法国10年期OAT收益率降至3.50%，低于本周早些时候市场首次对塞巴斯蒂安·莱科尔努总理意外辞职作出反应时的近3.6%。随着人们的注意力转向正在进行的预算谈判，投资者对法国政治动荡的焦虑有所缓和。尽管总统埃马纽埃尔·马克龙面临着越来越大的压力，要求提前举行选举或下台，但Lecornu周三表示，议会不太可能解散，并指出与其他政党的讨论表明，各方普遍愿意在年底前批准预算。在其他地方，低于预期的德国工业生产数据打压了市场情绪，而美国政府持续停摆引发了人们的担忧，即美联储用来指导政策决策的关键经济数据可能会进一步推迟。

The yield on France’s 10-year OAT fell to 3.50%, easing from nearly 3.6% earlier in the week when markets first reacted to the unexpected resignation of Prime Minister Sébastien Lecornu. Investor anxiety over France’s political turmoil has since moderated as attention turns to ongoing budget negotiations. Although President Emmanuel Macron faces growing pressure to call early elections or step down, Lecornu indicated on Wednesday that a parliamentary dissolution was unlikely, noting that discussions with other parties showed a general willingness to approve a budget by year-end. Elsewhere, weaker-than-expected German industrial production data weighed on sentiment, while the continued US government shutdown raised concerns that key economic releases used by the Federal Reserve to guide policy decisions could face further delays.

周三，巴黎CAC 40微涨至7990左右，受到安赛乐米塔尔股价上涨3%以上的支撑，此前该钢铁制造商欢迎欧盟委员会降低欧盟免关税进口钢铁的装运配额，并对超过这些限额的数量提高关税的提议。相比之下，由于美国呼吁禁止向中国销售芯片制造设备，科技股下跌，而宝马下调盈利预测后，汽车制造商仍面临压力。随着法国政治危机的加深，更广泛的情绪保持谨慎，总统埃马纽埃尔·马克龙在反复的内阁改组和不稳定的议会中面临着越来越大的压力。反对派继续推动提前选举，而马克龙已责成最近辞职的总理塞巴斯蒂安·莱科尔努在今晚之前提交一份可行的行动计划和稳定的执政纲领，尽管人们对他是否有能力这样做仍持怀疑态度。

The Paris CAC 40 edged up to around 7,990 on Wednesday, supported by a more than 3% jump in ArcelorMittal shares after the steelmaker welcomed the European Commission’s proposal to lower shipment quotas for tariff-free steel imports into the EU and raise tariffs on volumes exceeding those limits. In contrast, technology stocks declined amid US calls for bans on sales of chipmaking equipment to China, while automakers remained under pressure following BMW’s earnings forecast downgrade. Broader sentiment stayed cautious as France’s political crisis deepened, with President Emmanuel Macron facing mounting pressure amid repeated cabinet reshuffles and an unstable parliament. The opposition continues to push for early elections, while Macron has tasked recently resigned Prime Minister Sébastien Lecornu with presenting a viable action plan and stable governing platform by tonight, though doubts remain over his ability to do so.

即将离任的法国总理Lecornu：法国必须在今年年底前获得预算。Lecornu是法国去年以无多数议会结束提前选举后的第三位轮值总理。从那时起，政治不稳定和不确定性就成了游戏的名字。

Outgoing French prime minister Lecornu: France must get a budget by end of this year.Lecornu is the third prime minister in rotation after France saw the snap elections last year end in a hung parliament. Since then, political instability and uncertainty has been the name of the game.

“法国债券仍然不可投资”。BCA Research的分析师警告称，Lecornu的辞职证实了法国债券仍然不可投资，而且他们并不孤单。只要法国议会仍然没有明确的多数席位，任何政府都无法应对该国日益增长的债务或财政挑战。

"French bonds remain uninvestable".Analysts at BCA Research with the warning that Lecornu's resignation confirms that French bonds remain uninvestable, and they are not alone. As long as France's parliament remains without a clear majority, no government will be able to tackle the country's mounting debt or fiscal challenges.