欧元/瑞郎 (EURCHF) 加自选

惠誉评级周五将法国的主权信用评级从AA-下调至A+，理由是政治动荡和债务上升。就在几天前，弗朗索瓦·贝鲁在议会对一项紧缩预算的信任投票失败后辞去了总理职务。惠誉表示，新的评级是法国主要信用评级机构有记录以来的最低评级，前景稳定。法国总统埃马纽埃尔·马克龙本周任命保守派效忠者塞巴斯蒂安·莱科尔努组建新政府，此前立法者在对他提出的440亿欧元（520亿美元）预算紧缩的信任投票中罢免了资深中间派弗朗索瓦·贝鲁。标准普尔对法国的信用评级目前为AA-，展望为负面。穆迪上一次将法国评级为Aa3，前景稳定。DBRS Morningstar的评级最后报告为AA（高），前景也为负面。

Fitch Ratings downgraded France's sovereign credit rating to A+ from AA- on Friday, citing political turmoil and rising debt. The downgrade comes just days after François Bayrou resigned as prime minister following a loss of a parliamentary confidence vote over an attempted austerity budget. The new rating — the lowest on record from a major credit rating agency for France — carries a stable outlook, according to Fitch. President Emmanuel Macron this week appointed Sébastien Lecornu, a conservative loyalist, to form a new government after lawmakers ousted veteran centrist François Bayrou in a confidence vote over his proposed €44 billion (USD 52 billion) budget squeeze. Standard & Poor’s credit rating for France currently stands at AA- with a negative outlook. Moody’s last rated France at Aa3 with a stable outlook. DBRS Morningstar's rating was last reported at AA (high), also with a negative outlook.

欧洲股市周五收盘小幅下跌，市场继续评估全球利率前景，并等待惠誉对法国的信用评级。斯托克50指数收平，报5387点，泛欧斯托克600指数下跌0.1%，报555点，受制药板块拖累。由于政治不稳定及其对赤字扩大的影响，投资者在惠誉可能下调法国信用评级之前持谨慎态度。与此同时，由于仿制药品牌的竞争加剧，高盛下调了诺华的评级，导致其股价下跌3%，并推动罗氏、阿斯利康和葛兰素史克下跌超过1%，欧洲制药股也随之下跌。昨天，欧洲央行表示其宽松周期已经完成，拉加德总统指出，该行目前处于“良好状态”，增长风险似乎更加平衡。本周，斯托克50指数上涨1.3%，斯托克600指数上涨1%。

European stocks closed marginally lower on Friday as markets continued to assess the outlook on global rates and awaited Fitch's credit rating for France. The STOXX 50 index closed flat at 5,387 and the pan-European STOXX 600 eased 0.1% to 555, weighed by the pharmaceutical sector. Investors were cautious ahead of the possible downgrade to the French credit rating by Fitch due to political instability and its impact on widening deficits. In the meantime, pharmaceutical stocks in Europe sank after Goldman Sachs downgraded Novartis on rising competition from generic brands, pressuring its shares by 3% and driving Roche, AstraZeneca, and GSK to drop over 1%. Yesterday, the ECB signaled its easing cycle is complete, with President Lagarde noting the bank is now in a “good place” and that growth risks appear more balanced. On the week, the STOXX 50 gained 1.3% and the STOXX 600 advanced 1%.

周五，富时MIB指数上涨0.3%，收于42566点，此前欧洲央行周四决定保持利率不变，并对增长和通胀保持乐观前景，导致交易员降低了进一步降息的预期。欧洲央行政策制定者指出了贸易、能源价格和汇率的不确定性，保持了未来汇率选择的开放性。在Monte dei Paschi di Siena（MPS）获得62%的股份后，标普全球评级将Mediobanca的“BBB+”长期信用评级置于CreditWatch负面，理由是尽管有长期利益，但存在潜在的短期风险。MPS（+3.5%）和Mediobanca（+3.4%）领涨，其次是Enel（+0.4%）和Generali（+0.2%），尽管油价上涨，Stellantis（-1.8%）和Eni（-0.2%）仍落后。

The FTSE MIB gained 0.3% to close at 42,566 on Friday, after the ECB decided on Thursday to keep interest rates unchanged and maintain an upbeat outlook on growth and inflation, leading traders to scale back expectations for further rate cuts. ECB policymakers flagged uncertainty over trade, energy prices, and exchange rates, keeping future rate options open. S&P Global Ratings placed Mediobanca’s ‘BBB+’ long-term credit rating on CreditWatch negative after Monte dei Paschi di Siena (MPS) secured a 62% stake, citing potential short-term risks despite long-term benefits. MPS (+3.5%) and Mediobanca (+3.4%) led gains, followed by Enel (+0.4%) and Generali (+0.2%), while Stellantis (-1.8%) and Eni (-0.2%) lagged despite higher oil prices.

周五，CAC 40指数微涨至7825点，将连胜延续至第五个交易日，因为投资者在押注美联储下周降息的同时稍作休息。美国通胀数据与预期大致相符，尽管首次申请失业救济人数跃升至近四年来的最高点，加强了即将放松的理由。欧洲央行暗示其降息周期可能已经结束，拉加德总统表示，通货紧缩已基本结束，增长风险更加平衡，市场现在正在等待惠誉在收盘后对法国主权评级的审查。随着俄罗斯-乌克兰战争的加剧，国防集团泰雷兹领涨，上涨2.8%，施耐德电气（+1.0%）、开云集团（+0.9%）和凯捷集团（+1.6%）也上涨。奢侈品牌爱马仕（-1.0%）、欧莱雅（-0.7%）和EssilorLuxottica（-0.7%。从9月22日星期一起，泛欧交易所将取代CAC 40中的TP（前身为Teleperformance）。

The CAC 40 closed marginally higher at 7,825 on Friday, loosely extending its winning streak to a fifth session as investors took a breather while bets on a Federal Reserve rate cut next week mounted. US inflation data came in roughly in line with expectations even as jobless claims jumped to a near four-year high, reinforcing the case for imminent easing. The ECB signalled its rate-cut cycle may be over, with President Lagarde saying disinflation has largely run its course and growth risks are more balanced, and markets now await Fitch’s review of France’s sovereign rating after the close. Defence group Thales led gainers, up 2.8% as the Russia–Ukraine war intensified, while Schneider Electric (+1.0%), Kering (+0.9%) and Capgemini (+1.6%) also advanced. Luxury names Hermès (-1.0%), L’Oréal (-0.7%) and EssilorLuxottica (-0.7%) underperformed. Euronext will replace TP (formerly Teleperformance) in the CAC 40 from Monday, September 22nd.