Les vents chauds attisent les flammes

Jul 24, 2026

Les mots durs de Warsh… Mais de belles perspectives !

Points clés:

  • Géopolitique au Moyen-Orient : le conflit a continué cette semaine à perturber les flux commerciaux dans le détroit d’Ormuz, faisant encore peser une pression à la hausse sur les prix mondiaux de l’énergie et les rendements obligataires.
  • Politique monétaire américaine : Il est probable que la Fed ait reporté une hausse des taux à septembre, même si le président Warsh devrait adopter un discours favorable au resserrement monétaire lors de la réunion de la semaine prochaine.
  • Reprise de l’inflation en Europe : les prix du gaz naturel ont retrouvé leurs plus hauts niveaux de mars, ce qui exerce une pression à la hausse significative sur les factures d’énergie de la zone euro au second semestre de cette année.
  • Fragilité budgétaire du Royaume-Uni : le gouvernement du Premier ministre Burnham a annoncé de nouveaux engagements de dépenses sans mesures compensatoires, s’exposant ainsi à des risques de faux pas sur sa politique économique.
  • Perspectives prudentes : la période des vacances d’été s’accompagne d’une baisse de la liquidité et d’une augmentation des risques,  les investisseurs préfèreront attendre des points d’entrée attractifs offrant un potentiel de rendement asymétrique.

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