巴黎CAC 40指数周二下跌0.2%，收于7920点，扭转了前一交易日的小幅涨幅，因政策和企业发展给法国股市带来压力。米其林领跌，在卡车和替换轮胎需求疲软的情况下，将年度目标下调至2025年预期营业收入26亿至30亿欧元（低于34亿欧元以上），暴跌8.9%。Stellantis股价下跌4.9%，此前穆迪将该公司的前景下调至负面，同时保持其Baa2评级，这一发展加剧了对已经资本密集型行业的再融资和融资担忧。在其他地方，LVMH和开云分别下跌1.4%和1.6%，此前欧盟委员会因转售价格限制对Gucci（开云）、Chloé和Loewe（LVMH）处以1.57亿欧元的罚款。与此同时，在总统埃马纽埃尔·马克龙拒绝辞职呼吁后，政治不确定性加剧，而他的政府面临着两项可能在本周末推翻它的不信任动议。

The Paris CAC 40 fell 0.2% to close at 7,920 on Tuesday, reversing slight gains from the previous session as policy and corporate developments pressured French equities. Michelin led losses, plunging 8.9% after cutting annual targets to an expected 2025 operating income of €2.6–3.0bn (down from above €3.4bn) amid weakening truck and replacement-tyre demand. Stellantis tumbled 4.9% after Moody’s moved the company’s outlook to negative while keeping its Baa2 rating, a development that heightens refinancing and funding concerns for an already capital-intensive sector. Elsewhere, LVMH and Kering lost 1.4% and 1.6% respectively after the European Commission fined Gucci (Kering), Chloé and Loewe (LVMH) a combined €157m for resale-price restrictions. Meanwhile, political uncertainty intensified after President Emmanuel Macron rejected calls to resign while his government faces two no-confidence motions that could topple it by the end of the week.

法国市场因养老金改革延迟而略有上涨。法国总理Sebastien Lecornu迫于左翼议员的压力，将2023年具有里程碑意义的养老金改革推迟到2027年总统大选后，法国股市、债券价格和欧元周二上涨。

VIEW French markets gain slightly on pension reform delay.French stocks, bond prices and the euro rallied on Tuesday, after Prime Minister Sebastien Lecornu suspended a landmark 2023 pension reform until after the 2027 presidential election, bowing to pressure from leftist lawmakers.

法国10年期OAT收益率跌至3.4%，为8月下旬以来的最低水平，原因是法国的政治不确定性和美中贸易紧张局势加剧对市场造成压力。法国总统埃马纽埃尔·马克龙拒绝了辞职的呼吁，指责反对党在他的新政府面临两项可能在本周末推翻它的不信任动议时煽动不稳定。当局正在争取在未来几天通过一项妥协预算，以维护财政稳定。在国际方面，美国政府未解决的停摆和美中贸易摩擦加剧加剧加剧了市场焦虑，两国将从周二开始对航运公司征收额外的港口费。与此同时，欧洲央行保持谨慎立场，表明在监测整个欧元区的增长和通胀动态时，它可能会在短期内保持政策不变。

The yield on France’s 10-year OAT slid toward 3.4%, marking its lowest level since late August, as political uncertainty in France and rising US-China trade tensions weigh on markets. French President Emmanuel Macron rejected calls to resign, accusing opposition parties of stoking instability as his new government faces two no-confidence motions that could topple it by the end of the week. Authorities are racing to pass a compromise budget in the coming days to safeguard fiscal stability. On the international front, market anxiety is fueled by an unresolved US government shutdown and intensifying US-China trade frictions, with both countries set to impose additional port fees on shipping companies starting Tuesday. Meanwhile, the European Central Bank is maintaining a cautious stance, signaling that it is likely to keep policy on hold in the near term as it monitors growth and inflation dynamics across the eurozone.

巴黎CAC 40指数周二下跌1.0%，至7850点左右，扭转了前一交易日的小幅涨幅，因法国政治不确定性和美中紧张局势影响了市场情绪。法国总统埃马纽埃尔·马克龙拒绝了辞职的呼吁，并批评了反对者，他的政府面临两项不信任动议，可能会在本周末推翻它。美中贸易风险进一步加剧了市场的担忧，因为两国计划从周二开始对航运公司征收额外的港口费。米其林领跌，在经济环境恶化的情况下下调年度目标后下跌8.3%，目前预计营业收入为26-30亿欧元，低于34亿欧元。Stellantis下跌3.4%，此前穆迪将其信用评级展望定为“负面”，同时保持Baa2评级。其他值得注意的跌幅包括Teleperformance（-2.7%）、安赛乐米塔尔（-2.0%）和开云集团（-1.4%）。

The Paris CAC 40 fell 1.0% to around 7,850 on Tuesday, reversing slight gains from the previous session, as French political uncertainty and US-China tensions weighed on sentiment. French President Emmanuel Macron rejected calls to resign and criticized opponents, with his government facing two no-confidence motions that could topple it by the end of the week. Market concerns were further amplified by US-China trade risks, as both countries plan to impose additional port fees on shipping companies starting Tuesday. Michelin led losses with an 8.3% drop after lowering annual targets amid a worsening economic environment, now expecting operating income of €2.6–3.0 billion, down from over €3.4 billion. Stellantis fell 3.4% after Moody's placed its credit rating outlook on “negative” while keeping its Baa2 rating. Other notable decliners included Teleperformance (-2.7%), ArcelorMittal (-2.0%), and Kering (-1.4%).