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

“法国债券仍然不可投资”。BCA Research的分析师警告称，Lecornu的辞职证实了法国债券仍然不可投资，而且他们并不孤单。只要法国议会仍然没有明确的多数席位，任何政府都无法应对该国日益增长的债务或财政挑战。

"French bonds remain uninvestable".Analysts at BCA Research with the warning that Lecornu's resignation confirms that French bonds remain uninvestable, and they are not alone. As long as France's parliament remains without a clear majority, no government will be able to tackle the country's mounting debt or fiscal challenges.

欧洲股市周二收盘小幅下跌，延续了前一交易日的跌幅，因为市场继续评估法国的政治动荡将如何阻碍欧元区的财政背景。法国总统马克龙在辞职后不久给即将离任的总理莱科尔努48小时的时间与政党进行谈判，因为政党仍然反对削减该国预算的开支。主要银行和保险公司，尤其是巴黎的银行和保险商，延续了昨天的回调，法国巴黎银行、安盛、荷兰国际集团和桑坦德银行的股价下跌了3%至1%。另一方面，奢侈品牌弥补了昨天的损失，LVMH上涨3.4%，开云集团飙升6%，此前摩根士丹利将两家公司的评级从“同等权重”上调至“增持”。壳牌宣布其天然气部门的交易量预计将在第三季度比第二季度“大幅增加”，上涨1.4%。

European stocks closed slightly lower on Tuesday, extending losses from the previous session as markets continue assessing how political turmoil in France could hamper the fiscal backdrop in the Eurozone. French President Macron gave outgoing Prime Minister Lecornu 48 hours to negotiate with political parties in shortly after resigning, as political parties remained against spending cuts in the country's budget. Major banks and insurers, especially in Paris, extended yesterday's pullback with BNP Paribas, AXA, ING, and Santander dropping between 3% and 1%. On the other hand, luxury brands recouped yesterday's losses with LVMH adding 3.4% and Kering soaring 6% after Morgan Stanley upgraded its rating on both companies to “overweight” from “equal weight". Shell gained 1.4% after announcing that trading in its gas division is expected to be “significantly higher” in Q3 compared with Q2.

周二，受金融和科技股疲软的压力，富时MIB指数下跌0.2%，收于43071点。金融类股大多下跌，MPS（-1.7%）、Banco BPM（-17%）、BPER Banca（-1.8%）、Mediobanca（-0.6%）、BP Sondrio（-1.5%）、Unicredit（-0.6%”）和Intesa Sanpaolo（-0.2%）均对该指数构成压力。Kepler Cheuvreux将BPER Banca的评级从“买入”下调至“持有”，理由是今年上涨近60%后涨幅有限，同时将其目标价上调至10.3欧元。与此同时，高盛披露其持有MPS 0.001%的股份，低于前一天的3.011%。并购猜测继续围绕着Mediobanca、Generali、Unicredit和Intesa Sanpaolo。在上涨股中，忠利（+0.5%）、Unipol（+2%）、Finecobank（+1.2%）和Azimut（+2.1%）上涨。意法半导体（-1.8%）领跌科技股，莱昂纳多下跌0.9%。从好的方面来看，奢侈品股表现优异，Moncler（+2.3%）和Brunello Cucinelli（+2.1%）因对新设计师发布和可负担性努力的乐观情绪而上涨。

The FTSE MIB fell 0.2% to close at 43,071 on Tuesday, pressured by weakness in finance and technology stocks. Financial shares traded mostly lower, with MPS (-1.7%), Banco BPM (-1.7%), BPER Banca (-1.8%), Mediobanca (-0.6%), BP Sondrio (-1.5%), Unicredit (-0.6%), and Intesa Sanpaolo (-0.2%) all weighing on the index. Kepler Cheuvreux downgraded BPER Banca to “hold” from “buy,” citing limited upside after a nearly 60% rally this year, while raising its target price to €10.3. Meanwhile, Goldman Sachs disclosed a 0.001% stake in MPS, down from 3.011% a day earlier. M&A speculation continued to surround Mediobanca, Generali, Unicredit, and Intesa Sanpaolo. Among gainers, Generali (+0.5%), Unipol (+2%), Finecobank (+1.2%), and Azimut (+2.1%) advanced. STMicroelectronics (-1.8%) led tech losses, while Leonardo slipped 0.9%. On the upside, luxury stocks outperformed, with Moncler (+2.3%) and Brunello Cucinelli (+2.1%) rallying on optimism over new designer launches and affordability efforts.

巴黎CAC 40指数小幅上涨，收于7975点，前一交易日下跌1.4%，因为政治不确定性继续笼罩着欧洲第二大经济体。法国总理塞巴斯蒂安·莱科尔努在上任仅27天后突然辞职，成为第五共和国历史上任职时间最短的总理，但总统埃马纽埃尔·马克龙委托他领导今天为期两天的最后谈判，试图打破议会僵局，恢复稳定。奢侈品巨头路威酩轩集团和开云集团领涨市场，分别上涨3.6%和5.8%，此前摩根士丹利将这两个品牌从同等权重上调至增持，而金融板块则限制了涨幅，法国兴业银行下跌0.8%，安盛银行下跌0.6%，法国巴黎银行下跌1.2%。

The Paris CAC 40 edged marginally higher to close at 7,975 after a 1.4% drop in the previous session as political uncertainty continued to loom over Europe’s second-largest economy. French Prime Minister Sébastien Lecornu abruptly resigned after just 27 days in office, becoming the shortest-serving prime minister in the history of the Fifth Republic, yet President Emmanuel Macron has tasked him with leading two days of final negotiations today to try to break the parliamentary deadlock and restore stability. Luxury heavyweights LVMH and Kering led the market’s upside, adding 3.6% and 5.8% respectively after Morgan Stanley upgraded both names to overweight from equal weight, while the financial sector capped gains with Société Générale down 0.8%, AXA off 0.6% and BNP Paribas down 1.2%.