法国7年期国债 (France7Y) 加自选

CAC 40指数周二上涨0.2%，收于7804点，扭转了前一交易日的跌幅，并受到对美中贸易谈判的乐观情绪的支撑。各代表团在伦敦恢复了第二天的活动，寻求放宽对战略技术和稀土矿物出口的限制。据报道，由高级代表领导的谈判是积极的，但缺乏实质内容，美国愿意放松出口管制，以换取中国矿产的更多释放。这一情景促成了投资者的积极前景，他们也消化了欧洲失业率的上升，这表明经济可能放缓，并降低了人们对欧洲央行更激进的货币紧缩政策的预期。在企业板块，主要上涨股为Stellantis NV（5.1%）、凯捷和阳狮，均上涨2.4%。另一方面，泰雷兹和法国农业信贷银行分别下跌3.6%和3.1%。

The CAC 40 rose 0.2% to close at 7,804 on Tuesday, reversing the losses of the previous session and supported by optimism over trade negotiations between the US and China. Delegations resumed their second day in London, seeking to ease restrictions on exports of strategic technologies and rare earth minerals. The negotiations, led by senior representatives, were reportedly positive but lacking in substance, with the US willing to relax export controls in exchange for greater release of Chinese minerals. This scenario contributed to the positive outlook of investors, who also digested the rise in the unemployment rate in Europe, signaling a possible economic slowdown and reducing expectations of more aggressive monetary tightening by the European Central Bank. In the corporate sector, the main risers were Stellantis NV (5.1%), Capgemini and Publicis, both up 2.4%. On the other hand, Thales and Credit Agricole fell by 3.6% and 3.1% respectively.

周二早盘，CAC 40指数开盘微涨至7795点以上，扭转了前一交易日的跌势，这得益于对正在进行的美中贸易谈判的乐观情绪。两国高级官员在伦敦结束了第一天的会谈，双方都称会谈“富有成效”。会谈将于周二继续，重点是缓解技术和稀土元素运输方面的紧张局势。在企业方面，主要上涨股包括爱马仕（0.5%）、道达尔能源（1.3%）和赛诺菲（0.2%）。相反，尽管国防公司泰雷兹获得了一份重要的北约合同，以升级联盟的IT基础设施，但该公司股价下跌了1.5%。

The CAC 40 opened slightly higher past 7,795 in morning trading on Tuesday, reversing losses from the previous session, supported by optimism over ongoing US-China trade negotiations. Senior officials from both countries wrapped up their first day of talks in London, which both sides described as “productive.” The discussions, focused on easing tensions over shipments of technology and rare earth elements, are set to continue on Tuesday. On the corporate front, key gainers include Hermes (0.5%), TotalEnergies (1.3%), and Sanofi (0.2%). Conversely, defense firm Thales dropped 1.5% despite the company securing a significant NATO contract to upgrade the alliance’s IT infrastructure.

CAC 40指数周一下跌0.2%，收于7791点，扭转了上周的涨势，反映了大多数欧洲同行的下跌。在伦敦举行的中美高层贸易谈判之前，投资者情绪谨慎，该谈判旨在巩固一项长期争端中的初步协议，这场争端扰乱了全球经济。与此同时，中国的贸易数据令人失望，出口增长略低于预期，进口大幅下降，加剧了人们对全球需求的担忧。在国内，市场也将注意力转向周五公布的下一个通胀数据的最终读数。在企业方面，赛诺菲（-1.15%）、泰雷兹（-1.03%）和施耐德电气（-0.92%）领跌，而STMicro（+3.57%）和保乐力加（+2.75%）的表现优于其他公司。

The CAC 40 fell 0.2% to close at 7,791 on Monday, reversing the previous week’s gains and mirroring losses in most European peers. Investor sentiment was cautious ahead of high-level US-China trade talks in London aimed at cementing a tentative deal in a long-running dispute that has roiled the global economy. Meanwhile, Chinese trade data disappointed, with exports growing slightly less than expected and imports falling sharply, adding to concerns about global demand. Domestically, markets also turned their focus to the final reading of the next inflation data, due on Friday. On the corporate front, Sanofi (-1.15%), Thales (-1.03%) and Schneider Electric (-0.92%) led the declines, while STMicro (+3.57%) and Pernod Ricard (+2.75%) outperformed.

法国10年期OAT收益率跌至3.2%以下，在上周上涨后回落，因为投资者密切关注美中贸易谈判，并等待欧洲央行官员就未来政策方向发出的信号。在特朗普总统和Xi最近通电话之后，美国和中国的谈判代表今天在伦敦举行会议，在上个月在日内瓦达成的初步协议的基础上再接再厉。在货币政策方面，欧洲央行上周将利率下调了25个基点，使借贷成本降至2022年11月以来的最低水平，并下调了2025年和2026年的通胀前景。然而，它也表明降息周期可能即将结束，挑战了之前的市场预期。

France’s 10-year OAT yield slipped below 3.2%, retreating after last week’s increase, as investors kept a close eye on US-China trade negotiations and awaited signals from European Central Bank officials regarding future policy direction. US and Chinese negotiators are meeting in London today to build on the preliminary deal reached in Geneva last month, following a recent phone conversation between Presidents Trump and Xi Jinping. On the monetary policy side, the ECB lowered interest rates by 25 basis points last week—bringing borrowing costs to their lowest level since November 2022—and revised down its inflation outlook for 2025 and 2026. However, it also suggested the rate-cutting cycle may be nearing its end, challenging previous market expectations.