux de rendement des obligations du gouvernement du Canada pour des\n          \u00e9ch\u00e9ances allant de un jour \u00e0 30 ans. On voit deux courbes : une qui\n          montre les donn\u00e9es au 8 novembre 2024 et l\u2019autre, au 10 novembre 2025.\n          Le graphique montre la fa\u00e7on dont les taux de rendement \u00e0 court terme\n          ont diminu\u00e9 au cours de la p\u00e9riode, alors que ceux \u00e0 long terme ont\n          augment\u00e9. Par exemple, le 8 novembre 2024, les taux de rendement des\n          obligations \u00e0 un jour, \u00e0 trois mois, \u00e0 six mois, \u00e0 un an et \u00e0 deux ans\n          se situaient respectivement \u00e0 3,75 %, 3,50 %, 3,38 %, 3,25 % et 3,08\n          %, tandis que le 10 novembre 2025, ils se situaient respectivement \u00e0\n          2,25 %, 2,18 %, 2,26 %, 2,33 % et 2,45 %. Par ailleurs, le 8 novembre\n          2024, les taux de rendement des obligations \u00e0 20 ans et \u00e0 30 ans se\n          situaient respectivement \u00e0 3,21 % et 3,19 %, tandis que le 10 novembre\n          2025, ils se situaient respectivement \u00e0 3,51 % et 3,62 %.\n        <\/p>\n        <ul class=\"rbc-legend rbc-legend-inline\">\n          <li class=\"rbc-legend-item\">\n            <div class=\"rbc-legend-line c-sun\">\n              <div class=\"rbc-legend-circle rbc-legend-outline c-sun\"><\/div>\n            <\/div>\n            8 nov. 2024\n          <\/li>\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 c-dark-blue-tint-1\"\n              ><\/div>\n            <\/div>\n            10 nov. 2025\n          <\/li>\n        <\/ul>\n        <p class=\"disclaimer\">\n          Sources : RBC Gestion de patrimoine, Bloomberg.\n        <\/p>\n      <\/div>\n    <\/div>\n\n    <p>\n      Selon nous, l\u2019accentuation de la courbe des taux am\u00e9liore le profil\n      risque\/rendement associ\u00e9 \u00e0 la prise d\u2019un peu plus de risque li\u00e9 \u00e0 la\n      duration dans les portefeuilles, car des taux de d\u00e9part plus \u00e9lev\u00e9s pour\n      les obligations \u00e0 long terme aident \u00e0 compenser le risque d\u2019une\n      accentuation accrue. En revanche, les \u00e9carts de taux, soit le rendement\n      suppl\u00e9mentaire que les investisseurs re\u00e7oivent pour acheter des\n      obligations de soci\u00e9t\u00e9s par rapport aux obligations d\u2019\u00c9tat, ont amorc\u00e9\n      2025 \u00e0 des niveaux historiquement serr\u00e9s et, malgr\u00e9 nos attentes, se sont\n      davantage resserr\u00e9s tout au long de l\u2019ann\u00e9e. Selon nous, les march\u00e9s des\n      titres de cr\u00e9ance n\u2019\u00e9valuent pas pleinement les risques li\u00e9s aux\n      \u00e9metteurs, et les obligations de soci\u00e9t\u00e9s demeurent ch\u00e8res. \u00c9tant donn\u00e9\n      que la r\u00e9mun\u00e9ration du risque de cr\u00e9dit est si maigre, pour l\u2019instant,\n      nous pr\u00e9f\u00e9rons accepter un risque suppl\u00e9mentaire li\u00e9 \u00e0 la duration dans\n      les portefeuilles au moyen d\u2019obligations d\u2019\u00c9tat \u00e0 plus long terme et\n      demeurer prudents \u00e0 l\u2019\u00e9gard de l\u2019exposition aux obligations de soci\u00e9t\u00e9s.\n    <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Nous recommandons de cibler les actions pr\u00e9sentant des caract\u00e9ristiques de qualit\u00e9 et d\u2019accro\u00eetre la duration des obligations d\u2019\u00c9tat.<\/p>\n","protected":false},"author":22,"featured_media":27732,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"rbcwm_post_date":"2025-12-02T11:41:47","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":[1066,1067,1061,1039,1068],"rbcwm_content_owner":[675],"rbcwm_need":[],"rbcwm_segment":[],"rbcwm_solution":[],"rbcwm_topic":[590],"rbcwm_channel":[],"rbcwm_format":[],"class_list":["post-27731","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-analyse","tag-actions-du-canada","tag-budget-federal-du-canada","tag-perspectives-dapercu-mondial-2026","tag-perspectives-mondiales-panorama","tag-titres-a-revenu-fixe-au-canada","rbcwm_content_owner-pag","rbcwm_topic-global-insights"],"acf":{"rbcwm_subtitle":"Nous recommandons de cibler les actions pr\u00e9sentant des caract\u00e9ristiques de qualit\u00e9 et d\u2019accro\u00eetre la duration des obligations d\u2019\u00c9tat.","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: Canada<\/title>\n<meta name=\"description\" content=\"Nous recommandons de cibler les actions pr\u00e9sentant des 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