{"id":7539,"date":"2023-05-17T20:00:00","date_gmt":"2023-05-18T00:00:00","guid":{"rendered":"https:\/\/www.rbcwealthmanagement.com\/fr-ca\/insights\/trends-and-opportunities-for-emerging-market-investment\/"},"modified":"2024-02-05T09:45:16","modified_gmt":"2024-02-05T14:45:16","slug":"trends-and-opportunities-for-emerging-market-investment","status":"publish","type":"post","link":"https:\/\/www.rbcwealthmanagement.com\/fr-ca\/insights\/trends-and-opportunities-for-emerging-market-investment","title":{"rendered":"Tendances et occasions de placement dans les march\u00e9s \u00e9mergents"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\" id=\"h-afflux-de-fonds-suivant-l-ameliorationdes-donnees-fondamentales\">Afflux de fonds suivant l\u2019am\u00e9liorationdes donn\u00e9es fondamentales<\/h2>\n\n\n\n<p>       \u00c0 l\u2019inverse de la tendance observ\u00e9e l\u2019ann\u00e9e derni\u00e8re, les investisseurs       ont recommenc\u00e9 \u00e0 faire des placements dans les march\u00e9s \u00e9mergents (ME) en       2023. Selon EPFR Global, depuis le d\u00e9but de l\u2019ann\u00e9e, une somme de 39       milliards de dollars a \u00e9t\u00e9 investie dans les actions des ME et un montant       plus modeste de deux milliards de dollars a \u00e9t\u00e9 affect\u00e9 aux titres \u00e0       revenu fixe des ME. Les investisseurs ont \u00e9t\u00e9 s\u00e9duits par l\u2019apparence de       changements structurels \u00e0 long terme, comme un respect plus strict de       l\u2019orthodoxie mon\u00e9taire et l\u2019\u00e9ventualit\u00e9 d\u2019un supercycle des marchandises,       alors que l\u2019\u00e9cart de croissance des ME par rapport aux march\u00e9s d\u00e9velopp\u00e9s       (MD) s\u2019est grandement accru.     <\/p>\n\n\n\n<p>       Nouvelle orthodoxie mon\u00e9taire \u2013 De nombreuses banques centrales des ME ont       fait preuve de pr\u00e9voyance en commen\u00e7ant \u00e0 resserrer leur politique       mon\u00e9taire bien avant les institutions comparables des MD. \u00c9tant donn\u00e9       l\u2019administration pr\u00e9coce du rem\u00e8de, les cycles de hausse des taux       d\u2019int\u00e9r\u00eat s\u2019ach\u00e8vent et l\u2019inflation tend \u00e0 diminuer pour s\u2019\u00e9tablir \u00e0 moins       de 10&nbsp;% dans la plupart des pays. Selon les pr\u00e9visions g\u00e9n\u00e9rales, les       taux d\u2019int\u00e9r\u00eat reculeront en Inde et dans la majorit\u00e9 des pays d\u2019Am\u00e9rique       latine avant la fin de l\u2019ann\u00e9e, et dans certains pays d\u2019Europe de l\u2019Est       l\u2019ann\u00e9e prochaine.     <\/p>\n\n\n\n<p>       Le resserrement mon\u00e9taire a \u00e9galement contribu\u00e9 au soutien des devises       locales, puisque la forte augmentation des taux r\u00e9els des obligations       comparativement \u00e0 ceux des MD a attir\u00e9 des capitaux au cours des derniers       mois. En ce moment, l\u2019\u00e9cart des taux r\u00e9els dans six grandes \u00e9conomies des       ME (Br\u00e9sil, Indon\u00e9sie, Inde, Mexique, Pologne et Afrique du Sud) est       d\u2019environ 5&nbsp;%.     <\/p>\n\n\n\n<p>       Un supercycle des marchandises&nbsp;? \u2013 Les prix des marchandises ont       connu un redressement spectaculaire depuis le milieu de 2020, profitant de       la remise en marche des \u00e9conomies apr\u00e8s la pand\u00e9mie et de la demande       accrue de min\u00e9raux industriels essentiels \u00e0 la transition vers l\u2019\u00e9nergie       propre. La hausse des prix s\u2019est aussi accentu\u00e9e en raison de la guerre       entre la Russie et l\u2019Ukraine, laquelle a priv\u00e9 les march\u00e9s de deux       fournisseurs importants. Par cons\u00e9quent, les prix des m\u00e9taux industriels       et du secteur agricole sont nettement sup\u00e9rieurs aux derni\u00e8res moyennes.       \u00c9tant donn\u00e9 que la demande est en forte hausse et qu\u2019il est difficile       d\u2019accro\u00eetre rapidement l\u2019offre, il est de plus en plus question d\u2019un       supercycle des marchandises.     <\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-les-prix-des-marchandises-demeurent-superieurs-a-leur-moyenne-sur-5-ans\">       Les prix des marchandises demeurent sup\u00e9rieurs \u00e0 leur moyenne sur 5 ans     <\/h3>\n\n\n\n<div class=\"row mb-4 migrated\">       <div class=\"col-lg-10 col-md-8 col-sm-8 col-xs-10 col-xxs-12\">         <img decoding=\"async\" src=\"https:\/\/www.rbcwealthmanagement.com\/fr-ca\/wp-content\/uploads\/sites\/6\/2023\/05\/emerging-markets-may-2023-fr-chart-1.png\" alt=\"L\u2019indice du Commodity Research Bureau au cours des cinq derni\u00e8res ann\u00e9es\" class=\"img-fluid mb-1-half\" \/>         <p           class=\"sr-only\"           id=\"chart1desc\"         >           Le graphique lin\u00e9aire suit l\u2019\u00e9volution de l\u2019indice du Commodity           Research Bureau, qui repr\u00e9sente les marchandises industrielles et           agricoles, au cours des cinq derni\u00e8res ann\u00e9es. L\u2019indice est un           indicateur repr\u00e9sentatif des march\u00e9s mondiaux des marchandises.           L\u2019indice s\u2019est effondr\u00e9 en r\u00e9action au d\u00e9ferlement de la COVID-19,           mais il s\u2019est rapidement redress\u00e9 et a d\u00e9pass\u00e9 ses niveaux pr\u00e9c\u00e9dents           \u00e0 la suite de la remise en marche des \u00e9conomies. La guerre entre la           Russie et l\u2019Ukraine a propuls\u00e9 les prix vers un sommet. L\u2019indice a           recul\u00e9 depuis, mais il d\u00e9passe toujours sa moyenne de 479 sur cinq           ans.         <\/p>         <ul class=\"rbc-legend\">           <li class=\"rbc-legend-item\">             <div class=\"rbc-legend-line c-warm-yellow\"><\/div>             Indice Commodity Research Bureau (CRB)           <\/li>           <li class=\"rbc-legend-item\">             <div class=\"rbc-legend-line c-dark-blue-tint-1\"><\/div>             Moyenne sur 5 ans           <\/li>         <\/ul>          <p class=\"footnote\">           Nota&nbsp;: L\u2019indice CRB suit l\u2019\u00e9volution des marchandises           industrielles et agricoles.         <\/p>         <p class=\"disclaimer\">           Sources&nbsp;: RBC Gestion de patrimoine et Bloomberg&nbsp;; donn\u00e9es           prises en compte jusqu\u2019au 12 mai 2023         <\/p>       <\/div>     <\/div>\n\n\n\n<p>       De nombreux ME regorgent de ressources naturelles&nbsp;; leur \u00e9conomie est       donc \u00e9troitement li\u00e9e aux prix des marchandises. Selon notre correspondant       national de recherche, les actions du secteur des ressources naturelles       repr\u00e9sentent environ 15&nbsp;% de la capitalisation boursi\u00e8re totale des       ME. Les actions des ME tendent ainsi \u00e0 profiter de la hausse des prix des       marchandises.     <\/p>\n\n\n\n<p>       Am\u00e9lioration de l\u2019\u00e9cart de croissance \u2013 Dans l\u2019ensemble, les pr\u00e9visions       g\u00e9n\u00e9rales de croissance \u00e9conomique des ME ont \u00e9t\u00e9 revues \u00e0 la hausse pour       2023, contrairement \u00e0 celles des MD.     <\/p>\n\n\n\n<p>       En 2023, le rehaussement des perspectives pour les pays asiatiques       profitant de la remise en marche de la Chine et pour certains pays du       Moyen\u2011Orient a plus que compens\u00e9 la d\u00e9gradation des pr\u00e9visions visant       l\u2019Am\u00e9rique latine, l\u2019Europe de l\u2019Est et l\u2019Afrique. \u00c0 mesure que les       perspectives de croissance \u00e9conomique des MD se sont d\u00e9t\u00e9rior\u00e9es en raison       des d\u00e9boires des banques, l\u2019\u00e9cart de croissance \u00e9conomique des ME s\u2019est       am\u00e9lior\u00e9 par rapport aux MD. Par le pass\u00e9, lorsque la croissance des ME       d\u00e9passait celle des MD, les titres des ME avaient tendance \u00e0 profiter d\u2019un       bon soutien, d\u2019apr\u00e8s notre correspondant national de recherche.     <\/p>\n\n\n\n<p>       Les estimations g\u00e9n\u00e9rales laissent maintenant entrevoir une croissance de       4,2&nbsp;% du PIB des ME en 2023, par rapport \u00e0 3,1&nbsp;% en d\u00e9but       d\u2019ann\u00e9e, alors que les pr\u00e9visions de croissance du PIB des MD sont pass\u00e9es       de 2,6&nbsp;% \u00e0 0,9&nbsp;%.     <\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u00c9volution des pr\u00e9visions de la croissance du PIB<\/h3>\n\n\n\n<h4 class=\"wp-block-heading\">       Comparaison entre les march\u00e9s \u00e9mergents (ME) et les march\u00e9s d\u00e9velopp\u00e9s       (MD)     <\/h4>\n\n\n\n<div class=\"table-responsive mb-1\">\n<table class=\"table table-compact table-border-horizontal table-primary table-border-header\">\n<thead>\n<tr>\n<th><\/th>\n<th scope=\"col\" style=\"text-align: center; max-width: 20%\">               Pr\u00e9visions de janvier             <\/th>\n<th scope=\"col\" style=\"text-align: center; max-width: 20%\">               Pr\u00e9visions de mai             <\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Pr\u00e9visions g\u00e9n\u00e9rales de croissance du PIB des ME<\/td>\n<td style=\"text-align: center\">3,1&nbsp;%<\/td>\n<td style=\"text-align: center\">4,2&nbsp;%<\/td>\n<\/tr>\n<tr>\n<td>Pr\u00e9visions g\u00e9n\u00e9rales de croissance du PIB des MD<\/td>\n<td style=\"text-align: center\">2,6&nbsp;%<\/td>\n<td style=\"text-align: center\">0,9&nbsp;%<\/td>\n<\/tr>\n<tr>\n<td>\u00c9cart de croissance entre les ME et les MD<\/td>\n<td style=\"text-align: center\">0,5&nbsp;%<\/td>\n<td style=\"text-align: center\">3,3&nbsp;%<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n\n\n\n<p>       Sources&nbsp;: RBC Gestion de patrimoine et Bloomberg&nbsp;; donn\u00e9es       prises en compte jusqu\u2019au 15 mai 2023     <\/p>\n\n\n\n<p>       Les pr\u00e9visions de b\u00e9n\u00e9fices des soci\u00e9t\u00e9s des ME ont aussi \u00e9t\u00e9 revues \u00e0 la       hausse, contrairement \u00e0 celles des MD. MSCI entrevoit maintenant une       croissance des b\u00e9n\u00e9fices de 2,1&nbsp;% dans les ME en 2023,       comparativement \u00e0 la contraction de 2,7&nbsp;% attendue au d\u00e9but de       l\u2019ann\u00e9e. Les pr\u00e9visions des b\u00e9n\u00e9fices pour 2024 se sont \u00e9galement       am\u00e9lior\u00e9es, soit de 13,7&nbsp;% \u00e0 17,4&nbsp;%, au cours de la m\u00eame       p\u00e9riode.     <\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Les ME continueront\u2011ils d\u2019attirer des flux de capitaux&nbsp;?<\/h2>\n\n\n\n<p>       L\u2019\u00e9volution de la situation est de bon augure pour la cat\u00e9gorie d\u2019actifs,       mais nous sommes d\u2019avis qu\u2019il faut la suivre de pr\u00e8s, puisque les       consid\u00e9rations cycliques pourraient revenir au premier plan.     <\/p>\n\n\n\n<p>       L\u2019orthodoxie mon\u00e9taire pr\u00e9sente des inconv\u00e9nients \u2013 Les taux d\u2019int\u00e9r\u00eat       d\u00e9passent les 10&nbsp;% dans plusieurs pays, par exemple en Hongrie, en       \u00c9gypte et dans certains pays d\u2019Am\u00e9rique latine. Cette situation est       intenable, surtout l\u00e0 o\u00f9 les \u00e9conomies et les entreprises sont cribl\u00e9es de       dettes. Mark Dowding, chef des placements, BlueBay Asset Management LLP,       fait remarquer que les tensions s\u2019accentuent dans certains ME       p\u00e9riph\u00e9riques et que certains pays ont d\u00fb restructurer leur dette, dont la       Zambie et le Ghana. Il croit que d\u2019autres restructurations sont \u00e0 venir,       puisque les \u00e9conomies vuln\u00e9rables composent avec la \u00ab&nbsp;combinaison       toxique d\u2019un endettement \u00e9lev\u00e9 et d\u2019une hausse des taux aux       \u00c9tats\u2011Unis&nbsp;\u00bb. \u00c9tant donn\u00e9 que la dette nationale de nombreux pays est       en dollars am\u00e9ricains, la hausse des taux d\u2019int\u00e9r\u00eat de 500 points de base       (pb) s\u2019est av\u00e9r\u00e9e particuli\u00e8rement douloureuse.     <\/p>\n\n\n\n<p>       Eric Lascelles, \u00e9conomiste en chef de RBC Gestion mondiale d\u2019actifs Inc.,       souligne que, du point de vue d\u2019un investisseur en titres \u00e0 revenu fixe       des ME, la situation n\u2019est pas alarmante parce que les pays en d\u00e9faut de       paiement et ceux qui subissent des contraintes (c.\u2011\u00e0\u2011d. l\u00e0 o\u00f9 l\u2019\u00e9cart       entre les obligations locales et les obligations am\u00e9ricaines d\u00e9passe les       1&nbsp;000 pb) repr\u00e9sentent moins de 3&nbsp;% de la capitalisation       boursi\u00e8re des ME.     <\/p>\n\n\n\n<p>       Selon Polina Kurdyavko, chef des ME \u00e0 RBC BlueBay, les responsables des       politiques des ME ont acquis beaucoup de cr\u00e9dibilit\u00e9 en demeurant \u00e0       l\u2019avant\u2011sc\u00e8ne du cycle de hausse des taux d\u2019int\u00e9r\u00eat. Elle est toutefois       d\u2019avis que le d\u00e9fi consiste actuellement \u00e0 d\u00e9laisser une politique       mon\u00e9taire rigoureuse et une politique budg\u00e9taire relativement       accommodante, adopt\u00e9e pour contrer les effets de la pand\u00e9mie de COVID\u201119       et du conflit entre la Russie et l\u2019Ukraine, pour une politique mon\u00e9taire       plus souple et des budgets plus prudents. \u00c0 ses yeux, la mise en \u0153uvre       sera d\u00e9terminante.     <\/p>\n\n\n\n<p>       Un supercycle des marchandises en attente pour l\u2019instant&nbsp;? \u2013 Selon       nous, il existe encore des occasions \u00e0 long terme pour les marchandises,       mais les prix ont diminu\u00e9 cette ann\u00e9e en raison des inqui\u00e9tudes soulev\u00e9es       par une \u00e9ventuelle d\u00e9croissance de la consommation \u00e0 mesure que l\u2019\u00e9conomie       mondiale ralentit. Les prix de l\u2019\u00e9nergie et des m\u00e9taux industriels ont       diminu\u00e9 respectivement d\u2019\u00e0 peu pr\u00e8s 15&nbsp;% et 10&nbsp;%.     <\/p>\n\n\n\n<p>       Le sort de la plupart des marchandises industrielles est \u00e9troitement li\u00e9 \u00e0       la Chine, o\u00f9 la reprise semble in\u00e9gale. En outre, cette reprise est       inhabituelle en ce sens qu\u2019elle repose sur la consommation des m\u00e9nages, et       surtout les services&nbsp;; elle s\u2019av\u00e9rera donc probablement moins       profitable pour les ME exportateurs de marchandises. La r\u00e9cente reprise du       march\u00e9 chinois du logement pourrait soutenir la demande de marchandises,       mais seulement si le rebond actuel se poursuit et qu\u2019il ne d\u00e9pend pas       exclusivement de la demande accumul\u00e9e apr\u00e8s la pand\u00e9mie.     <\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u00c0 la recherche d\u2019occasions dans les ME<\/h2>\n\n\n\n<p>       Nous pensons que les titres \u00e0 revenu fixe constituent les occasions les       plus attrayantes pour les investisseurs dans les ME, compte tenu de       l\u2019assouplissement graduel de la politique mon\u00e9taire. \u00c0 notre avis, les       \u00e9carts de taux des obligations des ME font plus que compenser la       d\u00e9t\u00e9rioration de la qualit\u00e9 du cr\u00e9dit dans les pays subissant des       contraintes. Il est donc primordial de demeurer s\u00e9lectif.     <\/p>\n\n\n\n<p>       L\u2019\u00e9quilibre des risques est plus d\u00e9licat pour les actions des ME. Les       valorisations sont favorables, puisque les titres de l\u2019indice MSCI March\u00e9s       \u00e9mergents se n\u00e9gocient \u00e0 11,9 fois le ratio cours\/b\u00e9n\u00e9fice pr\u00e9visionnel et       \u00e0 1,6 fois le ratio cours\/valeur comptable. Toutefois, il est difficile de       voir la cat\u00e9gorie d\u2019actifs s\u2019\u00e9carter des actions am\u00e9ricaines en cas de       concr\u00e9tisation d\u2019au moins un des trois risques expos\u00e9s dans un r\u00e9cent       <a href=\"\/insights\/not-out-of-the-woods\" title=\"On n\u2019est pas encore tir\u00e9 d\u2019affaire\">article<\/a>. Nous recommandons une pond\u00e9ration neutre pour l\u2019Asie hors Japon.     <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gr\u00e2ce \u00e0 l\u2019am\u00e9lioration des pr\u00e9visions de croissance et aux changements \u00e9conomiques structurels, les march\u00e9s \u00e9mergents attirent les placements, tant en actions qu\u2019en titres \u00e0 revenu fixe.<\/p>\n","protected":false},"author":15,"featured_media":7542,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"rbcwm_post_date":"2023-05-18 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fixe.","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":"","previous_link":"","previous_link_text":""},"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>Tendances et occasions de placement dans les march\u00e9s \u00e9mergents<\/title>\n<meta name=\"description\" content=\"Gr\u00e2ce \u00e0 l\u2019am\u00e9lioration des pr\u00e9visions de croissance et aux changements \u00e9conomiques structurels, les march\u00e9s \u00e9mergents attirent les placements, tant en actions qu\u2019en titres \u00e0 revenu 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