{"id":3264,"date":"2008-01-05T10:12:46","date_gmt":"2008-01-05T10:12:46","guid":{"rendered":"http:\/\/blogs.thesocialmedia.com\/leblogenergie\/2008\/01\/05\/bourse-les-vale\/"},"modified":"2012-07-12T10:17:08","modified_gmt":"2012-07-12T10:17:08","slug":"bourse-les-vale","status":"publish","type":"post","link":"https:\/\/blogs.thesocialmedia.com\/leblogenergie\/2008\/01\/05\/bourse-les-vale\/","title":{"rendered":"Bourse: les valeurs \u00e9nerg\u00e9tiques s&rsquo;opposent au mouvement de baisse des cours"},"content":{"rendered":"<p>&nbsp; &nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp;  En ces moments de cours de Bourse tr\u00e8s agit\u00e9s sur fond<\/p>\n<ul>\n<li>de pseudo crise financi\u00e8re et de soi disant &quot;credit crunch&quot; alors que les liquidit\u00e9s n&rsquo;ont jamais \u00e9t\u00e9 aussi abondantes, comme le montrent les recapitalisations &quot;express&quot; de certaines grandes banques mondiales,<\/li>\n<li>de repositionnement des cours des mati\u00e8res premi\u00e8res et \u00e9nerg\u00e9tiques, ph\u00e9nom\u00e8ne improprement d\u00e9sign\u00e9 comme de l&rsquo;inflation par notre banquier central europ\u00e9en, en attente d&rsquo;un &quot;second tour&quot; hypoth\u00e9tique,<\/li>\n<li>de baisse pr\u00e9visible des taux d&rsquo;int\u00e9r\u00eats courts administr\u00e9s aux USA, puis forc\u00e9ment en Europe qui s&rsquo;alignera comme \u00e0 la parade,<\/li>\n<li>de baisse des taux longs, au dessous de 4% aux US venant d&rsquo;un plus haut de 5.3% en Juin 2007, qui montrent que le March\u00e9 des taux anticipe un atterrissage des hausses de prix des mati\u00e8res et donc une &quot;non inflation,&quot; <a href=\"http:\/\/blogs.thesocialmedia.com\/leblogenergie\/files\/2012\/07\/lebonfrancais53.jpg\"><img loading=\"lazy\" decoding=\"async\" height=\"206\" alt=\"Lebonfrancais5\" src=\"http:\/\/blogs.thesocialmedia.com\/leblogenergie\/files\/2012\/07\/lebonfrancais51.jpg\" width=\"150\"  \/><\/a><\/li>\n<\/ul>\n<p>&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; il est pr\u00e9f\u00e9rable de poss\u00e9der quelques actions \u00e0 caract\u00e8re d\u00e9fensif ou immunis\u00e9 dans son portefeuille. <\/p>\n<p>&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;Bien s\u00fbr ce sont les Soci\u00e9t\u00e9s \u00e9nerg\u00e9tiques qui offrent la meilleure protection contre les tendances \u00e0 la baisse des cours du moment. En une semaine bien incompl\u00e8te le <u>CAC40 a perdu 3.2%<\/u> mais Air Liquide a pris 1.8% \u00e0 103.4 euros, EDF s&rsquo;est valoris\u00e9 de 1.5%, Suez de 1.3% et enfin Total a regagn\u00e9&nbsp; 0.8% \u00e0 57, 2 euros.&nbsp; <\/p>\n<p>&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;La hausse des cours des mati\u00e8res \u00e9nerg\u00e9tiques du moment que sont le p\u00e9trole, le charbon, le gaz naturel, les combustibles nucl\u00e9aires et les droits d&rsquo;\u00e9missions du CO2 qu&rsquo;il ne faut pas oublier *, s&rsquo;inscrit dans une tendance longue et vertueuse. Seront donc \u00e0 privil\u00e9gier en portefeuille dans les ann\u00e9es qui viennent les p\u00e9troli\u00e8res diversifi\u00e9es et investissant dans l&rsquo;outil de production comme TOTAL, les \u00e9lectriciennes fortes en nucl\u00e9aire comme EDF, les fournisseurs d&rsquo;infrastructures ou de prestations comme Air Liquide, AREVA, Schlumberger ou TECHNIP. On \u00e9vitera pour l&rsquo;instant les Soci\u00e9t\u00e9s commercialisant de l&rsquo;\u00e9lectricit\u00e9 non comp\u00e9titive d&rsquo;origine \u00e9olienne ou solaire, dont l&rsquo;\u00e9quilibre d&rsquo;exploitation d\u00e9pend de subventions \u00e9tatiques qui pourraient un jour se tarir, par contre ce seront de&nbsp; bon placements le jour o\u00f9 les cours de l&rsquo;\u00e9lectricit\u00e9 auront rejoint leur prix de revient r\u00e9el.<\/p>\n<p>&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; *Remarque: Une centrale \u00e9lectrique pour g\u00e9n\u00e9rer un MWh d&rsquo;\u00e9lectricit\u00e9 avec du charbon livr\u00e9 en Europe \u00e0 100$ la tonne et payer les droits d&rsquo;\u00e9missions du CO2 \u00e0 22 euros la tonne doit d\u00e9bourser 28 euros pour le charbon et 12 euros pour le CO2. On le voit les taxes carbone deviennent d\u00e9terminantes dans le prix de revient du MWh et donc dans le choix du combustible qui deviendra de plus en plus le gaz naturel. C&rsquo;est vrai pour les pays qui ont sign\u00e9 le protocole de Kyoto. Les am\u00e9ricains et les chinois qui ne sont pas concern\u00e9s n&rsquo;ont &quot;rien \u00e0 cirer&quot; des 12 euros pour le CO2. <\/p>\n<p>&#8211;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; &nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; En ces moments de cours de Bourse tr\u00e8s agit\u00e9s sur fond de pseudo crise financi\u00e8re et de soi disant &quot;credit crunch&quot; alors que les liquidit\u00e9s n&rsquo;ont jamais \u00e9t\u00e9 aussi abondantes, comme le montrent les recapitalisations &quot;express&quot; de certaines grandes banques mondiales, de repositionnement des cours des mati\u00e8res premi\u00e8res et \u00e9nerg\u00e9tiques, [&hellip;]<\/p>\n","protected":false},"author":341,"featured_media":7330,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-3264","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-actualites"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.0 - 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