{"id":6716,"date":"2020-03-10T10:20:24","date_gmt":"2020-03-10T09:20:24","guid":{"rendered":"https:\/\/ginjer-am.com\/?p=6716"},"modified":"2020-03-10T12:38:59","modified_gmt":"2020-03-10T11:38:59","slug":"flash-9-mars-2020","status":"publish","type":"post","link":"https:\/\/ginjer-am.com\/en\/news\/flash-9-mars-2020\/","title":{"rendered":"Flash &#8211; 9 mars 2020"},"content":{"rendered":"<p style=\"text-align: center;\"><strong>Dissocier la peur du risque<\/strong><\/p>\n<p style=\"text-align: justify;\">Face \u00e0 la violence de la r\u00e9action du march\u00e9, il nous semble important de prendre la parole, comme nous l\u2019avions fait en 2016 (f\u00e9vrier, juin, novembre), en 2018 (f\u00e9vrier, octobre, d\u00e9cembre) ou encore en 2019 (mai, ao\u00fbt), pour dissocier la peur du risque. La superposition d\u2019\u00e9v\u00e9nements exog\u00e8nes, comme le COVID-19 ou la d\u00e9cision unilat\u00e9rale de l\u2019Arabie Saoudite de faire baisser les cours du p\u00e9trole, alimente une nouvelle fois toutes les peurs. Faut-il pour autant c\u00e9der \u00e0 la panique?<\/p>\n<p>Quels sont les faits ?<\/p>\n<p style=\"text-align: justify;\">1\/ <strong>Le virus.<\/strong> A ce stade, nous n\u2019avons pas de visibilit\u00e9 quant \u00e0 la fin de l\u2019\u00e9pid\u00e9mie ; m\u00eame si les scientifiques \u00e9voquent une dur\u00e9e de vie du virus limit\u00e9e dans le temps. Deux sc\u00e9narii s\u2019offrent donc \u00e0 nous : une \u00e9pid\u00e9mie de courte dur\u00e9e, qui prendrait fin avant l\u2019\u00e9t\u00e9, ou une \u00e9pid\u00e9mie plus longue, n\u00e9cessitant la d\u00e9couverte d\u2019un vaccin. Nous pouvons observer que le nombre de nouveaux cas en Chine a atteint son pic mi-f\u00e9vrier, et que le nombre total de personnes contamin\u00e9es s\u2019est depuis stabilis\u00e9. Par ailleurs, le virus semble suivre une courbe de progression similaire en dehors de Chine, avec environ un mois et demi de d\u00e9calage. Bien qu\u2019insuffisants, ces faits militent pour le sc\u00e9nario de courte dur\u00e9e. Quoi qu\u2019il en soit, apr\u00e8s la r\u00e9action \u00e9pidermique des march\u00e9s confront\u00e9s \u00e0 cet incroyable \u00e9v\u00e9nement exog\u00e8ne, nous entrons d\u00e9sormais dans une phase d\u2019analyse des effets \u00e0 court et moyen terme sur l\u2019\u00e9conomie mondiale qui permettront de dissocier la peur du risque.<\/p>\n<p style=\"text-align: justify;\">2\/ <strong>Les cons\u00e9quences de l\u2019\u00e9pid\u00e9mie sur l\u2019\u00e9conomie mondiale<\/strong>. Les premiers effets sur l\u2019\u00e9conomie mondiale, les plus importants \u00e0 ce stade, sont les cons\u00e9quences directes des mesures de confinement prises par la Chine pour endiguer la progression du virus, sur la consommation locale et sur les chaines d\u2019approvisionnement du monde entier. La Chine est en train de lever ces mesures exceptionnelles qui ont paralys\u00e9 le pays pendant plusieurs semaines ; son plan de relance doit suivre\u2026 il devra aussi \u00eatre int\u00e9gr\u00e9 \u00e0 l\u2019analyse globale.<\/p>\n<p style=\"text-align: justify;\">Il y a ensuite les effets de second tour, qui sont le fruit des ajustements d\u2019anticipations faits plus ou moins dans la panique par les diff\u00e9rents acteurs du syst\u00e8me. Leurs effets sont plus ambivalents. Ce sont bien \u00e9videmment les r\u00e9visions \u00e0 la baisse des perspectives de croissance faites par les agents \u00e9conomiques, qui p\u00e8sent par exemple dans un premier temps sur les cours des mati\u00e8res premi\u00e8res, mais qui ce faisant, auront \u00e0 terme un impact positif sur les co\u00fbts de production des entreprises ou le pouvoir d\u2019achat des m\u00e9nages, comme en 2014. Ce sont \u00e9galement les interventions des banques centrales pour assurer la liquidit\u00e9 du syst\u00e8me, qui certes, posent la question de l\u2019al\u00e9a moral, mais qui \u00e0 court terme, offrent des conditions de financement tr\u00e8s favorables aux \u00e9tats notamment, ce qui rend possible des plans de relance. Et c\u2019est aussi, \u00e0 la surprise g\u00e9n\u00e9rale, la d\u00e9cision de l\u2019Arabie Saoudite d\u2019augmenter sa production pour faire baisser massivement le prix du baril pour des questions g\u00e9opolitiques, qui fait dans un premier temps plonger les march\u00e9s, mais qui s\u2019apparente \u00e0 terme, \u00e0 un plan de relance de tr\u00e8s grande ampleur.