{"id":15614,"date":"2026-10-13T15:38:24","date_gmt":"2026-10-13T19:38:24","guid":{"rendered":"https:\/\/www.lba.ca\/publications\/perspectives-sur-la-conjoncture-economique-et-les-marches-financiers-t4-2026\/"},"modified":"2026-10-13T15:50:02","modified_gmt":"2026-10-13T19:50:02","slug":"perspectives-sur-la-conjoncture-economique-et-les-marches-financiers-t4-2026","status":"publish","type":"publications","link":"https:\/\/www.lba.ca\/fr\/publications\/perspectives-sur-la-conjoncture-economique-et-les-marches-financiers-t4-2026\/","title":{"rendered":"Perspectives sur la conjoncture \u00e9conomique et les march\u00e9s financiers &#8211; T4 2026"},"content":{"rendered":"<style>.kb-row-layout-id15600_14e77c-d1 > .kt-row-column-wrap{align-content:start;}:where(.kb-row-layout-id15600_14e77c-d1 > .kt-row-column-wrap) > .wp-block-kadence-column{justify-content:start;}.kb-row-layout-id15600_14e77c-d1 > .kt-row-column-wrap{column-gap:var(--global-kb-gap-md, 2rem);row-gap:var(--global-kb-gap-md, 2rem);padding-top:var(--global-kb-spacing-sm, 1.5rem);padding-bottom:var(--global-kb-spacing-sm, 1.5rem);grid-template-columns:minmax(0, 1fr);}.kb-row-layout-id15600_14e77c-d1 > .kt-row-layout-overlay{opacity:0.30;}@media all and (max-width: 1024px){.kb-row-layout-id15600_14e77c-d1 > .kt-row-column-wrap{grid-template-columns:minmax(0, 1fr);}}@media all and (max-width: 767px){.kb-row-layout-id15600_14e77c-d1 > .kt-row-column-wrap{grid-template-columns:minmax(0, 1fr);}}<\/style><div class=\"kb-row-layout-wrap kb-row-layout-id15600_14e77c-d1 alignfull wp-block-kadence-rowlayout\"><div class=\"kt-row-column-wrap kt-has-1-columns kt-row-layout-equal kt-tab-layout-inherit kt-mobile-layout-row kt-row-valign-top\">\n<style>.kadence-column15600_c25c1f-a9 > .kt-inside-inner-col{column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column15600_c25c1f-a9 > .kt-inside-inner-col{flex-direction:column;}.kadence-column15600_c25c1f-a9 > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column15600_c25c1f-a9 > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column15600_c25c1f-a9{position:relative;}@media all and (max-width: 1024px){.kadence-column15600_c25c1f-a9 > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}@media all and (max-width: 767px){.kadence-column15600_c25c1f-a9 > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}<\/style>\n<div class=\"wp-block-kadence-column kadence-column15600_c25c1f-a9\"><div class=\"kt-inside-inner-col\">\n<ul class=\"wp-block-list feature-list\">\n<li>Nous nous attendons \u00e0 ce que l\u2019\u00e9conomie demeure r\u00e9siliente malgr\u00e9 l\u2019abondance des d\u00e9fis. Nous pr\u00e9voyons que le PIB r\u00e9el mondial progressera de 3,3 % en 2027, contre 3,0 % en 2026. <\/li>\n\n\n\n<li>La solidit\u00e9 des d\u00e9penses de consommation et des investissements des entreprises continue de soutenir l\u2019\u00e9conomie am\u00e9ricaine, mais un contexte politique incertain risque de temp\u00e9rer la croissance au cours de l\u2019ann\u00e9e qui vient. Nous anticipons que la croissance du PIB r\u00e9el des \u00c9tats-Unis ralentira autour de 2,0 % en 2027. <\/li>\n\n\n\n<li>L\u2019impact global du regain de tensions \u00e9conomiques sur l\u2019\u00e9conomie canadienne para\u00eet g\u00e9rable. Nous pr\u00e9voyons que la croissance du PIB r\u00e9el du Canada sera d\u2019environ 1,5 % en 2027. <\/li>\n\n\n\n<li>Le resserrement de la politique mon\u00e9taire et les conditions int\u00e9rieures difficiles p\u00e8sent sur les perspectives de la zone euro. Nous nous attendons \u00e0 une progression moyenne de 1,0 % du PIB de la r\u00e9gion en 2027. <\/li>\n\n\n\n<li>La performance des exportations et l\u2019ampleur des mesures de relance suppl\u00e9mentaires seront d\u00e9terminantes pour que la croissance du PIB r\u00e9el de la Chine atteigne les 4,1 % pr\u00e9vus par le FMI en 2027. Globalement, la progression de l\u2019activit\u00e9 des march\u00e9s \u00e9mergents devrait se renforcer \u00e0 4,5 % en 2027, selon les estimations du FMI. <\/li>\n\n\n\n<li>Des pr\u00e9visions de b\u00e9n\u00e9fices ambitieuses semblent porter les march\u00e9s boursiers. Dans ce contexte, nous continuons de privil\u00e9gier la discipline des cours, la s\u00e9lection rigoureuse des actions et la diversification. <\/li>\n\n\n\n<li>Nous avons tir\u00e9 parti de la forte hausse r\u00e9cente des taux de rendement obligataires en \u00e9toffant nos positions en obligations \u00e0 moyen terme de grande qualit\u00e9 et en allongeant l\u00e9g\u00e8rement la duration de notre portefeuille. Par contre, \u00e0 ce stade, nous ne pr\u00e9conisons aucun changement majeur \u00e0 la r\u00e9partition globale de l\u2019actif. <\/li>\n<\/ul>\n<\/div><\/div>\n\n<\/div><\/div><style>.kb-row-layout-id15600_01f7a6-08 > .kt-row-column-wrap{align-content:start;}:where(.kb-row-layout-id15600_01f7a6-08 > .kt-row-column-wrap) > .wp-block-kadence-column{justify-content:start;}.kb-row-layout-id15600_01f7a6-08 > .kt-row-column-wrap{column-gap:var(--global-kb-gap-md, 2rem);row-gap:var(--global-kb-gap-md, 2rem);padding-top:var(--global-kb-spacing-sm, 1.5rem);padding-bottom:var(--global-kb-spacing-sm, 1.5rem);grid-template-columns:minmax(0, 1fr);}.kb-row-layout-id15600_01f7a6-08 > .kt-row-layout-overlay{opacity:0.30;}@media all and (max-width: 1024px){.kb-row-layout-id15600_01f7a6-08 > .kt-row-column-wrap{grid-template-columns:minmax(0, 1fr);}}@media all and (max-width: 767px){.kb-row-layout-id15600_01f7a6-08 > .kt-row-column-wrap{grid-template-columns:minmax(0, 1fr);}}<\/style><div class=\"kb-row-layout-wrap kb-row-layout-id15600_01f7a6-08 alignfull wp-block-kadence-rowlayout\"><div class=\"kt-row-column-wrap kt-has-1-columns kt-row-layout-equal kt-tab-layout-inherit kt-mobile-layout-row kt-row-valign-top\">\n<style>.kadence-column15600_9c1e83-81 > .kt-inside-inner-col{column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column15600_9c1e83-81 > .kt-inside-inner-col{flex-direction:column;}.kadence-column15600_9c1e83-81 > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column15600_9c1e83-81 > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column15600_9c1e83-81{position:relative;}@media all and (max-width: 1024px){.kadence-column15600_9c1e83-81 > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}@media all and (max-width: 767px){.kadence-column15600_9c1e83-81 > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}<\/style>\n<div class=\"wp-block-kadence-column kadence-column15600_9c1e83-81\"><div class=\"kt-inside-inner-col\"><style>.wp-block-kadence-advancedheading.kt-adv-heading15600_edb54e-b5, .wp-block-kadence-advancedheading.kt-adv-heading15600_edb54e-b5[data-kb-block=\"kb-adv-heading15600_edb54e-b5\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading15600_edb54e-b5 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading15600_edb54e-b5[data-kb-block=\"kb-adv-heading15600_edb54e-b5\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading15600_edb54e-b5 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading15600_edb54e-b5[data-kb-block=\"kb-adv-heading15600_edb54e-b5\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<h3 class=\"kt-adv-heading15600_edb54e-b5 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading15600_edb54e-b5\">R\u00e9sum\u00e9<\/h3>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading15600_00c9ee-c9, .wp-block-kadence-advancedheading.kt-adv-heading15600_00c9ee-c9[data-kb-block=\"kb-adv-heading15600_00c9ee-c9\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading15600_00c9ee-c9 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading15600_00c9ee-c9[data-kb-block=\"kb-adv-heading15600_00c9ee-c9\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading15600_00c9ee-c9 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading15600_00c9ee-c9[data-kb-block=\"kb-adv-heading15600_00c9ee-c9\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading15600_00c9ee-c9 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading15600_00c9ee-c9\">Les donn\u00e9es r\u00e9centes confirment que l\u2019\u00e9conomie mondiale s\u2019oriente vers une expansion solide en 2026, en d\u00e9pit des vents contraires cr\u00e9\u00e9s par la hausse soutenue du prix du p\u00e9trole, les politiques commerciales erratiques des \u00c9tats-Unis et, plus r\u00e9cemment, les pressions sur les march\u00e9s obligataires. Malgr\u00e9 ces d\u00e9fis, nous croyons que la r\u00e9silience \u00e9conomique des derni\u00e8res ann\u00e9es pr\u00e9vaudra de nouveau en 2027. Notre sc\u00e9nario de base pr\u00e9voit que le PIB r\u00e9el mondial progressera de 3,3 % en 2027, contre 3,0 % en 2026.   <\/p>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading15600_6d38b8-94, .wp-block-kadence-advancedheading.kt-adv-heading15600_6d38b8-94[data-kb-block=\"kb-adv-heading15600_6d38b8-94\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading15600_6d38b8-94 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading15600_6d38b8-94[data-kb-block=\"kb-adv-heading15600_6d38b8-94\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading15600_6d38b8-94 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading15600_6d38b8-94[data-kb-block=\"kb-adv-heading15600_6d38b8-94\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading15600_6d38b8-94 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading15600_6d38b8-94\">Les tendances pourraient certes diverger d\u2019un pays \u00e0 l\u2019autre puisque les perturbations des march\u00e9s de l\u2019\u00e9nergie et les sc\u00e9narios tarifaires varient consid\u00e9rablement selon la r\u00e9gion du monde. De plus, vu les blocus qui limitent les exportations de p\u00e9trole et de gaz du Moyen-Orient, l\u2019inflation risque de s\u2019\u00e9tendre et de devenir plus persistante. Cependant, l\u2019activit\u00e9 \u00e9conomique mondiale peut compter sur des soutiens notables. Les investissements robustes dans l\u2019IA font grimper le PIB et les march\u00e9s boursiers mondiaux, lesquels contribuent \u00e0 maintenir des effets de richesse positifs. La politique budg\u00e9taire reste accommodante dans la plupart des grandes \u00e9conomies et, dans l\u2019ensemble, les taux d\u2019int\u00e9r\u00eat directeurs sont mod\u00e9r\u00e9ment expansionnistes.    <\/p>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading15600_49dc23-1a, .wp-block-kadence-advancedheading.kt-adv-heading15600_49dc23-1a[data-kb-block=\"kb-adv-heading15600_49dc23-1a\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading15600_49dc23-1a mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading15600_49dc23-1a[data-kb-block=\"kb-adv-heading15600_49dc23-1a\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading15600_49dc23-1a img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading15600_49dc23-1a[data-kb-block=\"kb-adv-heading15600_49dc23-1a\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading15600_49dc23-1a wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading15600_49dc23-1a\">\u00c0 notre avis, un revirement n\u00e9gatif du sentiment des investisseurs constitue le plus grand risque \u00e0 partir de maintenant. Les valorisations historiquement \u00e9lev\u00e9es et les attentes consensuelles de forte croissance des b\u00e9n\u00e9fices paraissent ambitieuses vu la progression mod\u00e9r\u00e9e du PIB r\u00e9el et l\u2019incertitude g\u00e9opolitique que nous pr\u00e9voyons. La hausse r\u00e9cente des taux de rendement obligataires mondiaux vient aussi compliquer les perspectives boursi\u00e8res, puisque les titres \u00e0 revenu fixe redeviennent une option cr\u00e9dible dans la r\u00e9partition de l\u2019actif.   <\/p>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading15600_62a7ca-d4, .wp-block-kadence-advancedheading.kt-adv-heading15600_62a7ca-d4[data-kb-block=\"kb-adv-heading15600_62a7ca-d4\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading15600_62a7ca-d4 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading15600_62a7ca-d4[data-kb-block=\"kb-adv-heading15600_62a7ca-d4\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading15600_62a7ca-d4 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading15600_62a7ca-d4[data-kb-block=\"kb-adv-heading15600_62a7ca-d4\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading15600_62a7ca-d4 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading15600_62a7ca-d4\">De telles p\u00e9riodes de volatilit\u00e9 potentielle font ressortir l\u2019importance d\u2019un cadre rigoureux de gestion des risques et d\u2019une approche d\u2019investissement fond\u00e9e sur des principes. Nous restons d\u2019avis qu\u2019une approche active qui met l\u2019accent sur la sensibilit\u00e9 au prix, la diversification et la s\u00e9lection judicieuse des actions et des obligations demeure la strat\u00e9gie optimale. <\/p>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading15600_88a09e-97, .wp-block-kadence-advancedheading.kt-adv-heading15600_88a09e-97[data-kb-block=\"kb-adv-heading15600_88a09e-97\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading15600_88a09e-97 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading15600_88a09e-97[data-kb-block=\"kb-adv-heading15600_88a09e-97\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading15600_88a09e-97 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading15600_88a09e-97[data-kb-block=\"kb-adv-heading15600_88a09e-97\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<h3 class=\"kt-adv-heading15600_88a09e-97 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading15600_88a09e-97\">Un l\u00e9ger ralentissement s\u2019annonce aux \u00c9tats-Unis<\/h3>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading15600_172d73-41, .wp-block-kadence-advancedheading.kt-adv-heading15600_172d73-41[data-kb-block=\"kb-adv-heading15600_172d73-41\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading15600_172d73-41 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading15600_172d73-41[data-kb-block=\"kb-adv-heading15600_172d73-41\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading15600_172d73-41 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading15600_172d73-41[data-kb-block=\"kb-adv-heading15600_172d73-41\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading15600_172d73-41 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading15600_172d73-41\">Le PIB r\u00e9el des \u00c9tats-Unis a progress\u00e9 de 0,6 % en glissement trimestriel au T2. La hausse des d\u00e9penses des m\u00e9nages (+0,9 %) et des investissements en capital fixe (+1,9 %) a compens\u00e9 la faiblesse des d\u00e9penses publiques (0,0 %) et des exportations nettes (-7,8 %). Sur un an, la production r\u00e9elle a augment\u00e9 de 2,2 %.  <\/p>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading15600_b6cade-d8, .wp-block-kadence-advancedheading.kt-adv-heading15600_b6cade-d8[data-kb-block=\"kb-adv-heading15600_b6cade-d8\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading15600_b6cade-d8 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading15600_b6cade-d8[data-kb-block=\"kb-adv-heading15600_b6cade-d8\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading15600_b6cade-d8 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading15600_b6cade-d8[data-kb-block=\"kb-adv-heading15600_b6cade-d8\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading15600_b6cade-d8 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading15600_b6cade-d8\">Bien que l\u2019\u00e9conomie am\u00e9ricaine ait fait preuve d\u2019une stabilit\u00e9 relative jusqu\u2019\u00e0 maintenant, un ralentissement de l\u2019activit\u00e9 se profile pour le reste de l\u2019ann\u00e9e. La croissance de l\u2019emploi a \u00e9t\u00e9 volatile et, malgr\u00e9 un rebond en ao\u00fbt, les embauches ont fl\u00e9chi ces derniers mois. Le nombre d\u2019emplois a augment\u00e9 de 71 000 par mois en moyenne depuis juin, en baisse par rapport \u00e0 une moyenne de 142 000 durant le trimestre pr\u00e9c\u00e9dent.  <\/p>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading15600_5843f4-f7, .wp-block-kadence-advancedheading.kt-adv-heading15600_5843f4-f7[data-kb-block=\"kb-adv-heading15600_5843f4-f7\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading15600_5843f4-f7 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading15600_5843f4-f7[data-kb-block=\"kb-adv-heading15600_5843f4-f7\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading15600_5843f4-f7 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading15600_5843f4-f7[data-kb-block=\"kb-adv-heading15600_5843f4-f7\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading15600_5843f4-f7 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading15600_5843f4-f7\">Ceci dit, cette perte de dynamisme du march\u00e9 du travail n\u2019a pas entra\u00een\u00e9 de hausse notable du taux de ch\u00f4mage qui s\u2019est \u00e9tabli \u00e0 4,1 % en ao\u00fbt, proche d\u2019un creux historique. Les donn\u00e9es r\u00e9centes t\u00e9moignent d\u2019une diminution de la demande de travailleurs, mais le resserrement des contr\u00f4les de l\u2019immigration a limit\u00e9 la croissance de la main-d\u2019\u0153uvre depuis un an \u2013 dynamique qui a contribu\u00e9 \u00e0 la stabilit\u00e9 de l\u2019emploi.  <\/p>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading15600_8f7581-28, .wp-block-kadence-advancedheading.kt-adv-heading15600_8f7581-28[data-kb-block=\"kb-adv-heading15600_8f7581-28\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading15600_8f7581-28 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading15600_8f7581-28[data-kb-block=\"kb-adv-heading15600_8f7581-28\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading15600_8f7581-28 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading15600_8f7581-28[data-kb-block=\"kb-adv-heading15600_8f7581-28\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading15600_8f7581-28 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading15600_8f7581-28\">Malgr\u00e9 la diminution des embauches, les perspectives des d\u00e9penses de consommation restent constructives. La valeur nette des m\u00e9nages atteignait le chiffre record de 186 000 milliards de dollars au milieu de 2026, reflet de la performance vigoureuse des march\u00e9s boursiers. Les Am\u00e9ricains dont le revenu se situe dans le quintile sup\u00e9rieur, qui sont responsables de 40 % des d\u00e9penses priv\u00e9es, sont bien plac\u00e9s pour continuer de porter la demande de consommation.  <\/p>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading15600_151ac1-4f, .wp-block-kadence-advancedheading.kt-adv-heading15600_151ac1-4f[data-kb-block=\"kb-adv-heading15600_151ac1-4f\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading15600_151ac1-4f mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading15600_151ac1-4f[data-kb-block=\"kb-adv-heading15600_151ac1-4f\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading15600_151ac1-4f img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading15600_151ac1-4f[data-kb-block=\"kb-adv-heading15600_151ac1-4f\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading15600_151ac1-4f wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading15600_151ac1-4f\">Outre les d\u00e9penses de consommation, les investissements des entreprises ont jou\u00e9 un r\u00f4le cl\u00e9 dans la croissance am\u00e9ricaine, en partie gr\u00e2ce aux d\u00e9penses li\u00e9es \u00e0 l\u2019IA. Les investissements fixes priv\u00e9s ont fait augmenter le PIB r\u00e9el de 1,4 % au deuxi\u00e8me trimestre. Les b\u00e9n\u00e9fices des entreprises ont mont\u00e9 de 21,5 % sur un an durant la m\u00eame p\u00e9riode, et la solidit\u00e9 financi\u00e8re des soci\u00e9t\u00e9s am\u00e9ricaines laisse pr\u00e9voir que l\u2019\u00e9conomie continuera de profiter de d\u00e9penses d\u2019investissement robustes durant les mois qui viennent.  <\/p>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading15600_8c6f12-a4, .wp-block-kadence-advancedheading.kt-adv-heading15600_8c6f12-a4[data-kb-block=\"kb-adv-heading15600_8c6f12-a4\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading15600_8c6f12-a4 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading15600_8c6f12-a4[data-kb-block=\"kb-adv-heading15600_8c6f12-a4\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading15600_8c6f12-a4 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading15600_8c6f12-a4[data-kb-block=\"kb-adv-heading15600_8c6f12-a4\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading15600_8c6f12-a4 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading15600_8c6f12-a4\">En mettant en balance l\u2019environnement favorable aux d\u00e9penses de consommation et aux investissements des entreprises et un contexte fait d\u2019incertitude entourant les politiques commerciales, de pressions budg\u00e9taires et d\u2019anticipations croissantes de hausse des taux de la R\u00e9serve f\u00e9d\u00e9rale, nous concluons que l\u2019\u00e9conomie am\u00e9ricaine se dirige vers une d\u00e9c\u00e9l\u00e9ration mod\u00e9r\u00e9e. Nous pr\u00e9voyons que la croissance du PIB r\u00e9el des \u00c9tats-Unis ralentira autour de 2,0 % en 2027 (Tableau 1). <\/p>\n\n\n<style>.kadence-column15600_c6b77f-cd > .kt-inside-inner-col{column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column15600_c6b77f-cd > .kt-inside-inner-col{flex-direction:column;}.kadence-column15600_c6b77f-cd > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column15600_c6b77f-cd > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column15600_c6b77f-cd{position:relative;}@media all and (max-width: 1024px){.kadence-column15600_c6b77f-cd > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}@media all and (max-width: 767px){.kadence-column15600_c6b77f-cd > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}<\/style>\n<div class=\"wp-block-kadence-column kadence-column15600_c6b77f-cd\"><div class=\"kt-inside-inner-col\"><style>.wp-block-kadence-advancedheading.kt-adv-heading15600_dac8c0-15, .wp-block-kadence-advancedheading.kt-adv-heading15600_dac8c0-15[data-kb-block=\"kb-adv-heading15600_dac8c0-15\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading15600_dac8c0-15 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading15600_dac8c0-15[data-kb-block=\"kb-adv-heading15600_dac8c0-15\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading15600_dac8c0-15 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading15600_dac8c0-15[data-kb-block=\"kb-adv-heading15600_dac8c0-15\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<h4 class=\"kt-adv-heading15600_dac8c0-15 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading15600_dac8c0-15\">Croissance du PIB r\u00e9elle mondial<\/h4>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading15600_82b1a2-98, .wp-block-kadence-advancedheading.kt-adv-heading15600_82b1a2-98[data-kb-block=\"kb-adv-heading15600_82b1a2-98\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading15600_82b1a2-98 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading15600_82b1a2-98[data-kb-block=\"kb-adv-heading15600_82b1a2-98\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading15600_82b1a2-98 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading15600_82b1a2-98[data-kb-block=\"kb-adv-heading15600_82b1a2-98\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading15600_82b1a2-98 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading15600_82b1a2-98\">Tableau 1<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><\/td><td><strong>2026<\/strong><\/td><td><strong>2027<\/strong><\/td><\/tr><tr><td><strong>Monde<\/strong><\/td><td><strong>3.0%*<\/strong><\/td><td><strong>3.3%*<\/strong><\/td><\/tr><tr><td><strong>\u00c9conomies d\u00e9velopp\u00e9es<\/strong><\/td><td><strong>1.7%<\/strong><\/td><td><strong>1.8%<\/strong><\/td><\/tr><tr><td><strong>     <\/strong>\u00c9tats-Unis<\/td><td>2.2%*<\/td><td>~2,0 %*<\/td><\/tr><tr><td><strong>     <\/strong>Canada<\/td><td>1.0%*<\/td><td>~1,5 %*<\/td><\/tr><tr><td><strong>     <\/strong>Zone euro<\/td><td>0.5%*<\/td><td>~1,0 %*<\/td><\/tr><tr><td><strong>     <\/strong>Royaume-Uni<\/td><td>1.0%<\/td><td>1.3%<\/td><\/tr><tr><td><strong>     <\/strong>Japon<\/td><td>0.6%<\/td><td>0.7%<\/td><\/tr><tr><td><strong>\u00c9conomies \u00e9mergentes<\/strong><\/td><td><strong>3.8%<\/strong><\/td><td><strong>4.5%<\/strong><\/td><\/tr><tr><td><strong>     <\/strong>Chine<\/td><td>4.6%<\/td><td>4.1%<\/td><\/tr><tr><td><strong>     <\/strong>Inde<\/td><td>6.4%<\/td><td>6.7%<\/td><\/tr><tr><td><strong>     <\/strong>BrazilBr\u00e9sil<\/td><td>2.4%<\/td><td>2.2%<\/td><\/tr><tr><td><strong>     <\/strong>Mexique<\/td><td>1.2%<\/td><td>1.9%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading15600_dad1c7-78, .wp-block-kadence-advancedheading.kt-adv-heading15600_dad1c7-78[data-kb-block=\"kb-adv-heading15600_dad1c7-78\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading15600_dad1c7-78 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading15600_dad1c7-78[data-kb-block=\"kb-adv-heading15600_dad1c7-78\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading15600_dad1c7-78 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading15600_dad1c7-78[data-kb-block=\"kb-adv-heading15600_dad1c7-78\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading15600_dad1c7-78 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading15600_dad1c7-78\">*Pr\u00e9visions de LetkoBrosseau Sources : Fonds mon\u00e9taire international, LetkoBrosseau<\/p>\n<\/div><\/div>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading15600_77d584-90, .wp-block-kadence-advancedheading.kt-adv-heading15600_77d584-90[data-kb-block=\"kb-adv-heading15600_77d584-90\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading15600_77d584-90 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading15600_77d584-90[data-kb-block=\"kb-adv-heading15600_77d584-90\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading15600_77d584-90 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading15600_77d584-90[data-kb-block=\"kb-adv-heading15600_77d584-90\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<h3 class=\"kt-adv-heading15600_77d584-90 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading15600_77d584-90\">Le Canada est bien outill\u00e9 face aux nouvelles turbulences<\/h3>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading15600_fc774d-b4, .wp-block-kadence-advancedheading.kt-adv-heading15600_fc774d-b4[data-kb-block=\"kb-adv-heading15600_fc774d-b4\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading15600_fc774d-b4 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading15600_fc774d-b4[data-kb-block=\"kb-adv-heading15600_fc774d-b4\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading15600_fc774d-b4 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading15600_fc774d-b4[data-kb-block=\"kb-adv-heading15600_fc774d-b4\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading15600_fc774d-b4 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading15600_fc774d-b4\">Le Canada a connu la plus forte expansion \u00e9conomique des pays du G7 au deuxi\u00e8me trimestre. Le PIB r\u00e9el a gagn\u00e9 0,8 % en glissement trimestriel, avec une progression notable des d\u00e9penses des m\u00e9nages (+0,8 %), des investissements des entreprises (+2,3 %) et des exportations (+3,6 %). Depuis lors, le regain de tensions commerciales est venu compliquer des perspectives par ailleurs prometteuses.  <\/p>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading15600_c1125a-ad, .wp-block-kadence-advancedheading.kt-adv-heading15600_c1125a-ad[data-kb-block=\"kb-adv-heading15600_c1125a-ad\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading15600_c1125a-ad mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading15600_c1125a-ad[data-kb-block=\"kb-adv-heading15600_c1125a-ad\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading15600_c1125a-ad img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading15600_c1125a-ad[data-kb-block=\"kb-adv-heading15600_c1125a-ad\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading15600_c1125a-ad wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading15600_c1125a-ad\">Apr\u00e8s l\u2019\u00e9chec des n\u00e9gociations en ao\u00fbt, les \u00c9tats-Unis ont impos\u00e9 des droits de douane de 50 % sur 28 milliards de dollars CA de biens canadiens, et le Canada a ripost\u00e9 par des contre-tarifs \u00e9quivalents. L\u2019escalade am\u00e9ricaine a fait grimper le taux de droit de douane effectif sur les biens canadiens d\u2019environ 3 % \u00e0 6 %. En comparaison, le taux de droit moyen sur les importations en provenance des autres partenaires commerciaux des \u00c9tats-Unis se situe autour de 7 %. De plus, environ 80 % des exportations canadiennes continueront d\u2019entrer sur le territoire am\u00e9ricain en franchise de droits.   <\/p>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading15600_1d6256-67, .wp-block-kadence-advancedheading.kt-adv-heading15600_1d6256-67[data-kb-block=\"kb-adv-heading15600_1d6256-67\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading15600_1d6256-67 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading15600_1d6256-67[data-kb-block=\"kb-adv-heading15600_1d6256-67\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading15600_1d6256-67 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading15600_1d6256-67[data-kb-block=\"kb-adv-heading15600_1d6256-67\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading15600_1d6256-67 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading15600_1d6256-67\">Bien que les cons\u00e9quences restent majeures pour les secteurs soumis aux droits de douane, la politique budg\u00e9taire est configur\u00e9e pour amortir le choc. En plus des mesures annonc\u00e9es pr\u00e9c\u00e9demment (25 milliards de dollars CA depuis le T1 2025), le gouvernement canadien a engag\u00e9 7,5 milliards de dollars CA additionnels pour soutenir les travailleurs et les entreprises. De plus, les recettes provenant des tarifs douaniers sur les produits am\u00e9ricains seront r\u00e9inject\u00e9es sous forme de relance suppl\u00e9mentaire. Malgr\u00e9 ces mesures, le d\u00e9ficit budg\u00e9taire devrait se maintenir entre 2 et 3 % du PIB, d\u2019o\u00f9 une marge de man\u0153uvre importante pour stimuler davantage l\u2019\u00e9conomie.   <\/p>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading15600_7dc076-1c, .wp-block-kadence-advancedheading.kt-adv-heading15600_7dc076-1c[data-kb-block=\"kb-adv-heading15600_7dc076-1c\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading15600_7dc076-1c mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading15600_7dc076-1c[data-kb-block=\"kb-adv-heading15600_7dc076-1c\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading15600_7dc076-1c img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading15600_7dc076-1c[data-kb-block=\"kb-adv-heading15600_7dc076-1c\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading15600_7dc076-1c wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading15600_7dc076-1c\">Nous sommes conscients que le climat d\u2019incertitude a une incidence n\u00e9gative sur la confiance des consommateurs et des entreprises, et que cela pourrait entra\u00eener une baisse des d\u00e9penses. N\u00e9anmoins, l\u2019impact des nouveaux droits de douane para\u00eet g\u00e9rable, et notre sc\u00e9nario de base pr\u00e9voit que la croissance \u00e9conomique canadienne restera positive en 2027. <\/p>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading15600_8ab945-19, .wp-block-kadence-advancedheading.kt-adv-heading15600_8ab945-19[data-kb-block=\"kb-adv-heading15600_8ab945-19\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading15600_8ab945-19 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading15600_8ab945-19[data-kb-block=\"kb-adv-heading15600_8ab945-19\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading15600_8ab945-19 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading15600_8ab945-19[data-kb-block=\"kb-adv-heading15600_8ab945-19\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading15600_8ab945-19 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading15600_8ab945-19\">Une politique mon\u00e9taire favorable s\u2019ajoute \u00e0 ces mesures opportunes de relance budg\u00e9taire. Une faible inflation fondamentale (2,1 % en ao\u00fbt) fait penser que le contexte mon\u00e9taire canadien restera mod\u00e9r\u00e9ment stimulant pendant un certain temps. Les pressions commerciales constituent \u00e9videmment un obstacle, mais vu la solidit\u00e9 de la demande int\u00e9rieure et la pr\u00e9sence d\u2019un cadre politique favorable, seule une l\u00e9g\u00e8re d\u00e9c\u00e9l\u00e9ration est attendue. Nous pr\u00e9voyons que la croissance du PIB r\u00e9el du Canada se situera autour de 1,5 % en 2027.   <\/p>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading15600_a535a2-4e, .wp-block-kadence-advancedheading.kt-adv-heading15600_a535a2-4e[data-kb-block=\"kb-adv-heading15600_a535a2-4e\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading15600_a535a2-4e mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading15600_a535a2-4e[data-kb-block=\"kb-adv-heading15600_a535a2-4e\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading15600_a535a2-4e img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading15600_a535a2-4e[data-kb-block=\"kb-adv-heading15600_a535a2-4e\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<h3 class=\"kt-adv-heading15600_a535a2-4e wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading15600_a535a2-4e\">Les perspectives restent difficiles dans la zone Euro<\/h3>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading15600_cb32ff-96, .wp-block-kadence-advancedheading.kt-adv-heading15600_cb32ff-96[data-kb-block=\"kb-adv-heading15600_cb32ff-96\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading15600_cb32ff-96 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading15600_cb32ff-96[data-kb-block=\"kb-adv-heading15600_cb32ff-96\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading15600_cb32ff-96 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading15600_cb32ff-96[data-kb-block=\"kb-adv-heading15600_cb32ff-96\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading15600_cb32ff-96 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading15600_cb32ff-96\">Le PIB r\u00e9el de la zone euro a progress\u00e9 de 0,6 % en glissement trimestriel au T2. L\u2019Espagne a affich\u00e9 la croissance la plus \u00e9lev\u00e9e (0,7 %) des grandes \u00e9conomies de la r\u00e9gion, et la production a augment\u00e9 de 0,3 % en Allemagne et 0,2 % en Italie. La France a fait exception, avec une production identique \u00e0 celle du premier trimestre. Une croissance tendancielle atone limite la marge de man\u0153uvre de la zone euro face \u00e0 de nouveaux chocs.   <\/p>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading15600_897b06-c8, .wp-block-kadence-advancedheading.kt-adv-heading15600_897b06-c8[data-kb-block=\"kb-adv-heading15600_897b06-c8\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading15600_897b06-c8 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading15600_897b06-c8[data-kb-block=\"kb-adv-heading15600_897b06-c8\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading15600_897b06-c8 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading15600_897b06-c8[data-kb-block=\"kb-adv-heading15600_897b06-c8\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading15600_897b06-c8 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading15600_897b06-c8\">L\u2019inflation globale s\u2019est acc\u00e9l\u00e9r\u00e9e \u00e0 3,2 % sur un an en ao\u00fbt, \u00e9galant son plus haut niveau depuis deux ans et demi enregistr\u00e9 en mai. La zone euro reste particuli\u00e8rement vuln\u00e9rable aux pressions inflationnistes \u00e9nerg\u00e9tiques. C\u2019est pourquoi la BCE s\u2019est d\u00e9marqu\u00e9e des autres grandes banques centrales en relevant ses taux d\u2019int\u00e9r\u00eat \u00e0 deux reprises depuis le d\u00e9clenchement de la guerre entre les \u00c9tats-Unis et l\u2019Iran. Nous entrevoyons la possibilit\u00e9 d\u2019une nouvelle hausse de 25 points de base du taux directeur d\u2019ici la fin de l\u2019ann\u00e9e.   <\/p>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading15600_93f415-24, .wp-block-kadence-advancedheading.kt-adv-heading15600_93f415-24[data-kb-block=\"kb-adv-heading15600_93f415-24\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading15600_93f415-24 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading15600_93f415-24[data-kb-block=\"kb-adv-heading15600_93f415-24\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading15600_93f415-24 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading15600_93f415-24[data-kb-block=\"kb-adv-heading15600_93f415-24\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading15600_93f415-24 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading15600_93f415-24\">Une analyse plus d\u00e9taill\u00e9e de la conjoncture interne des grandes \u00e9conomies de la zone euro met en \u00e9vidence d\u2019autres risques pesant sur les perspectives. En France, l\u2019incertitude politique complique les efforts de redressement des finances publiques et exerce une pression \u00e0 la hausse sur les co\u00fbts d\u2019emprunt de l\u2019\u00c9tat; le d\u00e9ficit budg\u00e9taire devrait demeurer \u00e0 5,0 % du PIB en 2026 et la dette publique fr\u00f4le les 120 %. L\u2019Italie affronte un d\u00e9fi diff\u00e9rent du fait de la cl\u00f4ture progressive de la Facilit\u00e9 temporaire pour la reprise et la r\u00e9silience de l\u2019UE, dont elle est le principal b\u00e9n\u00e9ficiaire. La disparition de ce programme d\u2019impulsion des investissements p\u00e8sera sur une \u00e9conomie dont on anticipe d\u00e9j\u00e0 une faible croissance en 2027.    <\/p>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading15600_579c61-13, .wp-block-kadence-advancedheading.kt-adv-heading15600_579c61-13[data-kb-block=\"kb-adv-heading15600_579c61-13\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading15600_579c61-13 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading15600_579c61-13[data-kb-block=\"kb-adv-heading15600_579c61-13\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading15600_579c61-13 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading15600_579c61-13[data-kb-block=\"kb-adv-heading15600_579c61-13\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading15600_579c61-13 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading15600_579c61-13\">Cependant, les perspectives ne sont pas uniformes \u00e0 l\u2019\u00e9chelle de la r\u00e9gion. Nous avons d\u00e9j\u00e0 soulign\u00e9 l\u2019effet stimulant de la hausse des d\u00e9penses d\u2019infrastructure et de d\u00e9fense en Allemagne. Ces engagements pluriannuels seront d\u00e9caiss\u00e9s progressivement, offrant un soutien constant plut\u00f4t que ponctuel \u00e0 l\u2019activit\u00e9 de la r\u00e9gion sur l\u2019horizon de pr\u00e9vision.  <\/p>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading15600_7e8798-bb, .wp-block-kadence-advancedheading.kt-adv-heading15600_7e8798-bb[data-kb-block=\"kb-adv-heading15600_7e8798-bb\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading15600_7e8798-bb mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading15600_7e8798-bb[data-kb-block=\"kb-adv-heading15600_7e8798-bb\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading15600_7e8798-bb img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading15600_7e8798-bb[data-kb-block=\"kb-adv-heading15600_7e8798-bb\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading15600_7e8798-bb wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading15600_7e8798-bb\">De plus, le march\u00e9 du travail de la zone euro s\u2019est r\u00e9v\u00e9l\u00e9 r\u00e9sistant. En ao\u00fbt, le taux de ch\u00f4mage s\u2019est maintenu \u00e0 un niveau historiquement bas de 6,4 %. Les craintes de voir la hausse du co\u00fbt des intrants et le ralentissement de la demande contraindre les entreprises \u00e0 des suppressions d\u2019emplois ne se sont pas concr\u00e9tis\u00e9es. Les employeurs ont plut\u00f4t choisi de garder leur personnel, notamment \u00e9chaud\u00e9s par des ann\u00e9es de recrutement difficile dans de nombreux secteurs qui les rendent r\u00e9ticents \u00e0 se s\u00e9parer de travailleurs qu\u2019ils pourraient avoir du mal \u00e0 remplacer. Cette absence de tension sur le march\u00e9 du travail devrait soutenir le revenu des m\u00e9nages et les d\u00e9penses de consommation.    <\/p>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading15600_d2c2a3-46, .wp-block-kadence-advancedheading.kt-adv-heading15600_d2c2a3-46[data-kb-block=\"kb-adv-heading15600_d2c2a3-46\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading15600_d2c2a3-46 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading15600_d2c2a3-46[data-kb-block=\"kb-adv-heading15600_d2c2a3-46\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading15600_d2c2a3-46 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading15600_d2c2a3-46[data-kb-block=\"kb-adv-heading15600_d2c2a3-46\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading15600_d2c2a3-46 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading15600_d2c2a3-46\">Selon nous, ces soutiens sont significatifs mais insuffisants pour compenser les vents contraires auxquels la r\u00e9gion fait face. Tout bien consid\u00e9r\u00e9, la politique mon\u00e9taire restrictive, les tensions budg\u00e9taires en France et la diminution progressive des investissements continueront de peser sur l\u2019activit\u00e9. Nous pr\u00e9voyons que le PIB r\u00e9el de la zone euro augmentera d\u2019environ 1,0 % en 2027, avec des risques orient\u00e9s \u00e0 la baisse.  <\/p>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading15600_86611b-ff, .wp-block-kadence-advancedheading.kt-adv-heading15600_86611b-ff[data-kb-block=\"kb-adv-heading15600_86611b-ff\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading15600_86611b-ff mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading15600_86611b-ff[data-kb-block=\"kb-adv-heading15600_86611b-ff\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading15600_86611b-ff img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading15600_86611b-ff[data-kb-block=\"kb-adv-heading15600_86611b-ff\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<h3 class=\"kt-adv-heading15600_86611b-ff wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading15600_86611b-ff\">Les perspectives chinoises d\u00e9pendent du commerce international et des mesures de relance<\/h3>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading15600_35ebf3-72, .wp-block-kadence-advancedheading.kt-adv-heading15600_35ebf3-72[data-kb-block=\"kb-adv-heading15600_35ebf3-72\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading15600_35ebf3-72 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading15600_35ebf3-72[data-kb-block=\"kb-adv-heading15600_35ebf3-72\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading15600_35ebf3-72 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading15600_35ebf3-72[data-kb-block=\"kb-adv-heading15600_35ebf3-72\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading15600_35ebf3-72 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading15600_35ebf3-72\">La croissance chinoise a atteint 4,3 % en glissement annuel au T2, en baisse par rapport au premier trimestre. Depuis lors, les exportations et la production industrielle t\u00e9moignent d\u2019une vigueur soutenue, mais l\u2019\u00e9conomie int\u00e9rieure reste globalement atone. <\/p>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading15600_50c5fc-2f, .wp-block-kadence-advancedheading.kt-adv-heading15600_50c5fc-2f[data-kb-block=\"kb-adv-heading15600_50c5fc-2f\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading15600_50c5fc-2f mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading15600_50c5fc-2f[data-kb-block=\"kb-adv-heading15600_50c5fc-2f\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading15600_50c5fc-2f img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading15600_50c5fc-2f[data-kb-block=\"kb-adv-heading15600_50c5fc-2f\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading15600_50c5fc-2f wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading15600_50c5fc-2f\">Le dynamisme ext\u00e9rieur qui sous-tend cette performance ne donne aucun signe d\u2019essoufflement. Durant les huit premiers mois de l\u2019ann\u00e9e, les exportations ont mont\u00e9 de 19,3 % sur un an et les importations ont bondi de 26,7 %. L\u2019exc\u00e9dent commercial a grimp\u00e9 \u00e0 806 milliards de dollars pendant cette p\u00e9riode et devrait d\u00e9passer en 2026 le record de 1 200 milliards de dollars enregistr\u00e9 l\u2019an dernier. La production industrielle a augment\u00e9 de 5,3 % sur un an, reflet du lien \u00e9troit qui existe entre le secteur des exportations et le complexe industriel chinois.   <\/p>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading15600_86e8c3-2a, .wp-block-kadence-advancedheading.kt-adv-heading15600_86e8c3-2a[data-kb-block=\"kb-adv-heading15600_86e8c3-2a\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading15600_86e8c3-2a mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading15600_86e8c3-2a[data-kb-block=\"kb-adv-heading15600_86e8c3-2a\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading15600_86e8c3-2a img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading15600_86e8c3-2a[data-kb-block=\"kb-adv-heading15600_86e8c3-2a\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading15600_86e8c3-2a wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading15600_86e8c3-2a\">Par contre, la demande des consommateurs est rest\u00e9e an\u00e9mique. Sur un an, les ventes au d\u00e9tail n\u2019ont augment\u00e9 que de 0,4 % en ao\u00fbt et 1,1 % durant les huit premiers mois de l\u2019ann\u00e9e. L\u2019essentiel de cette faiblesse est attribuable aux cat\u00e9gories de biens qui \u00e9taient au c\u0153ur du programme de subventions \u00e0 la consommation de 300 milliards de RMB de l\u2019ann\u00e9e derni\u00e8re. En effet, sans l\u2019automobile, les ventes au d\u00e9tail auraient augment\u00e9 de 2,7 % au cours de cette p\u00e9riode. Les indicateurs de la consommation devraient s\u2019am\u00e9liorer quelque peu \u00e0 mesure que s\u2019estompent les effets de base li\u00e9s aux mesures de relance de l\u2019an dernier.    <\/p>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading15600_57bd16-6a, .wp-block-kadence-advancedheading.kt-adv-heading15600_57bd16-6a[data-kb-block=\"kb-adv-heading15600_57bd16-6a\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading15600_57bd16-6a mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading15600_57bd16-6a[data-kb-block=\"kb-adv-heading15600_57bd16-6a\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading15600_57bd16-6a img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading15600_57bd16-6a[data-kb-block=\"kb-adv-heading15600_57bd16-6a\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading15600_57bd16-6a wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading15600_57bd16-6a\">L\u2019investissement est un autre aspect de l\u2019\u00e9conomie int\u00e9rieure qui pourrait conna\u00eetre une modeste am\u00e9lioration. Les investissements en immobilisations ont recul\u00e9 de 7,2 % sur un an au cours des huit premiers mois de 2026. Cependant, le d\u00e9blocage r\u00e9cent de fonds issus du nouvel outil de financement public de 800 milliards de RMB de la Chine pourrait aider \u00e0 stabiliser les d\u00e9penses d\u2019infrastructure, composante cl\u00e9 des investissements en immobilisations.  <\/p>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading15600_1b35bc-e0, .wp-block-kadence-advancedheading.kt-adv-heading15600_1b35bc-e0[data-kb-block=\"kb-adv-heading15600_1b35bc-e0\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading15600_1b35bc-e0 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading15600_1b35bc-e0[data-kb-block=\"kb-adv-heading15600_1b35bc-e0\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading15600_1b35bc-e0 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading15600_1b35bc-e0[data-kb-block=\"kb-adv-heading15600_1b35bc-e0\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading15600_1b35bc-e0 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading15600_1b35bc-e0\">Selon nous, la Chine devra imp\u00e9rativement maintenir le dynamisme des secteurs li\u00e9s \u00e0 l\u2019exportation et renforcer ses politiques de soutien \u00e0 l\u2019investissement pour atteindre la croissance de 4,1 % pr\u00e9vue par le FMI en 2027.<\/p>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading15600_b432ae-40, .wp-block-kadence-advancedheading.kt-adv-heading15600_b432ae-40[data-kb-block=\"kb-adv-heading15600_b432ae-40\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading15600_b432ae-40 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading15600_b432ae-40[data-kb-block=\"kb-adv-heading15600_b432ae-40\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading15600_b432ae-40 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading15600_b432ae-40[data-kb-block=\"kb-adv-heading15600_b432ae-40\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<h3 class=\"kt-adv-heading15600_b432ae-40 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading15600_b432ae-40\">Des trajectoires de croissance vari\u00e9es dans les march\u00e9s \u00e9mergents<\/h3>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading15600_39eac3-7a, .wp-block-kadence-advancedheading.kt-adv-heading15600_39eac3-7a[data-kb-block=\"kb-adv-heading15600_39eac3-7a\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading15600_39eac3-7a mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading15600_39eac3-7a[data-kb-block=\"kb-adv-heading15600_39eac3-7a\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading15600_39eac3-7a img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading15600_39eac3-7a[data-kb-block=\"kb-adv-heading15600_39eac3-7a\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading15600_39eac3-7a wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading15600_39eac3-7a\">En Inde, le PIB r\u00e9el a progress\u00e9 de 7,8 % sur un an au deuxi\u00e8me trimestre. La croissance a r\u00e9sist\u00e9 \u00e0 la hausse des prix de l\u2019\u00e9nergie et l\u2019Inde devrait continuer d\u2019afficher la plus forte expansion \u00e9conomique des pays du G20. Selon les estimations du FMI, le PIB r\u00e9el devrait cro\u00eetre de 6,7 % en 2027.  <\/p>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading15600_ed6211-9e, .wp-block-kadence-advancedheading.kt-adv-heading15600_ed6211-9e[data-kb-block=\"kb-adv-heading15600_ed6211-9e\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading15600_ed6211-9e mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading15600_ed6211-9e[data-kb-block=\"kb-adv-heading15600_ed6211-9e\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading15600_ed6211-9e img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading15600_ed6211-9e[data-kb-block=\"kb-adv-heading15600_ed6211-9e\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading15600_ed6211-9e wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading15600_ed6211-9e\">Le Mexique a enregistr\u00e9 une croissance r\u00e9elle de 2,1 % sur un an au T2, reflet de sa r\u00e9silience face \u00e0 l\u2019incertitude commerciale persistante avec les \u00c9tats-Unis. \u00c0 l\u2019avenir, des conditions financi\u00e8res accommodantes, un faible taux de ch\u00f4mage et une saine croissance des salaires r\u00e9els devraient continuer \u00e0 maintenir l\u2019activit\u00e9 en territoire positif. Le FMI pr\u00e9voit une progression de 1,9 % du PIB r\u00e9el en 2027. <\/p>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading15600_123d74-d7, .wp-block-kadence-advancedheading.kt-adv-heading15600_123d74-d7[data-kb-block=\"kb-adv-heading15600_123d74-d7\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading15600_123d74-d7 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading15600_123d74-d7[data-kb-block=\"kb-adv-heading15600_123d74-d7\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading15600_123d74-d7 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading15600_123d74-d7[data-kb-block=\"kb-adv-heading15600_123d74-d7\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading15600_123d74-d7 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading15600_123d74-d7\">L\u2019activit\u00e9 est rest\u00e9e stable au Br\u00e9sil, avec une croissance de 2,0 % du PIB r\u00e9el en glissement annuel au deuxi\u00e8me trimestre. Les d\u00e9penses gouvernementales \u00e9lev\u00e9es ont stimul\u00e9 les d\u00e9penses des m\u00e9nages, mais creus\u00e9 les d\u00e9ficits publics ces derniers mois. Le FMI table sur une croissance du PIB r\u00e9el de 2,2 % en 2027, mais, selon nous, les perspectives du Br\u00e9sil d\u00e9pendent fortement de l\u2019orientation de la politique budg\u00e9taire apr\u00e8s les \u00e9lections g\u00e9n\u00e9rales d\u2019octobre.  <\/p>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading15600_a9f560-38, .wp-block-kadence-advancedheading.kt-adv-heading15600_a9f560-38[data-kb-block=\"kb-adv-heading15600_a9f560-38\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading15600_a9f560-38 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading15600_a9f560-38[data-kb-block=\"kb-adv-heading15600_a9f560-38\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading15600_a9f560-38 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading15600_a9f560-38[data-kb-block=\"kb-adv-heading15600_a9f560-38\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading15600_a9f560-38 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading15600_a9f560-38\">Tandis que des d\u00e9fis \u00e9conomiques persistent \u00e0 l\u2019\u00e9chelle des pays, la croissance globale des march\u00e9s \u00e9mergents devrait se raffermir. Ces perspectives s\u2019appuient sur une dynamique remarquable en Inde et sur l\u2019am\u00e9lioration des conditions dans plusieurs \u00e9conomies de moindre envergure qui ont affront\u00e9 des difficult\u00e9s li\u00e9es \u00e0 l\u2019\u00e9nergie en 2026. Le FMI s\u2019attend \u00e0 une croissance de 4,5 % du PIB r\u00e9el des pays \u00e9mergents en 2027, contre 3,8 % en 2026.  <\/p>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading15600_c21cc0-fe, .wp-block-kadence-advancedheading.kt-adv-heading15600_c21cc0-fe[data-kb-block=\"kb-adv-heading15600_c21cc0-fe\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading15600_c21cc0-fe mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading15600_c21cc0-fe[data-kb-block=\"kb-adv-heading15600_c21cc0-fe\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading15600_c21cc0-fe img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading15600_c21cc0-fe[data-kb-block=\"kb-adv-heading15600_c21cc0-fe\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<h3 class=\"kt-adv-heading15600_c21cc0-fe wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading15600_c21cc0-fe\">Les march\u00e9s fluctuent sur fond d\u2019incertitudes croissantes<\/h3>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading15600_48707e-6b, .wp-block-kadence-advancedheading.kt-adv-heading15600_48707e-6b[data-kb-block=\"kb-adv-heading15600_48707e-6b\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading15600_48707e-6b mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading15600_48707e-6b[data-kb-block=\"kb-adv-heading15600_48707e-6b\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading15600_48707e-6b img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading15600_48707e-6b[data-kb-block=\"kb-adv-heading15600_48707e-6b\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading15600_48707e-6b wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading15600_48707e-6b\">Les actions mondiales ont atteint un sommet historique au troisi\u00e8me trimestre, malgr\u00e9 de fr\u00e9quents acc\u00e8s de volatilit\u00e9. Depuis le d\u00e9but de l\u2019ann\u00e9e, l\u2019indice S&amp;P 500 a gagn\u00e9 16,8 % (rendement global en dollars canadiens) et les indices S&amp;P\/TSX (13,0 %), MSCI Monde tous pays (17,1 %) et MSCI March\u00e9s \u00e9mergents (27,8 %) ont aussi enregistr\u00e9 un rendement \u00e0 deux chiffres. <\/p>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading15600_5a414d-de, .wp-block-kadence-advancedheading.kt-adv-heading15600_5a414d-de[data-kb-block=\"kb-adv-heading15600_5a414d-de\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading15600_5a414d-de mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading15600_5a414d-de[data-kb-block=\"kb-adv-heading15600_5a414d-de\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading15600_5a414d-de img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading15600_5a414d-de[data-kb-block=\"kb-adv-heading15600_5a414d-de\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading15600_5a414d-de wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading15600_5a414d-de\">La rentabilit\u00e9 robuste des entreprises a \u00e9t\u00e9 l\u2019un des principaux moteurs de la progression des march\u00e9s. De fait, les b\u00e9n\u00e9fices ont affich\u00e9 une croissance notable dans la majorit\u00e9 des secteurs du S&amp;P 500 jusqu\u2019\u00e0 pr\u00e9sent (Tableau 2). La vigueur et l\u2019ampleur de ces b\u00e9n\u00e9fices ont de quoi impressionner, en particulier au vu d\u2019une conjoncture complexe et incertaine.  <\/p>\n\n\n<style>.kadence-column15600_58bc86-69 > .kt-inside-inner-col{column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column15600_58bc86-69 > .kt-inside-inner-col{flex-direction:column;}.kadence-column15600_58bc86-69 > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column15600_58bc86-69 > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column15600_58bc86-69{position:relative;}@media all and (max-width: 1024px){.kadence-column15600_58bc86-69 > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}@media all and (max-width: 767px){.kadence-column15600_58bc86-69 > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}<\/style>\n<div class=\"wp-block-kadence-column kadence-column15600_58bc86-69\"><div class=\"kt-inside-inner-col\"><style>.wp-block-kadence-advancedheading.kt-adv-heading15600_20091e-07, .wp-block-kadence-advancedheading.kt-adv-heading15600_20091e-07[data-kb-block=\"kb-adv-heading15600_20091e-07\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading15600_20091e-07 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading15600_20091e-07[data-kb-block=\"kb-adv-heading15600_20091e-07\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading15600_20091e-07 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading15600_20091e-07[data-kb-block=\"kb-adv-heading15600_20091e-07\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<h4 class=\"kt-adv-heading15600_20091e-07 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading15600_20091e-07\">B\u00e9n\u00e9fices d\u2019exploitation par action du S&amp;P 500 &#8211; 2026, variation sur un an (%)*<\/h4>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading15600_d90d1c-06, .wp-block-kadence-advancedheading.kt-adv-heading15600_d90d1c-06[data-kb-block=\"kb-adv-heading15600_d90d1c-06\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading15600_d90d1c-06 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading15600_d90d1c-06[data-kb-block=\"kb-adv-heading15600_d90d1c-06\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading15600_d90d1c-06 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading15600_d90d1c-06[data-kb-block=\"kb-adv-heading15600_d90d1c-06\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading15600_d90d1c-06 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading15600_d90d1c-06\">Tableau 2<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>\u00c9nergie<\/strong><\/td><td>90.5%<\/td><\/tr><tr><td><strong>Services de communication<\/strong><\/td><td>56.8%<\/td><\/tr><tr><td><strong>Technologies de l\u2019information<\/strong><\/td><td>52.3%<\/td><\/tr><tr><td><strong>Mat\u00e9riaux<\/strong><\/td><td>36.8%<\/td><\/tr><tr><td><strong>Consommation discr\u00e9tionnaire<\/strong><\/td><td>35.3%<\/td><\/tr><tr><td><strong>Finance<\/strong><\/td><td>14.4%<\/td><\/tr><tr><td><strong>Services aux collectivit\u00e9s<\/strong><\/td><td>12.9%<\/td><\/tr><tr><td><strong>Industries<\/strong><\/td><td>12.3%<\/td><\/tr><tr><td><strong>Immobilier<\/strong><\/td><td>10.1%<\/td><\/tr><tr><td><strong>Biens de consommation de base<\/strong><\/td><td>7.6%<\/td><\/tr><tr><td><strong>Soins de sant\u00e9<\/strong><\/td><td>2.5%<\/td><\/tr><tr><td><strong>Total<\/strong><\/td><td><strong>32.0%<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading15600_cde695-05, .wp-block-kadence-advancedheading.kt-adv-heading15600_cde695-05[data-kb-block=\"kb-adv-heading15600_cde695-05\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading15600_cde695-05 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading15600_cde695-05[data-kb-block=\"kb-adv-heading15600_cde695-05\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading15600_cde695-05 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading15600_cde695-05[data-kb-block=\"kb-adv-heading15600_cde695-05\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading15600_cde695-05 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading15600_cde695-05\">*Inclut le consensus des pr\u00e9visions de b\u00e9n\u00e9fices pour T3 et T4 2026 Source: FactSet financial data and analytics <\/p>\n<\/div><\/div>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading15600_8528ea-9c, .wp-block-kadence-advancedheading.kt-adv-heading15600_8528ea-9c[data-kb-block=\"kb-adv-heading15600_8528ea-9c\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading15600_8528ea-9c mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading15600_8528ea-9c[data-kb-block=\"kb-adv-heading15600_8528ea-9c\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading15600_8528ea-9c img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading15600_8528ea-9c[data-kb-block=\"kb-adv-heading15600_8528ea-9c\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading15600_8528ea-9c wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading15600_8528ea-9c\">Par contre, les estimations de croissance des b\u00e9n\u00e9fices pour l\u2019ann\u00e9e semblent tr\u00e8s \u00e9lev\u00e9es. Selon les pr\u00e9visions consensuelles, les b\u00e9n\u00e9fices du S&amp;P 500 devraient grimper de 15,4 % sur un an. Dans un contexte de croissance du PIB r\u00e9el de 1 % \u00e0 2 %, la barre est haute. M\u00eame en supposant que ces pr\u00e9visions ambitieuses se r\u00e9alisent, le S&amp;P 500 se n\u00e9gocie actuellement \u00e0 18,6 fois les b\u00e9n\u00e9fices de 2027, chiffre \u00e9lev\u00e9 par rapport \u00e0 sa moyenne \u00e0 long terme de 16,1. Cette d\u00e9connexion persistante entre les fondamentaux de l\u2019\u00e9conomie et les attentes des investisseurs fait ressortir une vuln\u00e9rabilit\u00e9 sous-jacente significative des march\u00e9s boursiers.   <\/p>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading15600_099792-9c, .wp-block-kadence-advancedheading.kt-adv-heading15600_099792-9c[data-kb-block=\"kb-adv-heading15600_099792-9c\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading15600_099792-9c mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading15600_099792-9c[data-kb-block=\"kb-adv-heading15600_099792-9c\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading15600_099792-9c img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading15600_099792-9c[data-kb-block=\"kb-adv-heading15600_099792-9c\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading15600_099792-9c wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading15600_099792-9c\">La conjoncture boursi\u00e8re actuelle souligne l\u2019importance de la discipline des cours, de la s\u00e9lection judicieuse des titres et de la diversification. Nous avons d\u00e9ploy\u00e9 des capitaux de mani\u00e8re s\u00e9lective durant les p\u00e9riodes de volatilit\u00e9 et nos portefeuilles \u00e9quilibr\u00e9s continuent de privil\u00e9gier les actions. Dans l\u2019ensemble, nous croyons que la valorisation de notre strat\u00e9gie mondiale demeure raisonnable \u00e0 12,8 fois les b\u00e9n\u00e9fices de 2027 et que les soci\u00e9t\u00e9s dans lesquelles nous investissons offrent un fort potentiel de croissance des b\u00e9n\u00e9fices \u00e0 moyen et \u00e0 long terme, malgr\u00e9 les d\u00e9fis \u00e0 court terme.  <\/p>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading15600_36a571-39, .wp-block-kadence-advancedheading.kt-adv-heading15600_36a571-39[data-kb-block=\"kb-adv-heading15600_36a571-39\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading15600_36a571-39 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading15600_36a571-39[data-kb-block=\"kb-adv-heading15600_36a571-39\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading15600_36a571-39 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading15600_36a571-39[data-kb-block=\"kb-adv-heading15600_36a571-39\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading15600_36a571-39 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading15600_36a571-39\">Du c\u00f4t\u00e9 des titres \u00e0 revenu fixe, les taux de rendement obligataires mondiaux ont atteint des sommets pluriannuels au troisi\u00e8me trimestre. La vente massive d\u2019obligations du Tr\u00e9sor am\u00e9ricain par les investisseurs est largement per\u00e7ue comme un signe de mont\u00e9e des pressions inflationnistes. Bien que la guerre entre l\u2019Iran et les \u00c9tats-Unis ait raviv\u00e9 les craintes d\u2019inflation li\u00e9e \u00e0 l\u2019\u00e9nergie, les indicateurs du march\u00e9 obligataire ne semblent pas refl\u00e9ter ces pr\u00e9occupations. Les taux de rendement ont mont\u00e9 sur l\u2019ensemble de la courbe en 2026 \u2013 le taux \u00e0 10 ans gagnant plus de 100 points de base par rapport \u00e0 son creux de la fin f\u00e9vrier \u2013 alors m\u00eame que les attentes d\u2019inflation sont rest\u00e9es stables autour de 2,3 % depuis 2021.   <\/p>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading15600_efd777-f0, .wp-block-kadence-advancedheading.kt-adv-heading15600_efd777-f0[data-kb-block=\"kb-adv-heading15600_efd777-f0\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading15600_efd777-f0 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading15600_efd777-f0[data-kb-block=\"kb-adv-heading15600_efd777-f0\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading15600_efd777-f0 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading15600_efd777-f0[data-kb-block=\"kb-adv-heading15600_efd777-f0\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading15600_efd777-f0 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading15600_efd777-f0\">Le vecteur principal de la hausse des taux de rendement des obligations d\u2019\u00c9tat am\u00e9ricaines a plut\u00f4t \u00e9t\u00e9 la progression des taux de rendement r\u00e9els (taux de rendement nominaux redress\u00e9s de l\u2019inflation). Le d\u00e9rapage budg\u00e9taire a pu \u00e9galement contribuer \u00e0 cette \u00e9volution, bien qu\u2019il n\u2019y ait l\u00e0 rien de nouveau puisque les d\u00e9ficits budg\u00e9taires am\u00e9ricains d\u00e9passent couramment les 1 500 milliards de dollars depuis plusieurs ann\u00e9es. \u00c0 notre avis, la hausse des taux de rendement r\u00e9els am\u00e9ricains refl\u00e8te principalement l\u2019ampleur massive des \u00e9missions de titres d\u2019emprunt visant \u00e0 combler les besoins de financement de l\u2019administration publique et des entreprises. Les exigences de financement d\u00e9coulant de d\u00e9ficits budg\u00e9taires persistants \u00e9taient d\u00e9j\u00e0 consid\u00e9rables, et de nouveaux emprunts massifs de la part des entreprises accentuent la concurrence pour l\u2019acc\u00e8s aux capitaux. Auparavant peu \u00e9lev\u00e9es, les \u00e9missions de titres d\u2019emprunt li\u00e9s \u00e0 l\u2019IA ont acc\u00e9l\u00e9r\u00e9 et devraient d\u00e9passer les 500 milliards de dollars d\u2019ici la fin de 2026. En fin de compte, le march\u00e9 a d\u00fb absorber un volume d\u2019\u00e9missions obligataires bien plus important que les ann\u00e9es pass\u00e9es, et les investisseurs exigent une r\u00e9mun\u00e9ration plus \u00e9lev\u00e9e pour y souscrire.     <\/p>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading15600_681498-e7, .wp-block-kadence-advancedheading.kt-adv-heading15600_681498-e7[data-kb-block=\"kb-adv-heading15600_681498-e7\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading15600_681498-e7 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading15600_681498-e7[data-kb-block=\"kb-adv-heading15600_681498-e7\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading15600_681498-e7 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading15600_681498-e7[data-kb-block=\"kb-adv-heading15600_681498-e7\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading15600_681498-e7 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading15600_681498-e7\">L\u2019une des cons\u00e9quences notables de la hausse des taux de rendement obligataires am\u00e9ricains est le resserrement de l\u2019arbitrage risque\/rendement entre les actions et les titres \u00e0 revenu fixe am\u00e9ricains. Actuellement, un rendement r\u00e9el de 3 % offre la possibilit\u00e9 de g\u00e9n\u00e9rer un rendement nominal de 5 % \u00e0 6 %, dans l\u2019hypoth\u00e8se d\u2019une inflation entre 2 % et 3 %. En parall\u00e8le, le ratio C\/B des obligations am\u00e9ricaines \u00e0 long terme, qui s\u2019\u00e9tablit \u00e0 19,2 fois, est d\u00e9sormais inf\u00e9rieur \u00e0 celui des actions am\u00e9ricaines, du jamais vu depuis le d\u00e9but des ann\u00e9es 2000 (Graphique 1).  <\/p>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading15600_d3b16d-f9, .wp-block-kadence-advancedheading.kt-adv-heading15600_d3b16d-f9[data-kb-block=\"kb-adv-heading15600_d3b16d-f9\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading15600_d3b16d-f9 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading15600_d3b16d-f9[data-kb-block=\"kb-adv-heading15600_d3b16d-f9\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading15600_d3b16d-f9 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading15600_d3b16d-f9[data-kb-block=\"kb-adv-heading15600_d3b16d-f9\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading15600_d3b16d-f9 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading15600_d3b16d-f9\">L\u2019augmentation des taux de rendement ailleurs dans le G7 fait \u00e9cho \u00e0 la liquidation des obligations du Tr\u00e9sor am\u00e9ricain, m\u00eame si l\u2019ampleur varie selon les pays. Depuis leurs creux relatifs de f\u00e9vrier, les taux des obligations d\u2019\u00c9tat \u00e0 dix ans ont mont\u00e9 de plus de 100 points de base au Royaume-Uni et d\u2019environ 95 pb au Japon. Durant la m\u00eame p\u00e9riode, au Canada, le taux de l\u2019obligation d\u2019\u00c9tat \u00e0 10 ans a grimp\u00e9 de 86 points de base et celui de l\u2019obligation \u00e0 30 ans a gagn\u00e9 67 pb.  <\/p>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading15600_c05a30-ea, .wp-block-kadence-advancedheading.kt-adv-heading15600_c05a30-ea[data-kb-block=\"kb-adv-heading15600_c05a30-ea\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading15600_c05a30-ea mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading15600_c05a30-ea[data-kb-block=\"kb-adv-heading15600_c05a30-ea\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading15600_c05a30-ea img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading15600_c05a30-ea[data-kb-block=\"kb-adv-heading15600_c05a30-ea\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading15600_c05a30-ea wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading15600_c05a30-ea\">Nous soutenons depuis longtemps que la juste valeur des obligations canadiennes \u00e0 moyen et long terme \u00e9tait inf\u00e9rieure aux niveaux en vigueur, et notre r\u00e9ticence \u00e0 exposer les portefeuilles \u00e0 la partie longue de la courbe des taux a \u00e9t\u00e9 r\u00e9compens\u00e9e. Au cours des derniers mois, nous avons cependant tir\u00e9 parti de ce rajustement des prix en ajoutant des obligations \u00e0 moyen terme de grande qualit\u00e9, allongeant ainsi l\u00e9g\u00e8rement la duration de notre portefeuille. Par contre, \u00e0 ce stade, nous ne pr\u00e9conisons aucun changement majeur \u00e0 la r\u00e9partition globale de l\u2019actif.  <\/p>\n\n\n<style>.kadence-column15600_29d1ae-ff > .kt-inside-inner-col{column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column15600_29d1ae-ff > .kt-inside-inner-col{flex-direction:column;}.kadence-column15600_29d1ae-ff > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column15600_29d1ae-ff > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column15600_29d1ae-ff{position:relative;}@media all and (max-width: 1024px){.kadence-column15600_29d1ae-ff > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}@media all and (max-width: 767px){.kadence-column15600_29d1ae-ff > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}<\/style>\n<div class=\"wp-block-kadence-column kadence-column15600_29d1ae-ff\"><div class=\"kt-inside-inner-col\"><style>.wp-block-kadence-advancedheading.kt-adv-heading15600_66fd54-84, .wp-block-kadence-advancedheading.kt-adv-heading15600_66fd54-84[data-kb-block=\"kb-adv-heading15600_66fd54-84\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading15600_66fd54-84 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading15600_66fd54-84[data-kb-block=\"kb-adv-heading15600_66fd54-84\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading15600_66fd54-84 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading15600_66fd54-84[data-kb-block=\"kb-adv-heading15600_66fd54-84\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<h4 class=\"kt-adv-heading15600_66fd54-84 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading15600_66fd54-84\">Comparaison du ratio C\/B : Actions am\u00e9ricaines et obligations \u00e0 long terme du Tr\u00e9sor am\u00e9ricain<\/h4>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading15600_09b8d9-c7, .wp-block-kadence-advancedheading.kt-adv-heading15600_09b8d9-c7[data-kb-block=\"kb-adv-heading15600_09b8d9-c7\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading15600_09b8d9-c7 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading15600_09b8d9-c7[data-kb-block=\"kb-adv-heading15600_09b8d9-c7\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading15600_09b8d9-c7 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading15600_09b8d9-c7[data-kb-block=\"kb-adv-heading15600_09b8d9-c7\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading15600_09b8d9-c7 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading15600_09b8d9-c7\">Graphique 1<\/p>\n\n\n<style>.kb-image15600_257b85-9e .kb-image-has-overlay:after{opacity:0.3;}<\/style>\n<figure class=\"wp-block-kadence-image kb-image15600_257b85-9e size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1650\" height=\"990\" src=\"https:\/\/www.lba.ca\/wp-content\/uploads\/2026\/10\/fr-chart1-1.png\" alt=\"\" class=\"kb-img wp-image-15608\" srcset=\"https:\/\/www.lba.ca\/wp-content\/uploads\/2026\/10\/fr-chart1-1.png 1650w, https:\/\/www.lba.ca\/wp-content\/uploads\/2026\/10\/fr-chart1-1-625x375.png 625w, https:\/\/www.lba.ca\/wp-content\/uploads\/2026\/10\/fr-chart1-1-843x506.png 843w, https:\/\/www.lba.ca\/wp-content\/uploads\/2026\/10\/fr-chart1-1-480x288.png 480w, https:\/\/www.lba.ca\/wp-content\/uploads\/2026\/10\/fr-chart1-1-768x461.png 768w\" sizes=\"auto, (max-width: 1650px) 100vw, 1650px\" \/><\/figure>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading15600_590907-8b, .wp-block-kadence-advancedheading.kt-adv-heading15600_590907-8b[data-kb-block=\"kb-adv-heading15600_590907-8b\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading15600_590907-8b mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading15600_590907-8b[data-kb-block=\"kb-adv-heading15600_590907-8b\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading15600_590907-8b img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading15600_590907-8b[data-kb-block=\"kb-adv-heading15600_590907-8b\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading15600_590907-8b wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading15600_590907-8b\">*Calcul\u00e9 \u00e0 partir des b\u00e9n\u00e9fices en glissement **Inverse du taux de rendement de l\u2019obligation \u00e0 30 ans Sources : Standard &amp; Poor\u2019s, R\u00e9serve f\u00e9d\u00e9rale am\u00e9ricaine, LetkoBrosseau<br\/><br\/><\/p>\n<\/div><\/div>\n<\/div><\/div>\n\n\n<style>.kadence-column15600_a54d3a-e1 > .kt-inside-inner-col{column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column15600_a54d3a-e1 > .kt-inside-inner-col{flex-direction:column;}.kadence-column15600_a54d3a-e1 > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column15600_a54d3a-e1 > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column15600_a54d3a-e1{position:relative;}@media all and (max-width: 1024px){.kadence-column15600_a54d3a-e1 > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}@media all and (max-width: 767px){.kadence-column15600_a54d3a-e1 > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}<\/style>\n<div class=\"wp-block-kadence-column kadence-column15600_a54d3a-e1\"><div class=\"kt-inside-inner-col\"><style>.kt-accordion-id15600_7461f5-c5 .kt-accordion-inner-wrap{column-gap:var(--global-kb-gap-md, 2rem);row-gap:8px;}.kt-accordion-id15600_7461f5-c5 .kt-accordion-panel-inner{padding-top:var(--global-kb-spacing-sm, 1.5rem);padding-right:var(--global-kb-spacing-sm, 1.5rem);padding-bottom:var(--global-kb-spacing-sm, 1.5rem);padding-left:var(--global-kb-spacing-sm, 1.5rem);}.kt-accordion-id15600_7461f5-c5 > .kt-accordion-inner-wrap > .wp-block-kadence-pane > .kt-accordion-header-wrap > .kt-blocks-accordion-header{padding-top:var(--global-kb-spacing-xxs, 0.5rem);padding-right:var(--global-kb-spacing-xs, 1rem);padding-bottom:var(--global-kb-spacing-xxs, 0.5rem);padding-left:var(--global-kb-spacing-xs, 1rem);}@media all and (max-width: 767px){.kt-accordion-id15600_7461f5-c5 .kt-accordion-inner-wrap{display:block;}.kt-accordion-id15600_7461f5-c5 .kt-accordion-inner-wrap .kt-accordion-pane:not(:first-child){margin-top:8px;}}<\/style>\n<div class=\"wp-block-kadence-accordion alignnone\"><div class=\"kt-accordion-wrap kt-accordion-id15600_7461f5-c5 kt-accordion-has-2-panes kt-active-pane-0 kt-accordion-block kt-pane-header-alignment-left kt-accodion-icon-style-basic kt-accodion-icon-side-right\" style=\"max-width:none\"><div class=\"kt-accordion-inner-wrap\" data-allow-multiple-open=\"false\" data-start-open=\"none\">\n<div class=\"wp-block-kadence-pane kt-accordion-pane kt-accordion-pane-1 kt-pane15600_523926-1a\"><div class=\"kt-accordion-header-wrap\"><button class=\"kt-blocks-accordion-header kt-acccordion-button-label-show\" type=\"button\"><span class=\"kt-blocks-accordion-title-wrap\"><span class=\"kt-blocks-accordion-title\">Mentions l\u00e9gales<\/span><\/span><span class=\"kt-blocks-accordion-icon-trigger\"><\/span><\/button><\/div><div class=\"kt-accordion-panel kt-accordion-panel-hidden\"><div class=\"kt-accordion-panel-inner\"><style>.wp-block-kadence-advancedheading.kt-adv-heading15600_9a9c4c-83, .wp-block-kadence-advancedheading.kt-adv-heading15600_9a9c4c-83[data-kb-block=\"kb-adv-heading15600_9a9c4c-83\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading15600_9a9c4c-83 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading15600_9a9c4c-83[data-kb-block=\"kb-adv-heading15600_9a9c4c-83\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading15600_9a9c4c-83 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading15600_9a9c4c-83[data-kb-block=\"kb-adv-heading15600_9a9c4c-83\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading15600_9a9c4c-83 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading15600_9a9c4c-83\">Dans ce texte, le \u00ab dollar \u00bb est le dollar US, sauf indication contraire.<\/p>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading15600_67ce9b-35, .wp-block-kadence-advancedheading.kt-adv-heading15600_67ce9b-35[data-kb-block=\"kb-adv-heading15600_67ce9b-35\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading15600_67ce9b-35 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading15600_67ce9b-35[data-kb-block=\"kb-adv-heading15600_67ce9b-35\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading15600_67ce9b-35 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading15600_67ce9b-35[data-kb-block=\"kb-adv-heading15600_67ce9b-35\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading15600_67ce9b-35 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading15600_67ce9b-35\">Les informations et opinions contenues dans les pr\u00e9sentes sont fournies \u00e0 titre indicatif seulement, sont sujettes \u00e0 changement et ne visent pas \u00e0 fournir des conseils d\u2019ordre comptable, juridique ou fiscal, ni des recommandations en mati\u00e8re de placement, et ne doivent pas \u00eatre utilis\u00e9es comme tel. Les soci\u00e9t\u00e9s mentionn\u00e9es sont \u00e0 titre indicatif uniquement et ne sont pas consid\u00e9r\u00e9es comme une recommandation d\u2019achat ou de vente. Il ne faut pas supposer qu\u2019un investissement dans ces entreprises \u00e9tait ou serait rentable. \u00c0 moins d\u2019indication contraire, les renseignements sont pr\u00e9sent\u00e9s aux dates indiqu\u00e9es. Bien que ces renseignements soient consid\u00e9r\u00e9s comme exacts \u00e0 la date o\u00f9 ils ont \u00e9t\u00e9 pr\u00e9par\u00e9s, Letko, Brosseau &amp; Associ\u00e9s Inc. ne peut garantir qu\u2019ils sont exacts, complets et \u00e0 jour en tout temps.    <\/p>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading15600_d2ebb3-d2, .wp-block-kadence-advancedheading.kt-adv-heading15600_d2ebb3-d2[data-kb-block=\"kb-adv-heading15600_d2ebb3-d2\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading15600_d2ebb3-d2 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading15600_d2ebb3-d2[data-kb-block=\"kb-adv-heading15600_d2ebb3-d2\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading15600_d2ebb3-d2 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading15600_d2ebb3-d2[data-kb-block=\"kb-adv-heading15600_d2ebb3-d2\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading15600_d2ebb3-d2 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading15600_d2ebb3-d2\">Lorsque les renseignements proviennent ou sont d\u00e9riv\u00e9s de sources externes, les sources sont consid\u00e9r\u00e9es comme fiables, mais la soci\u00e9t\u00e9 n\u2019en a pas effectu\u00e9 une v\u00e9rification ind\u00e9pendante. Aucune repr\u00e9sentation ou garantie n\u2019est fournie quant \u00e0 l\u2019exactitude, \u00e0 l\u2019exhaustivit\u00e9 ou \u00e0 la fiabilit\u00e9 de ces renseignements. Les opinions ou estimations pr\u00e9sent\u00e9es constituent notre jugement \u00e0 cette date et sont modifiables sans pr\u00e9avis.