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

法国10年期OAT收益率飙升至3.3%以上，触及4月11日以来的最高水平，因为全球贸易谈判情绪的改善和地缘政治风险的缓解提振了对风险资产的需求。在日内瓦举行富有成效的会谈后，美国和中国同意取消90天的关税，标志着上个月贸易冲突的明显缓和。根据该协议，美国对中国商品的关税将从145%降至30%，而中国将把对美国进口商品的关税从125%降至10%。在其他地方，地缘政治紧张局势似乎有所缓解，乌克兰总统泽连斯基表示准备周四在土耳其会见俄罗斯总统普京，印度和巴基斯坦之间脆弱的停火仍在继续。在货币政策方面，货币市场现在将欧洲央行的存款便利利率定价为年底前的1.75%，恢复到4月中旬的水平，此前央行暗示可能降息以缓冲美国关税的影响。

France’s 10-year OAT yield surged above 3.3%, touching its highest level since April 11, as improving sentiment around global trade negotiations and easing geopolitical risks boosted demand for risk assets. The US and China agreed to a 90-day tariff rollback following productive talks in Geneva, marking a notable de-escalation of last month’s trade flare-up. Under the deal, US tariffs on Chinese goods will drop from 145% to 30%, while China will reduce its tariffs on US imports from 125% to 10%. Elsewhere, geopolitical tensions appeared to ease as Ukrainian President Zelenskiy signaled readiness to meet Russian President Putin in Turkey on Thursday, and a fragile ceasefire continued between India and Pakistan. In monetary policy, money markets now price the ECB’s deposit facility rate at 1.75% by year-end—reverting to mid-April levels before the central bank hinted at potential rate cuts to cushion against the impact of US tariffs.

意大利10年期英国国债收益率飙升至3.7%，为4月16日以来的最高水平，因为围绕全球贸易谈判的乐观情绪和地缘政治紧张局势的缓解提振了对风险资产的需求。在日内瓦举行富有成效的会谈后，美国和中国达成了为期90天的关税削减协议，标志着上个月加剧的贸易冲突显著缓和。根据该协议，美国对中国商品的关税将从145%降至30%，而中国将把对美国进口商品的关税从125%降至10%。乌克兰总统泽连斯基表示愿意周四在土耳其会见俄罗斯总统普京，而印度和巴基斯坦之间脆弱的停火仍在继续，这增加了积极的势头。与此同时，货币市场预计欧洲央行的存款便利利率将在年底前降至1.75%，恢复到4月中旬的水平，此前欧洲央行表示可能降息以应对美国关税的经济影响。

The yield on Italy’s 10-year BTP surged toward 3.7%, its highest level since April 16, as optimism surrounding global trade negotiations and easing geopolitical tensions bolstered demand for risk assets. The US and China reached a 90-day tariff reduction agreement following productive talks in Geneva, marking a significant de-escalation of the trade conflict that had intensified last month. Under the deal, US tariffs on Chinese goods will decrease from 145% to 30%, while China will cut tariffs on US imports from 125% to 10%. Adding to postive momentum, Ukrainian President Zelenskiy expressed willingness to meet Russian President Putin in Turkey on Thursday, while a fragile ceasefire persists between India and Pakistan. Meanwhile, money markets are pricing in the ECB’s deposit facility rate at 1.75% by year-end, returning to mid-April levels before the ECB signaled potential rate cuts in response to the economic impact of US tariffs.

德国10年期国债收益率飙升至2.6%以上，为4月3日以来的最高水平，因对美中贸易战降温和地缘政治紧张局势缓解的乐观情绪日益高涨。日内瓦会谈后，美国和中国同意削减90天的关税，标志着上个月加剧的贸易冲突大幅缓和。根据该协议，美国对中国商品的关税将从145%降至30%，而中国将把对美国进口商品的关税从125%降至10%。在其他地缘政治新闻中，乌克兰总统泽连斯基表示，在印度和巴基斯坦之间脆弱的停火仍然存在的情况下，他准备于周四在土耳其会见俄罗斯总统普京。在货币政策方面，货币市场现在将欧洲央行的存款便利利率定价为1.75%，到年底将恢复到4月中旬的水平，此前欧洲央行表示可能降息以减轻美国关税的经济影响。

Germany’s 10-year Bund yield surged above 2.6%, its highest level since April 3, as optimism grew over the cooling US-China trade war and easing geopolitical tensions. The US and China agreed to a 90-day tariff reduction following Geneva talks, marking a significant de-escalation in the trade conflict that intensified last month. Under the deal, US tariffs on Chinese goods will fall from 145% to 30%, while China will reduce its tariffs on US imports from 125% to 10%. In other geopolitical news, Ukrainian President Zelenskiy expressed readiness to meet Russian President Putin in Turkey on Thursday, while a fragile ceasefire between India and Pakistan remains in place. On the monetary policy front, money markets now price the ECB’s deposit facility rate at 1.75% by year-end—returning to mid-April levels, before the ECB signaled potential rate cuts to mitigate the economic impact of US tariffs.

CAC 40指数周一上涨0.8%，至7807点，连续第三个交易日上涨，创下近六周新高，这得益于对美中贸易谈判取得重大突破的乐观情绪。两国同意在90天内暂停对彼此商品征收大部分关税，将互惠关税从125%降至10%。然而，美国对中国芬太尼相关进口的关税将保持在20%，使美国对中国的关税总额保持在30%，而中国将把对美国进口的关税从125%降至10%。美国商务部长霍华德·卢特尼克表示，在可预见的未来，对其他国家商品征收10%的基准关税可能会保持不变。与此同时，特朗普宣布计划签署一项行政命令，使美国药品价格与其他高收入国家保持一致。在企业方面，表现最好的是意法半导体（5.9%）、开云集团（5.2%）和路威酩轩集团（5.1%）。不利的一面是，空客（-2%）、赛诺菲（-6.3%）和赛峰集团（-2.%）领跌。

The CAC 40 rose 0.8% to 7,807 on Monday, rallying for the third consecutive session to hit a nearly six-week high, buoyed by optimism over a major breakthrough in US-China trade talks. The two nations agreed to suspend most tariffs on each other’s goods for 90 days, reducing reciprocal tariffs from 125% to 10%. However, U.S. tariffs on Chinese fentanyl-related imports will stay at 20%, keeping total U.S. tariffs on China at 30%, while China will reduce tariffs on U.S. imports from 125% to 10%. US Commerce Secretary Howard Lutnick indicated that the 10% baseline tariff on goods from other countries is likely to remain for the foreseeable future.. Meanwhile, Trump announced plans to sign an executive order to align US drug prices with those in other high-income countries. On the corporate front, top performers were STMicroelectronics (5.9%), Kering (5.2%) and LVMH (5.1%). On the downside, Airbus (-2%), Sanofi (-6.3%), and Safran (-2%) led the losses.