法国10年期OAT的收益率徘徊在3.5%左右，低于本周早些时候总理塞巴斯蒂安·莱科尔努（sébastien Lecornu）震惊辞职后的近3.6%，因为提前举行议会选举的风险正在消退，预算协议仍不确定。总统埃马纽埃尔·马克龙将任命一位新总理，这是自上任以来的第六位总理，同时指出，在该国数十年来最严重的政治危机中，大多数议员反对提前举行投票。投资者对法国不断扩大的预算赤字仍持谨慎态度，并警告称，除非政府提出可信的赤字削减计划，否则财政压力可能会持续存在。在宏观方面，欧洲央行官员认为当前的利率政策与2%的中期通胀目标是一致的。短期利率预计将保持不变，市场对未来走势的定价取决于不断变化的经济数据和通胀趋势。

The yield on France’s 10-year OAT hovered around 3.5%, easing from nearly 3.6% earlier in the week following the shock resignation of PM Sébastien Lecornu, as the risk of an early parliamentary election recedes and a budget deal is still uncertain. President Emmanuel Macron is set to appoint a new prime minister—the sixth prime minister since taking office—while noting that most lawmakers oppose holding an early vote amid the country’s deepest political crisis in decades. Investors remained cautious over France’s widening budget deficit, warning that fiscal pressures could persist unless the government presents a credible deficit-reduction plan. On the macro front, ECB officials view current interest rate policy as consistent with the 2% medium-term inflation target. Short-term rates are expected to stay on hold, with markets pricing future moves as dependent on evolving economic data and inflation trends.

周四，巴黎CAC 40指数下跌0.2%，收于8041点，表现平平。由于对法国政治局势的担忧再次打压投资者情绪，早盘涨幅回落。法国总统埃马纽埃尔·马克龙将任命其任期内的第六任总理，频繁的政府改组继续给法国经济前景蒙上阴影。奢侈品行业面临巨大压力，LVMH下跌2.7%，爱马仕下跌2.2%，开云集团下跌0.4%。米其林也延续了跌势，在对其第三季度业绩进行收盘前电话会议并宣布2025年第三季度销售数据将于10月22日公布后，以3.4%的跌幅领跌。从好的方面来看，达能上涨4.6%，而ENGIE（+2.0%）、威立雅（+1.7%）、布伊格（+1.5%）和Vinci（+1.2%）也实现了稳健增长。

The Paris CAC 40 slipped 0.2% to close at 8,041 in a lackluster session on Thursday, giving back earlier gains as renewed concerns over France’s political situation weighed on investor sentiment. President Emmanuel Macron is set to appoint his sixth prime minister during his tenure, with frequent government reshuffles continuing to cloud the outlook for the French economy. The luxury sector came under heavy pressure, with LVMH down 2.7%, Hermès falling 2.2%, and Kering edging 0.4% lower. Michelin also extended its decline, leading losses with a 3.4% drop after holding a pre-close call on its third-quarter results and announcing that Q3 2025 sales figures will be released on October 22. On the upside, Danone jumped 4.6%, while ENGIE (+2.0%), Veolia (+1.7%), Bouygues (+1.5%), and Vinci (+1.2%) also posted solid gains.

巴黎CAC 40指数周四上涨0.1%，至8060点左右，连续第二个交易日上涨，因为法国议会提前选举的可能性降低。法国总统埃马纽埃尔·马克龙将于周五任命新总理，在法国数十年来最严重的政治危机中，大多数议员反对提前投票。台湾半导体制造有限公司（TSMC）公布季度收入增长30%后，芯片制造商上涨，意法半导体公司增长0.5%。空中客车公司在9月份交付73架商用飞机后上涨0.2%，使今年迄今的交付量达到507架，更接近其2025年820架飞机的目标。奢侈品板块大幅上涨：开云集团上涨1.5%，路威酩轩集团上涨0.5%，爱马仕上涨0.4%。相比之下，米其林股价下跌4.8%，领跌当日跌幅，此前该公司对其第三季度业绩进行了收盘前的电话会议，并宣布2025年第三季度的销售数据将于10月22日公布。

The Paris CAC 40 rose 0.1% to around 8,060 on Thursday, extending gains for a second consecutive session, as the likelihood of an early French parliamentary election recedes. President Emmanuel Macron is set to appoint a new prime minister on Friday, with most lawmakers opposing an early vote amid France’s most severe political crisis in decades. Chipmakers advanced following Taiwan Semiconductor Manufacturing Co. (TSMC)’s report of 30% quarterly revenue growth, with STMicroelectronics adding 0.5%. Airbus climbed 0.2% after delivering 73 commercial aircraft in September, bringing year-to-date deliveries to 507 and moving closer to its 2025 target of 820 planes. The luxury goods sector posted broad gains: Kering rose 1.5%, LVMH added 0.5%, and Hermès advanced 0.4%. By contrast, Michelin tumbled 4.8%, leading the day’s decliners, after holding a pre-close call on its third-quarter results and announcing that Q3 2025 sales figures will be released on October 22.

爱丽舍宫周三表示，法国总统埃马纽埃尔·马克龙将在48小时内任命新总理，平息了有关提前选举的猜测。即将离任的总理塞巴斯蒂安·莱科尔努周一卸任，成为一年内第三位法国总理。他表示，在与政党谈判后，解散议会的可能性“开始减弱”。他补充道：“议会中有大多数人，他们渴望避免新的选举。”。勒科尔努是马克龙的亲密盟友，在2024年7月提前举行的选举后，他在一个悬而未决的议会中离开了，这次选举没有产生明显的多数席位，使法国陷入政治僵局，使立法和预算批准变得复杂。

French President Emmanuel Macron will name a new prime minister within 48 hours, the Elysee Palace said Wednesday, quelling speculation about early elections. Outgoing PM Sébastien Lecornu, who stepped down Monday as the third French PM in under a year, said the chance of dissolving parliament “was beginning to fade” after talks with political parties. “There is a majority in parliament and that is the majority that is keen to avoid fresh elections,” he added. Lecornu, a close ally of Macron, left amid a hung parliament following snap July 2024 elections, which produced no clear majority and left France in a political stalemate, complicating lawmaking and budget approval.