欧元区EFSF债券 (EuroAreaEFSF) 加自选

欧洲股市收盘大多走高，延续了本周的积极势头，医疗保健和奢侈品牌走强。欧元区STOXX 50指数微涨至5651点，泛欧STOXX 600指数上涨0.5%至570点，均创历史新高。赛诺菲、诺和诺德、默克和加州大学伯克利分校的股价上涨了2%以上，在美国总统政府表示对药品的关税可能没有人们担心的那么激进，同时允许患者通过一个新的联邦网站购买折扣处方药后，本周继续上涨。奢侈品巨头也走高，因为市场在黄金周期间评估了中国的消费情况，LVMH、开云和爱马仕的消费增长在4%至1%之间。新的行业联盟进一步支撑了市场情绪——日立与OpenAI合作，富士通与Nvidia合作。然而，科技板块在前一交易日强劲反弹后，难以守住涨幅。

European stocks closed mostly higher to extend the positive momentum this week on strength in healthcare and luxury brands. The Eurozone's STOXX 50 inched higher to 5,651 and the pan-European STOXX 600 rose 0.5% to 570, both at record highs. Sanofi, Novo Nordisk, Merck, and UCB rose more than 2%, extending their surge this week after the US Presidential Administration signaled that tariffs on pharmaceutical goods may be less aggressive than feared, while allowing patients to buy discounted prescription drugs through a new federal website. Luxury giants were also higher as markets assessed consumption in China during their golden week, with LVMH, Kering, and Hermes adding between 4% and 1%. Sentiment was further underpinned by fresh industry alliances—Hitachi teaming up with OpenAI and Fujitsu partnering with Nvidia. The tech sector however, struggled to hold onto gains after a strong rally in the previous session.

周五，富时MIB指数上涨0.4%，收于43258点，得益于积极的企业消息和大多数重量级银行的上涨。由于市场继续评估其并购前景，Banco BPM上涨1.5%，而联合圣保罗银行和联合信贷银行各上涨0.6%。另一方面，MPS（-0.9%）和Mediobanca（-0.6%）下降。忠利石油捷克分公司在第二季度将其持有的埃克森美孚股份削减25.2%后，股价有所回落。此外，Stellantis因强劲的车辆登记数据而上涨2%，TIM在宣布了一项到2027年扩大ICT基础设施的10亿欧元投资计划后上涨2.6%，Banca Akros重申了“买入”评级，并将目标价格提高到0.52欧元。在数据方面，意大利服务业采购经理人指数升至52.5，超过预期，达到5月以来的最高水平，而综合采购经理人指数保持在51.7，表明第三季度增长温和。

The FTSE MIB gained 0.4% to close at 43,258 on Friday on support from positive corporate news and gains for a majority of heavyweight banks. Banco BPM jumped 1.5% as markets continued to assessed its M&A outlook, while Intesa Sanpaolo and UniCredit each rose 0.6%. On the other hand, MPS (-0.9%) and Mediobanca (-0.6%) fell. Generali eased after its Czech branch cut its Exxon Mobil stake by 25.2% in Q2. Also, Stellantis extended gains with a 2% jump on strong vehicle registration data, and TIM jumped 2.6% after announcing a €1 billion investment plan through 2027 to expand ICT infrastructure, with Banca Akros reaffirming a “buy” rating and raising its target price to €0.52. On the data front, the Italian services PMI rose to 52.5, beating forecasts and reaching its highest since May, while the composite PMI held at 51.7, signaling modest Q3 growth.

巴黎CAC 40指数上涨0.3%，收于8082点，为3月下旬以来的最高水平，在新的公司级利好和更友好的全球利率背景的支持下，重量级奢侈品牌的反弹超过了国内活动的疲软，并推动了广泛的指数上涨。开云集团领涨，上涨3.8%，而路威酩轩集团和爱马仕分别上涨1.9%和0.8%，因为有弹性的现金生成和收入增长势头改善的迹象为投资者提供了转向该行业的明确理由。巴黎时装周的高调活动表明，高端品牌的需求和游客流量都集中在高端品牌上，这增强了近期的销售预期。随着美联储更快降息和每周资金流入强劲，全球头寸转向股市，CAC 40指数每周上涨2.7%，此前低于预期的美国就业数据引发了人们对美联储即将放松政策的希望。

The Paris CAC 40 added 0.3% to close at 8,082, its highest level since late March amid a rally in heavyweight luxury names backed by fresh company-level positives and a friendlier global rate backdrop outweighed softer domestic activity and drove broad index gains. Kering led the advance, gaining 3.8%, while LVMH and Hermès rose 1.9% and 0.8% respectively, as resilient cash generation and signs of improving top-line momentum gave investors a clear reason to rotate into the sector. Paris Fashion Week's high-profile shows concentrated demand and tourist flows on premium maisons, reinforcing near-term sales expectations. With global positioning shifting toward equities on faster Fed-cut bets and strong weekly inflows into funds, the CAC 40 posted a weekly gain of 2.7% after weaker-than-expected US jobs data raised hopes of an imminent Fed easing.

法兰克福DAX指数周五小幅下跌，收于24386点，跌幅约0.2%，但录得约2.7%的强劲周涨幅，为8月初以来的最高水平。交易员权衡了私人调查提供的美国经济增长放缓的迹象，因为美国政府关门导致公共部门活动停滞，官方就业数据延迟。此外，美国瘫痪持续时间的不确定性使投资者保持谨慎。在国内方面，最终PMI数据显示，德国私营部门9月份的增长低于此前的估计。在股市中，西门子能源（-2.1%）和德意志交易所（-2.1%，）领跌，而拜耳下跌1.3%。与此同时，Hensoldt（+1.9%）和Renk（+1.7%）等防御品牌削减了早期涨幅，而Rheinmetall下跌了0.9%。从好的方面来看，表现最好的包括默克（+2.6%）、巴斯夫（+1.5%）、大陆集团（+1.3%）和西门子医疗（+1.2%）。

Frankfurt's DAX turned slightly negative to close about 0.2% down at 24,386 on Friday, but booked a strong weekly gain of about 2.7%, which was the strongest since early August. Traders weighed signs of slowing growth in the US provided by private surveys, as the US shutdown stalled public-sector activity and delayed official jobs data. Also, uncertainty around the duration of the paralysis in the US kept investors cautious. On the domestic front, final PMI figures showed German private sector rose less than previously estimated in September. Among equities, Siemens Energy (-2.1%) and Deutsche Borse (-2.1%) led losses, while Bayer shed 1.3%. At the same time, defense names such as Hensoldt (+1.9%) and Renk (+1.7%) pared early gains, while Rheinmetall decreased by 0.9%. On the upside, top performers included Merck (+2.6%), BASF (+1.5%), Continental (+1.3%) and Siemens Healthineers (+1.2%).