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%).

在巴黎，CAC 40指数下跌了69点。米其林（-9.84%）、Stellantis NV（-2.81%）和Teleperformance SE（-2.73%）领跌。涨幅最大的是达能（0.86%）、Orange（0.82%）和Unibail-Rodamco（0.34%）。

In Paris, the CAC 40 Index is falling 69 points. Losses were driven by Michelin (-9.84%), Stellantis NV (-2.81%) and Teleperformance SE (-2.73%). Biggest rises came from Danone (0.86%), Orange (0.82%) and Unibail Rodamco (0.34%).

据《论坛报》周一报道，法国总理塞巴斯蒂安·勒科尔努政府将于周二公布一项预算，旨在到2026年底将赤字削减至4.7%。该计划旨在通过削减170亿欧元的支出和140亿欧元的额外收入，总共节省310亿欧元。据报道，在关键措施中，预算包括对富人使用的控股公司征收新税。它还规定，养老金和社会福利不会随着通货膨胀而增加，这反映了在加强财政纪律的同时控制公共支出的努力。Lecornu在上任仅27天后于上周辞职，随后被马克龙再次提名，他是总统五年来的第五位总理。他现在面临两次不信任投票和不确定的支持，以继续执政。

French Prime Minister Sebastien Lecornu’s government is set to unveil a budget on Tuesday aimed at cutting the deficit to 4.7% by the end of 2026, La Tribune reported Monday. The plan seeks total savings of EUR 31 billion through EUR 17 billion in spending cuts and EUR 14 billion in additional revenue. Among key measures, the budget reportedly includes a new tax on holding companies used by wealthy individuals. It also stipulates that pensions and social benefits will not rise in line with inflation, reflecting efforts to rein in public spending while boosting fiscal discipline. Lecornu, who resigned last week after just 27 days in office before being renominated by Macron, is the president’s fifth prime minister in five years. He now faces two no-confidence votes and uncertain support to stay in power.