周二，CAC 40指数在7853点附近持平，此前一个交易日涨幅超过1%，投资者在对美中贸易协议的乐观情绪中喘息。两国同意暂停大部分关税90天，美国将对中国商品的关税从145%降至30%，而中国将对美国商品的关税则从125%降至10%。与此同时，投资者继续关注正在进行的公司盈利报告。奢侈品股领涨，开云集团以2.5%的涨幅位居榜首，路威酩轩集团上涨1.2%，爱马仕上涨1%。汽车板块也表现强劲，Stellantis NV上涨2.1%，雷诺上涨1.7%。然而，金融类股表现不佳，法国兴业银行下跌0.6%，安盛银行下跌0.5%。

The CAC 40 traded flat around 7,853 on Tuesday, following a notable gain of over 1% in the previous session, as investors took a breather amid optimism surrounding the US-China trade deal. The two countries agreed to suspend most tariffs for 90 days, with the US reducing the tariffs on Chinese goods from 145% to 30%, while China lowered tariffs on US goods from 125% to 10%. Meanwhile, investors continued to monitor ongoing corporate earnings reports. Luxury stocks led the charge, with Kering topping the index with a 2.5% gain, LVMH up 1.2%, and Hermès rising 1%. The auto sector also showed strength, with Stellantis NV advancing 2.1% and Renault adding 1.7%. However, financial stocks underperformed, with Société Générale declining 0.6% and AXA falling 0.5%.

在巴黎，CAC 40指数周一上涨106点，涨幅1.37%。LVMH（6.98%）、意法半导体（6.74%）和Stellantis NV（6.51%）领涨。

In Paris, the CAC 40 Index gained 106 points or 1.37 percent on Monday. Gains were led by LVMH (6.98%), STMicroelectronics (6.74%) and Stellantis NV (6.51%).

CAC 40指数周一上涨1.4%，收于7850点，连续第三次上涨，创下六周新高，受美中贸易谈判突破的乐观情绪提振。两国同意在90天内暂停对彼此商品征收大部分关税，美国将对中国进口商品的互惠关税从145%降至30%，而中国将对美国进口商品的关税从125%降至10%。美国商务部长霍华德·卢特尼克指出，对其他国家商品征收10%的基准关税可能会保持不变。与此同时，特朗普总统宣布计划签署一项行政命令，使美国药品价格与其他发达经济体保持一致。在企业方面，奢侈品巨头领涨，LVMH（7%）、爱马仕（3.5%）、依视路（2.8%）和开云（5.9%）的股价飙升，因为人们希望世界上最大的两个经济体的需求更强劲。其他表现最佳的公司包括Stellantis、安赛乐米塔尔和意法半导体，其股价上涨了4.8%至6.8%。

The CAC 40 rose 1.4% to close at 7,850 on Monday, marking a third straight gain and reaching a six-week high, lifted by renewed optimism over a breakthrough in US–China trade talks. The two countries agreed to suspend most tariffs on each other’s goods for 90 days, with the US slashing reciprocal tariffs on Chinese imports from 145% to 30%, while China will lower duties on US imports from 125% to 10%. US Commerce Secretary Howard Lutnick noted the 10% baseline tariff on goods from other countries will likely remain in place. Meanwhile, President Trump announced plans to sign an executive order to align US drug prices with those in other advanced economies. On the corporate front, luxury giants led the rally, with shares of LVMH (7%), Hermès (3.5%), Essilor (2.8%), and Kering (5.9%) surging on hopes of stronger demand from the world’s two largest economies. Other top performers included Stellantis, ArcelorMittal, and STMicroelectronics, which added between 4.8% and 6.8%.

法国10年期OAT收益率飙升至3.3%以上，触及4月11日以来的最高水平，因为全球贸易谈判情绪的改善和地缘政治风险的缓解提振了对风险资产的需求。在日内瓦举行富有成效的会谈后，美国和中国同意取消90天的关税，标志着上个月贸易冲突的明显缓和。根据该协议，美国对中国商品的关税将从145%降至30%，而中国将把对美国进口商品的关税从125%降至10%。在其他地方，地缘政治紧张局势似乎有所缓解，乌克兰总统泽连斯基表示准备周四在土耳其会见俄罗斯总统普京，印度和巴基斯坦之间脆弱的停火仍在继续。在货币政策方面，货币市场现在将欧洲央行的存款便利利率定价为年底前的1.75%，恢复到4月中旬的水平，此前央行暗示可能降息以缓冲美国关税的影响。

France’s 10-year OAT yield surged above 3.3%, touching its highest level since April 11, as improving sentiment around global trade negotiations and easing geopolitical risks boosted demand for risk assets. The US and China agreed to a 90-day tariff rollback following productive talks in Geneva, marking a notable de-escalation of last month’s trade flare-up. Under the deal, US tariffs on Chinese goods will drop from 145% to 30%, while China will reduce its tariffs on US imports from 125% to 10%. Elsewhere, geopolitical tensions appeared to ease as Ukrainian President Zelenskiy signaled readiness to meet Russian President Putin in Turkey on Thursday, and a fragile ceasefire continued between India and Pakistan. In monetary policy, money markets now price the ECB’s deposit facility rate at 1.75% by year-end—reverting to mid-April levels before the central bank hinted at potential rate cuts to cushion against the impact of US tariffs.