<\/p>\n<p style=\"text-align: justify;\">Les indicateurs macro- et micro- \u00e9conomiques qui seront publi\u00e9s dans les prochaines semaines, associ\u00e9s aux diff\u00e9rents plans de relance, d\u00e9termineront le sc\u00e9nario central : r\u00e9cession durable, comme le sugg\u00e8re la baisse actuelle des march\u00e9s, ou croissance en t\u00f4le ondul\u00e9e, qui permettra de retrouver les plus hauts, comme cela a \u00e9t\u00e9 le cas ces 8 derni\u00e8res ann\u00e9es, apr\u00e8s chaque \u00e9v\u00e9nement exog\u00e8ne (cf., Tapering, Shutdown, Chypre, Ukraine, Chine, Brexit, Trump, etc.).<\/p>\n<p style=\"text-align: justify;\"><strong>Notre analyse<\/strong>. Face \u00e0 cet \u00e9v\u00e9nement exog\u00e8ne, la panique a une nouvelle fois fait disparaitre tout discernement, ne laissant plus envisager que des sc\u00e9narii extr\u00eames fortement d\u00e9favorables aux actifs risqu\u00e9s. Dans ce contexte, les promoteurs de couvertures que nous surveillons tout particuli\u00e8rement font face \u00e0 une acc\u00e9l\u00e9ration de la demande de protections. Cependant, cette fois encore (cf., Tapering, Shutdown, Chypre, Ukraine, Chine, Brexit, Trump, etc.), face \u00e0 la violence du mouvement de vente, ils n\u2019ont choisi de se r\u00e9assurer qu\u2019aux premiers stades seulement, et de fa\u00e7on tr\u00e8s cibl\u00e9e, marquant leur choix de ne pas valider, contrairement \u00e0 2008 ou \u00e0 2011, la d\u00e9fiance extr\u00eame actuelle. L\u2019absence de contagion des risques, synonyme de risque syst\u00e9mique, sugg\u00e8re que nous restons \u00e0 ce stade dans un sc\u00e9nario central de croissance en t\u00f4le ondul\u00e9e.<\/p>\n<p style=\"text-align: justify;\">Par ailleurs, la hausse des risques que nous observons dans notre matrice propri\u00e9taire est sans commune mesure avec les baisses des valorisations d\u00e9j\u00e0 enregistr\u00e9es : <strong>cette situation permet d\u2019envisager pour la premi\u00e8re fois dans ce cycle de baisse l\u2019introduction d\u2019acheteurs non-traditionnels, puissants, en r\u00e9action \u00e0 toute information infirmant la lecture pessimiste en cours (cf., les 5\/15 de f\u00e9vrier et juin 2016)<\/strong>.<\/p>\n<p style=\"text-align: justify;\">Ainsi, \u00e0 l\u2019instar 2016, 2018 ou 2019, le sc\u00e9nario central reste celui d\u2019une sortie par le haut, avec des rebonds m\u00e9caniques violents sur les actifs les plus touch\u00e9s par le mouvement de panique.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Dissocier la peur du risque Face \u00e0 la violence de la r\u00e9action du march\u00e9, il nous semble important de prendre la parole, comme nous l\u2019avions fait en 2016 (f\u00e9vrier, juin, novembre), en 2018 (f\u00e9vrier, octobre, d\u00e9cembre) ou encore en 2019 (mai, ao\u00fbt), pour dissocier la peur du risque. La superposition d\u2019\u00e9v\u00e9nements exog\u00e8nes, comme le COVID-19 [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":970,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"off","_et_pb_old_content":"","_et_gb_content_width":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[95,54,49],"tags":[],"class_list":["post-6716","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-95","category-flash","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Flash - 9 mars 2020 - Ginjer<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ginjer-am.com\/news\/flash-9-mars-2020\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Flash - 9 mars 2020 - Ginjer\" \/>\n<meta property=\"og:description\" content=\"Dissocier la peur du risque Face \u00e0 la violence de la r\u00e9action du march\u00e9, il nous semble important de prendre la parole, comme nous l\u2019avions fait en 2016 (f\u00e9vrier, juin, novembre), en 2018 (f\u00e9vrier, octobre, d\u00e9cembre) ou encore en 2019 (mai, ao\u00fbt), pour dissocier la peur du risque. 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