法国10年期OAT收益率攀升至3.4%以上，为10月13日以来的最高水平，投资者对欧洲央行和美联储的鹰派信号以及强劲的第三季度GDP数据做出了反应。欧洲央行连续第三次会议保持利率不变，并指出通胀前景总体保持稳定。周三，美联储将利率下调了25个基点，但主席杰罗姆·鲍威尔警告称，12月的进一步宽松“并非板上钉钉”。法国第三季度GDP增长0.5%，为两年多来最快增速，高于预期的0.2%，这得益于出口的增长和国内需求的稳健。在政治上，立法者批准了一项预算修正案，将主要科技公司的数字服务税提高一倍，尽管该措施仍需最终批准。反对党威胁要对总理塞巴斯蒂安·勒科尔努进行不信任投票，除非对大公司和最富有的个人大幅增税。

France’s 10-year OAT yield climbed above 3.4%, its highest since October 13, as investors reacted to hawkish signals from the ECB and Fed and strong Q3 GDP data. The ECB kept rates unchanged for a third consecutive meeting, noting that the inflation outlook remains broadly stable. On Wednesday, the Fed cut rates by 25 basis points, but Chair Jerome Powell cautioned that further easing in December is “not a foregone conclusion.” French GDP grew 0.5% in Q3, the fastest pace in over two years and above the expected 0.2%, driven by rising exports and solid domestic demand. Politically, lawmakers approved a budget amendment to double the digital services tax for major tech firms, though the measure still requires final approval. Opposition parties have threatened no-confidence votes against Prime Minister Sebastien Lecornu unless taxes on large corporations and the wealthiest individuals are significantly increased.

CAC 40指数周四跌至8150点，为10月15日以来的最低水平，投资者在繁忙的一天中浏览了企业盈利、央行发展和经济数据。Stellantis股价下跌超过10%，因第三季度收入基本符合预期，在过去一个月股价反弹21%后令人失望。尽管施耐德电气重申了其年度指引，但仍下跌了5%，因为有机增长和利润率增长预计将接近区间的下半部分。法国兴业银行下跌3.5%，此前其首席执行官拒绝承诺向股东分配更多过剩资本，而道达尔能源公司因第三季度业绩疲软而下跌3.2%。相比之下，空中客车公司在报告了一个稳健的季度并保持了2025年的前景后上涨了3%。在政策方面，欧洲央行保持利率稳定，并维持其通胀前景，而美联储警告称，12月降息并非板上钉钉。与此同时，法国第三季度GDP增长0.5%，超过了市场预期的0.1%。

The CAC 40 fell to 8,150 points on Thursday, its lowest level since October 15, as investors navigated a busy day of corporate earnings, central bank developments, and economic data. Stellantis dropped more than 10% as Q3 revenues broadly met expectations, disappointing after a 21% rebound in the stock over the past month. Schneider Electric slipped 5% despite reaffirming its annual guidance, as organic growth and margin gains are expected toward the lower half of the range. Societe Generale fell 3.5% after its CEO declined to commit to distributing more excess capital to shareholders, while TotalEnergies lost 3.2% on weaker Q3 results. In contrast, Airbus rose 3% after reporting a solid quarter and maintaining its 2025 outlook. On the policy front, the ECB kept interest rates steady and maintained its inflation outlook, while the Fed cautioned that a December rate cut is not guaranteed. Meanwhile, France’s GDP grew 0.5% in Q3, surpassing the market’s 0.1% expectation.

法国10年期OAT收益率攀升至3.4%以上，为10月13日以来的最高水平，因为投资者在欧洲央行今天晚些时候的政策决定之前对美联储的鹰派立场做出了反应。周三，美联储今年第二次降息25个基点，但主席杰罗姆·鲍威尔警告称，12月的进一步宽松“并非板上钉钉”。与此同时，在出口激增和国内需求稳健的推动下，法国第三季度GDP增长0.5%，为两年多来最强劲的增长，高于预期的0.2%。在政治方面，立法者批准了一项预算修正案，将主要科技公司的数字服务税提高一倍，尽管该措施仍需最终批准。反对党威胁称，除非大公司和最富有的个人的税收大幅增加，否则未来几周将对总理塞巴斯蒂安·莱科尔努进行不信任投票。

France’s 10-year OAT yield climbed above 3.4%, its highest level since October 13, as investors reacted to the Federal Reserve’s somewhat hawkish stance ahead of the ECB’s policy decision later today. On Wednesday, the Fed cut interest rates by 25 basis points for the second time this year, but Chair Jerome Powell cautioned that further easing in December is “not a foregone conclusion.” Meanwhile, French GDP grew 0.5% in Q3, the strongest in over two years and above expectations of 0.2%, driven by a surge in exports and solid domestic demand. On the political front, lawmakers approved a budget amendment to double the digital services tax for major tech companies, though the measure still requires final approval. Opposition parties have threatened no-confidence votes against Prime Minister Sebastien Lecornu in the coming weeks unless taxes on large corporations and the wealthiest individuals are significantly increased.

周四，CAC 40指数基本保持不变，为8200点，当天充斥着企业盈利、央行发展和乐观的经济数据。空中客车公司股价飙升3.4%，此前该公司公布了稳健的第三季度业绩，并保持了2025年的前景，而施耐德电气公司股价下跌近2%，尽管有机收入增长了9%，超过了预期，并重申了其年度指导。在政策方面，美联储昨日连续第二次降息，但主席杰罗姆·鲍威尔表示，不能保证12月会进一步降息。在日本央行采取类似举措后，预计欧洲央行将在今天晚些时候保持政策稳定。经济数据显示，法国第三季度国内生产总值增长0.5%，是两年多来最快的季度增长，超过了0.1%的市场预期，主要受出口激增的推动。

The CAC 40 was largely unchanged at 8,200 points on Thursday, in a day packed with corporate earnings, central bank developments, and upbeat economic data. Airbus surged 3.4% after reporting a solid third quarter and maintaining its 2025 outlook, while Schneider Electric slipped nearly 2% despite a 9% organic revenue increase, beating forecasts and reaffirming its annual guidance. On the policy front, the Federal Reserve cut interest rates for the second consecutive time yesterday, but Chair Jerome Powell signaled that a further cut in December is not guaranteed. The ECB is expected to hold policy steady later today, following a similar move by the Bank of Japan. Economic data showed that France’s GDP rose 0.5% in Q3, marking the fastest quarterly expansion in over two years and exceeding market expectations of 0.1%, driven primarily by a surge in exports.