欧洲斯托克斯波动指数 (EuroStoxxVolatilityIndex) 加自选

法国10年期债券收益率小幅升至3.52%附近，为3月中旬以来的新高，表现落后于其他欧洲同行，因为投资者权衡了该国日益增长的政治不确定性。法国总理弗朗索瓦·贝鲁计划于9月8日就其政府的预算削减进行议会投票，但主要反对党已宣布他们不会在即将举行的信任投票中支持他。总理提出的440亿欧元紧缩计划将大幅削减开支与增税相结合，他说这些措施对于稳定法国不断恶化的公共财政至关重要。与此同时，财政部长埃里克·隆巴德表示，如果贝鲁的少数派政府垮台，国际货币基金组织将有可能不得不干预经济。市场的注意力还集中在特朗普的进一步关税威胁、货币政策信号和持续的地缘政治不确定性上。

France’s 10-year bond yield inched up to near 3.52%, a fresh high since mid-March, underperforming other European peers, as investors weighed growing political uncertainty in the country. Prime Minister François Bayrou scheduled a parliamentary vote on September 8 for his government’s budget cuts, but the main opposition parties have declared they will not support him in the forthcoming confidence vote. The €44 billion austerity plan proposed by the Prime Minister combines major spending cuts with tax hikes—measures he says are critical to stabilizing France’s deteriorating public finances. Meanwhile, Finance Minister Eric Lombard suggested there was a risk the International Monetary Fund would have to intervene in the economy if Bayrou's minority government collapses. The market's attention was also on further Trump's tariff threats, monetary policy signals and ongoing geopolitical uncertainties.

法兰克福DAX指数周二下跌0.8%，收于24100以下，连续第二次下跌，追随法国持续政治动荡导致的欧洲市场下跌。法国总理弗朗索瓦·贝鲁在9月8日国民议会举行信任投票前不久发出了债务危机的警告。反对党——包括极右翼的国民联盟、法国解放党和绿党——已经表示他们打算反对投票，这增加了欧洲政府崩溃和政治不稳定的风险。与此同时，投资者更加权衡特朗普的关税威胁和持续的地缘政治不确定性。在股票中，德国商业银行表现不佳，在美国银行下调评级后下跌近5%。空客、德意志银行和Zalando紧随其后，下跌超过1%。与此同时，梅赛德斯-奔驰集团在有报道称其养老信托基金以478.3亿日元（3.2465亿美元）的价格出售了其在日本日产汽车的全部股份后引起了人们的关注。

The DAX in Frankfurt fell 0.8% to trade below 24,100 on Tuesday, marking a second consecutive decline, tracking losses across European markets amid ongoing political turmoil in France. Prime Minister François Bayrou’s warning of debt distress came shortly before a confidence vote set for September 8 in the National Assembly. Opposition parties—including the far-right National Rally, France Unbowed, and the Greens—have signaled their intention to oppose the vote, increasing the risk of government collapse and political instability across Europe. At the same time, investors weighed more Trump's tariff threats and ongoing geopolitical uncertainties. Among stocks, Commerzbank underperformed, slipping nearly 5%, after a downgrade by Bank of America. Airbus, Deutsche Bank and Zalando followed suit, down over 1%. Meanwhile, Mercedes-Benz Group drew attention after reports that its pension trust sold its entire stake in Japan’s Nissan Motor for 47.83 billion yen ($324.65 million).

富时MIB指数周二早盘下跌1%，至42800以下，创下一周来的最低水平，并追随欧洲市场的普遍下跌。美国总统特朗普周一宣布，他将以抵押贷款借贷不当的指控为由罢免美联储理事丽莎·库克，此后人们对美联储独立性的担忧日益加剧，情绪受到打压。更令人担忧的是，有报道称，特朗普威胁称，如果中国不向美国出口稀土磁铁，他将对中国征收“200%的关税或其他什么”，这将危及世界两大经济体之间脆弱的休战。损失范围广泛，金融股受影响最为严重，包括权重股联合圣保罗银行（-1.7%）和联合信贷银行（-1.3%）。

The FTSE MIB Index fell 1% to below 42,800 in early trading on Tuesday, marking its lowest level in a week and tracking broad declines across European markets. Sentiment was weighed down by growing concerns over the US Federal Reserve’s independence after US President Trump announced on Monday that he was removing Federal Reserve Governor Lisa Cook, citing allegations of mortgage borrowing impropriety. Adding to concerns, reports indicated that Trump threatened to impose “200% tariffs or something” on China if it does not export rare-earth magnets to the US, putting the fragile truce between the world’s two largest economies at risk. Losses were broad-based, with financial stocks among the hardest hit, including heavyweights Intesa Sanpaolo (-1.7%) and UniCredit (-1.3%).

周二，CAC 40指数暴跌2%以上，至7680以下，延续了周一1.6%的跌幅，因为9月8日信心投票前持续的政治不确定性扰乱了市场。法国总理弗朗索瓦·贝鲁宣布了寻求支持其440亿欧元紧缩计划的动议，但该国三个主要反对党表示，他们不会支持信任投票，这增加了他的少数派政府可能崩溃的风险。失败可能迫使马克龙总统任命一个看守政府或提前举行选举，就在几个月前，他的上一任总理在类似的预算冲突中被罢免。贝鲁为这一冒险之举辩护，称其是应对法国不断上升的债务所必需的，但由于僵局笼罩着财政政策和改革的前景，市场仍持谨慎态度。此举引发了法国股市的广泛抛售，银行和建筑业面临巨大压力。排名靠后的还有LVMH（-1.4%）、法国巴黎银行（-3.5%）、安盛（-3.8%）和Vinci（-5.8%）。

The CAC 40 index plunged more than 2% to below 7,680 on Tuesday, extending Monday’s 1.6% drop as ongoing political uncertainty ahead of a September 8 confidence vote rattled markets. Prime Minister François Bayrou announced the motion to seek backing for his €44 billion austerity package, but the country’s three main opposition parties said they would not back the confidence vote, raising the risk that his minority government could collapse. A defeat could force President Macron to appoint a caretaker government or call snap elections, just months after his last prime minister was ousted in a similar budget clash. Bayrou defended the risky move as necessary to confront France’s rising debt, but markets remain cautious as the standoff clouds the outlook for fiscal policy and reform. The move sparked a broad selloff across French equities, with banks and construction under heavy pressure. Top laggards also include LVMH (-1.4%), BNP Paribas (-3.5%), Axa (-3.8%), and Vinci (-5.8%).