<br\/>Les rendements pass\u00e9s ne sont pas garants des r\u00e9sultats futurs. Tous les placements pr\u00e9sentent un risque de perte et il n\u2019y a aucune garantie que les avantages exprim\u00e9s seront atteints ou r\u00e9alis\u00e9s.   <\/p>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading15600_b301d0-de, .wp-block-kadence-advancedheading.kt-adv-heading15600_b301d0-de[data-kb-block=\"kb-adv-heading15600_b301d0-de\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading15600_b301d0-de mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading15600_b301d0-de[data-kb-block=\"kb-adv-heading15600_b301d0-de\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading15600_b301d0-de img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading15600_b301d0-de[data-kb-block=\"kb-adv-heading15600_b301d0-de\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading15600_b301d0-de wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading15600_b301d0-de\">The information provided herein does not constitute investment advice and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell a security. It does not take into account any investor\u2019s particular investment objectives, strategies, tax status or investment horizon. There is no representation or warranty as to the current accuracy of, nor liability for, decisions based on such information.   <\/p>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading15600_8e026d-25, .wp-block-kadence-advancedheading.kt-adv-heading15600_8e026d-25[data-kb-block=\"kb-adv-heading15600_8e026d-25\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading15600_8e026d-25 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading15600_8e026d-25[data-kb-block=\"kb-adv-heading15600_8e026d-25\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading15600_8e026d-25 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading15600_8e026d-25[data-kb-block=\"kb-adv-heading15600_8e026d-25\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading15600_8e026d-25 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading15600_8e026d-25\">Les renseignements pr\u00e9sent\u00e9s ne constituent pas une offre ou une sollicitation d\u2019achat ou de vente de titres. Ils ne tiennent pas compte des objectifs, strat\u00e9gies, statuts fiscaux ou horizons d\u2019investissement particuliers des investisseurs. Aucune repr\u00e9sentation ou garantie n\u2019est fournie quant \u00e0 l\u2019exactitude des renseignements ni quant \u00e0 la responsabilit\u00e9 pour des d\u00e9cisions fond\u00e9es sur ceux-ci.<br\/>Certaines informations contenues dans ce document constituent des \u00ab d\u00e9clarations prospectives \u00bb, qui peuvent \u00eatre identifi\u00e9es par l&rsquo;utilisation de termes prospectifs tels que \u00ab peut \u00bb, \u00ab sera \u00bb, \u00ab devrait \u00bb, \u00ab s&rsquo;attendre \u00e0 \u00bb, \u00ab anticiper \u00bb, \u00ab cibler \u00bb, \u00ab projeter \u00bb, \u00ab estimer \u00bb, \u00ab avoir l&rsquo;intention de \u00bb, \u00ab continuer \u00bb ou \u00ab croire \u00bb, ou la forme n\u00e9gative de ces termes, ou d&rsquo;autres variations de ces termes ou une terminologie comparable. Les d\u00e9clarations prospectives sont intrins\u00e8quement soumises, entre autres, \u00e0 des risques, des incertitudes et des hypoth\u00e8ses concernant les devises, la croissance \u00e9conomique, les conditions actuelles et attendues, et d&rsquo;autres facteurs consid\u00e9r\u00e9s comme appropri\u00e9s dans les circonstances, qui pourraient faire en sorte que les \u00e9v\u00e9nements, les r\u00e9sultats, les performances ou les perspectives r\u00e9els diff\u00e8rent mat\u00e9riellement de ceux qui sont exprim\u00e9s ou sous-entendus dans ces d\u00e9clarations prospectives. Les lecteurs sont invit\u00e9s \u00e0 ne pas accorder une confiance excessive \u00e0 ces d\u00e9clarations pr\u00e9visionnelles.  <\/p>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading15600_08b44e-c6, .wp-block-kadence-advancedheading.kt-adv-heading15600_08b44e-c6[data-kb-block=\"kb-adv-heading15600_08b44e-c6\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading15600_08b44e-c6 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading15600_08b44e-c6[data-kb-block=\"kb-adv-heading15600_08b44e-c6\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading15600_08b44e-c6 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading15600_08b44e-c6[data-kb-block=\"kb-adv-heading15600_08b44e-c6\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading15600_08b44e-c6 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading15600_08b44e-c6\">Les informations de MSCI ne peuvent \u00eatre utilis\u00e9es que pour votre usage interne, ne peuvent \u00eatre reproduites ou rediffus\u00e9es sous quelque forme que ce soit ni utilis\u00e9es comme base ou composante d\u2019instruments, produits ou indices financiers. Aucune des informations de MSCI ne vise \u00e0 fournir des conseils en mati\u00e8re de placements ou une recommandation de prendre (ou de s&rsquo;abstenir de prendre) une d\u00e9cision d&rsquo;investissement et ne doit pas \u00eatre utilis\u00e9e comme telle. Les donn\u00e9es et analyses historiques ne doivent pas \u00eatre consid\u00e9r\u00e9es comme une indication ou une garantie d\u2019une analyse, pr\u00e9vision ou pr\u00e9diction de performance. Les informations MSCI sont fournies \u00ab telles quelles \u00bb et leur utilisateur assume l&rsquo;int\u00e9gralit\u00e9 des risques li\u00e9s \u00e0 leur utilisation. MSCI, chacune de ses soci\u00e9t\u00e9s affili\u00e9es et toute autre personne impliqu\u00e9e ou li\u00e9e \u00e0 la compilation, au calcul ou \u00e0 la cr\u00e9ation d&rsquo;informations MSCI (collectivement, les \u00ab parties MSCI \u00bb) d\u00e9clinent express\u00e9ment toute garantie (y compris, notamment, toute garantie d&rsquo;originalit\u00e9, d&rsquo;exactitude et d&rsquo;exhaustivit\u00e9, respect des d\u00e9lais, non-contrefa\u00e7on, commercialisation et de convenance \u00e0 une fin particuli\u00e8re) en ce qui concerne ces informations. Sans limiter la port\u00e9e de ce qui pr\u00e9c\u00e8de, en aucun cas une partie MSCI ne peut \u00eatre tenue responsable d\u2019un dommage direct, indirect, sp\u00e9cial, accessoire, punitif, cons\u00e9cutif (y compris, sans limitation, perte de profits) ou de tout autre dommage. (www.msci.com).      <\/p>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading15600_cfeade-37, .wp-block-kadence-advancedheading.kt-adv-heading15600_cfeade-37[data-kb-block=\"kb-adv-heading15600_cfeade-37\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading15600_cfeade-37 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading15600_cfeade-37[data-kb-block=\"kb-adv-heading15600_cfeade-37\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading15600_cfeade-37 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading15600_cfeade-37[data-kb-block=\"kb-adv-heading15600_cfeade-37\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading15600_cfeade-37 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading15600_cfeade-37\">L\u2019indice S&amp;P\/TSX est un produit de S&amp;P Dow Jones Indices LLC ou ses soci\u00e9t\u00e9s affili\u00e9es (\u00ab SPDJI \u00bb) et de TSX Inc., utilis\u00e9 sous licence par Letko, Brosseau &amp; Associ\u00e9s Inc. Standard &amp; Poor&rsquo;sMD et S&amp;PMD sont des marques d\u00e9pos\u00e9es de Standard &amp; Poor\u2019s Financial Services LLC (\u00ab S&amp;P \u00bb), Dow JonesMD est une marque d\u00e9pos\u00e9e de Dow Jones Trademark Holdings LLC (\u00ab Dow Jones \u00bb) et ces marques d\u00e9pos\u00e9es ont \u00e9t\u00e9 conc\u00e9d\u00e9es sous licence par SPDJI et conc\u00e9d\u00e9es en sous-licence \u00e0 certaines fins par Letko, Brosseau &amp; Associates Inc. TSXMD est une marque d\u00e9pos\u00e9e de TSX Inc., utilis\u00e9e sous licence par SPDJI et par Letko, Brosseau &amp; Associ\u00e9s Inc. Les produits de Letko, Brosseau &amp; Associ\u00e9s Inc. ne sont pas commandit\u00e9s, approuv\u00e9s, vendus ou promus par SPDJI, Dow Jones, S&amp;P, leurs soci\u00e9t\u00e9s affili\u00e9es respectives ou Bloomberg et aucune de ces parties ne font de d\u00e9clarations au sujet de la pertinence de r\u00e9aliser un placement dans ces produits et ne peuvent \u00eatre tenues responsables d\u2019erreurs, d\u2019omissions ou d\u2019interruptions touchant l\u2019indice S&amp;P\/TSX.<\/p>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading15600_ce194f-1a, .wp-block-kadence-advancedheading.kt-adv-heading15600_ce194f-1a[data-kb-block=\"kb-adv-heading15600_ce194f-1a\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading15600_ce194f-1a mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading15600_ce194f-1a[data-kb-block=\"kb-adv-heading15600_ce194f-1a\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading15600_ce194f-1a img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading15600_ce194f-1a[data-kb-block=\"kb-adv-heading15600_ce194f-1a\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading15600_ce194f-1a wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading15600_ce194f-1a\">Bloomberg Finance L.P. Utilis\u00e9 avec la permission de Bloomberg Finance L.P.<\/p>\n<\/div><\/div><\/div>\n<\/div><\/div><\/div>\n<\/div><\/div>\n\n<\/div><\/div>","protected":false},"excerpt":{"rendered":"<p>R\u00e9sum\u00e9 Les donn\u00e9es r\u00e9centes confirment que l\u2019\u00e9conomie mondiale s\u2019oriente vers une expansion solide en 2026, en d\u00e9pit des&#8230;<\/p>\n","protected":false},"author":6,"featured_media":0,"template":"","meta":{"_acf_changed":false,"_kad_blocks_custom_css":"","_kad_blocks_head_custom_js":"","_kad_blocks_body_custom_js":"","_kad_blocks_footer_custom_js":"","footnotes":""},"post-category":[93],"investment-stategy":[],"media-type":[99],"publication_type":[63],"suited-for":[84,85],"topic":[],"class_list":["post-15614","publications","type-publications","status-publish","hentry"],"acf":[],"taxonomy_info":[],"featured_image_src_large":false,"author_info":{"display_name":"Nathan","author_link":"https:\/\/www.lba.ca\/fr\/author\/nathan\/"},"comment_info":"","_links":{"self":[{"href":"https:\/\/www.lba.ca\/fr\/wp-json\/wp\/v2\/publications\/15614","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.lba.ca\/fr\/wp-json\/wp\/v2\/publications"}],"about":[{"href":"https:\/\/www.lba.ca\/fr\/wp-json\/wp\/v2\/types\/publications"}],"author":[{"embeddable":true,"href":"https:\/\/www.lba.ca\/fr\/wp-json\/wp\/v2\/users\/6"}],"version-history":[{"count":1,"href":"https:\/\/www.lba.ca\/fr\/wp-json\/wp\/v2\/publications\/15614\/revisions"}],"predecessor-version":[{"id":15615,"href":"https:\/\/www.lba.ca\/fr\/wp-json\/wp\/v2\/publications\/15614\/revisions\/15615"}],"wp:attachment":[{"href":"https:\/\/www.lba.ca\/fr\/wp-json\/wp\/v2\/media?parent=15614"}],"wp:term":[{"taxonomy":"post-category","embeddable":true,"href":"https:\/\/www.lba.ca\/fr\/wp-json\/wp\/v2\/post-category?post=15614"},{"taxonomy":"investment-stategy","embeddable":true,"href":"https:\/\/www.lba.ca\/fr\/wp-json\/wp\/v2\/investment-stategy?post=15614"},{"taxonomy":"media-type","embeddable":true,"href":"https:\/\/www.lba.ca\/fr\/wp-json\/wp\/v2\/media-type?post=15614"},{"taxonomy":"publication_type","embeddable":true,"href":"https:\/\/www.lba.ca\/fr\/wp-json\/wp\/v2\/publication_type?post=15614"},{"taxonomy":"suited-for","embeddable":true,"href":"https:\/\/www.lba.ca\/fr\/wp-json\/wp\/v2\/suited-for?post=15614"},{"taxonomy":"topic","embeddable":true,"href":"https:\/\/www.lba.ca\/fr\/wp-json\/wp\/v2\/topic?post=15614"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}