CAC 40指数周一下跌0.3%，收于7798点，此前该指数在上一交易日暂停，受其重量级奢侈品板块拖累，中欧贸易紧张局势升级破坏了中国品牌的收入前景。北京方面威胁要对欧盟对两家中国银行和五家公司的最新制裁进行报复，这是自2022年以来首次针对其金融机构采取与俄罗斯有关的措施，这引发了人们对欧洲奢侈品进口的相互限制以及路威酩轩集团（-0.8%）和爱马仕（-1.6%）等知名品牌可能提高关税的担忧。与此同时，美国和欧盟之间的贸易谈判尚未显示出明显的突破，双方都保持着坚定的立场。报道显示，如果美国从8月1日开始对欧洲进口商品征收30%的关税，欧盟正在准备报复性关税。

The CAC 40 index slid 0.3% to close at 7,798 on Monday, following a pause in the previous session, weighed down by its heavyweight luxury sector as escalating Sino-EU trade tensions undermined revenue outlooks for China-exposed brands. Beijing’s threat to retaliate against the EU’s latest sanctions on two Chinese banks and five firms, the first time it has targeted its financial institutions over Russia-related measures since 2022, has stoked fears of reciprocal curbs on European luxury imports and potential tariff hikes on marquee names like LVMH (-0.8%) and Hermes (-1.6%). Meanwhile, trade talks between the US and European Union show no clear breakthrough yet, with both sides maintaining firm positions. Reports indicate the EU is preparing retaliatory tariffs should the US impose its planned 30% tariff on European imports starting August 1st.

法国10年期政府债券收益率跌至3.35%以下，为7月7日以来的最低水平，因为投资者的注意力转向了欧洲央行的政策会议和即将于周四公布的欧洲最大经济体采购经理人指数。在欧盟和美国正在进行的关税讨论中，市场情绪也保持谨慎。预计欧洲央行将在连续八次降息后保持利率稳定，鉴于持续的关税不确定性、欧元走强和通胀压力减弱，政策制定者采取观望态度。与此同时，法国、德国和更广泛的欧元区的快速综合采购经理人指数预计将在7月份显示温和增长。另外，欧盟特使准备最早于本周举行会议，讨论与美国总统唐纳德·特朗普的贸易谈判破裂时可能的应急计划，华盛顿的关税立场似乎在8月1日的最后期限之前变得更加强硬。

France's 10-year government bond yield dropped below 3.35%, its lowest level since July 7, as investor attention shifted to the European Central Bank’s policy meeting and the upcoming flash PMI readings for Europe’s largest economies, both scheduled for Thursday. Market sentiment also remained cautious amid ongoing EU-US tariff discussions. The ECB is expected to hold interest rates steady following eight consecutive cuts, with policymakers adopting a wait-and-see stance in light of persistent tariff uncertainty, a strong euro, and subdued inflationary pressures. Meanwhile, flash composite PMI figures for France, Germany, and the broader eurozone are anticipated to show modest gains in July. Separately, EU envoys are preparing to meet as early as this week to discuss possible contingency plans should trade talks with US President Donald Trump break down, with Washington’s tariff stance appearing to harden ahead of the August 1 deadline.

CAC 40指数周一下跌0.3%，至7800点左右，此前该指数在前一交易日有所停顿，因为在美欧贸易持续发展的情况下，投资者情绪仍然谨慎。美国和欧盟之间的贸易谈判尚未显示出明显的突破，双方都保持着坚定的立场。报道显示，如果美国从8月1日开始对欧洲进口商品征收30%的关税，欧盟正在准备报复性关税。与此同时，由于对美国提高关税可能对欧元区经济产生影响的持续担忧，人们普遍预计欧洲央行将在周四保持利率稳定。在企业方面，Stellantis股价下跌超过1.8%，此前该汽车制造商警告称，预计2025年上半年将出现23亿欧元的净亏损。跌幅最大的包括爱马仕（-0.7%）、空中客车公司（1.4%）和法国巴黎银行（-1.2%）。

The CAC 40 index slid 0.3% to around 7,800 on Monday, following a pause in the previous session, as investor sentiment remained cautious amid ongoing US- EU trade developments. Trade talks between the US and European Union show no clear breakthrough yet, with both sides maintaining firm positions. Reports indicate the EU is preparing retaliatory tariffs should the US impose its planned 30% tariff on European imports starting August 1. Meanwhile, the broader European Central Bank is widely anticipated to keep interest rates steady on Thursday, amid persistent concerns about the possible impact of higher US tariffs on the eurozone economy. On the corporate front, Stellantis dropped over 1.8% after the automaker warned it expects to report a €2.3 billion net loss for the first half of 2025. Top decliners include Hermes (-0.7%), Airbus SE (1.4%), and BNP Paribas (-1.2%).

CAC 40指数周五微涨至7823点，连续第二周巩固涨幅，金融和工业股的强势抵消了奢侈品的逆风，同时关注美国和欧盟贸易谈判的进展。银行权重股安盛领涨金融股，上涨0.9%，紧随其后的是法国巴黎银行和法国农业信贷银行，各上涨约0.7%，而罗格朗在上调全年销售预期后飙升2.6%，创下历史新高。相反，奢侈品巨头路威酩轩集团（-0.9%）、爱马仕（-1.1%）和欧莱雅（-0.4%）在时尚和美容领域的同比比较中表现不佳。这种均衡的行业表现支撑了该指数的弹性，实现了连续第二周上涨。

The CAC 40 closed marginally higher at 7,823 on Friday, cementing its gains for a second straight week as strength in financials and industrials offset headwinds in luxury, while monitoring developments in trade talks between the US and the European Union. Bank heavyweight AXA led financials with a 0.9% rise, closely followed by BNP Paribas and Crédit Agricole, each up about 0.7%, while Legrand surged 2.6% to a record high after raising its full-year sales guidance. Conversely, luxury titans LVMH (-0.9%), Hermès (-1.1%) and L’Oréal (-0.4%) underperformed amid tougher year-on-year comparisons in fashion and beauty. This balanced sector performance underpinned the index’s resilience, delivering its second consecutive weekly advance.