CAC 40指数周五上涨0.5%，收于7970点，结束了两个交易日的下跌，因为投资者对美联储主席鲍威尔在杰克逊霍尔的讲话充满信心，该讲话暗示未来可能降息。欧洲股市也受到欧盟-美国贸易谈判进展的支撑，布鲁塞尔方面确保降低汽车出口关税，并敦促对葡萄酒和烈酒征收优惠关税，这些发展被视为缓解了法国主要行业的风险。LVMH上涨2.2%，Stellantis飙升4.4%，意法半导体上涨4.2%，领涨指数。本周，巴黎证交所上涨0.5%，连续第三周上涨。

The CAC 40 rose 0.5% to close at 7,970 on Friday, snapping a two-session decline as investors took confidence from Fed Chair Powell’s remarks at Jackson Hole that signaled possible rate cuts ahead. European equities also drew support from progress on EU-US trade negotiations, with Brussels securing reduced tariffs on car exports and pressing for preferential duties on wine and spirits, developments seen as easing risks for key French sectors. LVMH gained 2.2%, Stellantis surged 4.4%, and STMicroelectronics advanced 4.2%, leading the index higher. Over the week, the Paris exchange added 0.5%, notching its third consecutive weekly advance.

法国10年期债券收益率跌至3.42%，与欧洲和美国同行持平，此前美联储主席鲍威尔在杰克逊霍尔的讲话中很快打开了降息的大门。然而，他表示，央行将谨慎行事，继续评估关税和其他政策对经济的影响。欧洲央行在八次降息后于7月结束了降息周期，但市场仍认为今年再次降息的可能性为45%，预计9月将暂停降息。与此同时，德国和更广泛的欧元区最近的数据显示，与7月相比，8月初私营部门活动的扩张速度更快。在国内，法国服务业和综合采购经理人指数创下12个月新高，而制造业采购经理人指数达到3个月高点，表明经济开始企稳。

France’s 10-year bond yield fell toward 3.42%, tracking European and US peers, after Fed Chair Powell opened the door to rate cuts soon in his Jackson Hole remarks. However, he said that central bank will proceed cautiously as it continues to evaluate the impact of tariffs and other policies on the economy. The ECB concluded its rate-cutting cycle in July after eight reductions, but markets still price in a 45% chance of another cut this year, with a pause expected in September. Meanwhile, recent data from Germany and the wider Eurozone showed private sector activity expanding at a faster pace in early August compared with July. Domestically, French services and composite PMI hit 12-month highs, while manufacturing PMI reached a three-month high, suggesting the economy is starting to stabilize.

CAC 40指数周五小幅下跌至7932点左右，标志着连续第三个交易日下跌，因为在美联储主席杰罗姆·鲍威尔发表备受关注的讲话之前，投资者情绪仍然低迷。市场正在寻求有关美国利率未来走势的更明确信号，因为有猜测称，在美联储官员最近发表谨慎言论后，他可能会降低对近期降息的预期。与此同时，欧盟在敲定一项新的贸易协定后，继续推动美国在特定行业降低关税，包括降低汽车出口关税，并倡导对葡萄酒和烈酒征收优惠关税。今天的股票交易喜忧参半，赛峰集团（-0.5%）、空中客车公司（-0.4%）和施耐德电气（0.4%）领跌，而Teleperformance（+0.9%）、TotalEnergies（+0.8%）和Stellantis NV（+0.5%）成为当天表现最好的公司。本周，该指数有望小幅上涨，标志着连续第三周上涨。

The CAC 40 edged lower to trade around 7,932 on Friday, marking its third straight session of declines, as investor sentiment remained subdued ahead of a closely watched speech by Fed Chair Jerome Powell. Markets are seeking clearer signals on the future trajectory of US interest rates, amid speculation that he may temper expectations for a near-term rate cut following recent cautious comments from Fed officials. Meanwhile, the EU continued to push for reduced US tariffs across select sectors after finalizing a new trade agreement, including lower tariffs on car exports, and is also advocating for preferential duties on wine and spirits. Stocks traded mixed today, with Safran (-0.5%), Airbus (-0.4%), and Schneider Electric (-0.4%) leading the laggards, while Teleperformance (+0.9%), TotalEnergies (+0.8%), and Stellantis NV (+0.5%) emerged as the session’s top performers. Over the week, the index is on track for modest gains, marking its third consecutive week of advances.

2025年8月，法国的商业环境指标稳定在96，与7月持平，低于100的长期平均水平。各行业的情绪各不相同：零售贸易从99大幅下跌至92，为两年多来的最低水平，受订单意愿崩溃和总体前景不佳的拖累。服务业信心从96降至95，比平均水平低了14个月，因为经理们对个人前景越来越悲观。制造业士气稳定在96点，但仍低于正常水平，只有成品库存出现显著下降。相比之下，建筑业信心从96提高到98，这得益于更光明的活动前景和更高的产能利用率。与此同时，就业环境从96降至95，自2024年年中以来一直低于平均水平，这是由于除临时工作外的服务业员工评估较弱造成的。

France’s business climate indicator held steady at 96 in August 2025, unchanged from July and below the long-term average of 100. Sentiment diverged across sectors: retail trade slumped sharply to 92 from 99, the weakest reading in over two years, dragged by collapsing order intentions and a poorer general outlook. Services confidence slipped to 95 from 96, marking a 14-month stretch below average, as managers grew more pessimistic on their personal outlook. Manufacturing morale was stable at 96, though still below its norm, with only finished-goods inventories showing a notable drop. In contrast, construction confidence improved to 98 from 96, lifted by brighter activity prospects and higher capacity use. Meanwhile, the employment climate softened to 95 from 96, extending its run below average since mid-2024, driven by weaker staff assessments in services excluding temporary work.