法国推迟财富税投票，因为社会党的最后通牒威胁到政府的崩溃。法国本已脆弱的政府面临新的动荡，此前立法者推迟了对拟议财富税的关键投票，该税可能决定塞巴斯蒂安·莱科尔努总理的少数党政府的命运。

France delays wealth tax vote as Socialist ultimatum threatens government collapse.France's already fragile government faces fresh turmoil after lawmakers delayed a key vote on a proposed wealth tax that could determine the fate of Prime Minister Sébastien Lecornu's minority administration.

CAC 40指数周五收平于8226点，在本周早些时候因法国政治紧张局势加剧和私营部门活动放缓而创下新高后，该指数本周小幅上涨。社会党人警告称，除非亿万富翁面临更高的税收，否则他们可能会在周一之前推翻政府，而随着服务业和制造业的疲软，私营部门活动以自2月以来的最快速度萎缩。在美国，9月份的通胀低于市场预期，加强了对美联储下周降息的押注。在企业方面，在汇丰银行将开云集团的股票评级下调至持有后，开云集团下跌了3.9%，Vinci下跌了2%，原因是机场和高速公路的发展势头放缓，赛峰集团在第三季度销售强于预期后提高了2025年的目标，但仍下跌了1.1%。相比之下，雅高在确认其2025年全年展望后飙升7%，赛诺菲在超过季度预测并重申指导后上涨2.5%。

The CAC 40 closed flat at 8,226 on Friday, leaving the index modestly higher for the week after reaching fresh record highs earlier in the week amid rising political tensions and slowing private-sector activity in France. Socialists warned they could topple the government by Monday unless billionaires face higher taxes, while private-sector activity contracted at its fastest pace since February as both services and manufacturing weakened. In the United States, September inflation came in below market expectations, reinforcing bets on a Fed rate cut next week. On the corporate front, Kering tumbled 3.9% after HSBC downgraded the stock to Hold, Vinci fell 2% on signs of slower momentum in airports and motorways, and Safran slipped 1.1% despite raising its 2025 targets following stronger-than-expected third-quarter sales. In contrast, Accor surged 7% after confirming its full-year 2025 outlook and Sanofi rose 2.5% after beating quarterly forecasts and reaffirming guidance.

法国10年期OAT收益率徘徊在3.4%左右，保持一周半的高点，因为投资者对政治稳定和经济增长的担忧日益加剧。法国的政治焦点是2026年预算，政府计划将2026年的预算赤字从2025年的5.4%降至4.7%。法国社会党威胁称，如果2026年的预算不包括对超级富裕家庭征收2%的“祖克曼税”，将对政府进行不信任投票，这将给勒科尔努总理造成政治僵局。在经济方面，法国私营部门连续第14个月收缩，服务业和制造业均疲软。在美国，通胀低于市场预期，加大了对美联储降息的押注，而欧元区强于预期的PMI数据促使投资者略微降低了对欧洲央行明年降息的预期。

France’s 10-year OAT yield hovered around 3.4%, holding a one-and-a-half-week high, as investors grappled with growing concerns about political stability and economic growth. The political focus in France is on the 2026 budget, with the government planning to reduce the 2026 budget deficit from 5.4% in 2025 to 4.7%. France’s Socialists threatened a no-confidence vote against the government if the 2026 budget does not include a 2% “Zucman tax” on ultra-wealthy households, creating a political deadlock for Prime Minister Lecornu. Economically, the French private sector contracted for the 14th consecutive month, with weakness in both services and manufacturing. In the US, inflation came in below market expectations, boosting bets on a Federal Reserve rate cut, while stronger-than-expected PMI readings from the eurozone prompted investors to slightly scale back expectations for an ECB rate cut next year.

CAC 40指数小幅下跌0.3%，至略低于8200点，原因是法国政治紧张局势加剧和私营部门放缓。社会党人警告称，除非亿万富翁面临更高的税收，否则他们可能会在周一之前推翻政府，而私营部门的收缩速度是自2月以来最快的，服务业和制造业都在减弱。在美国，9月份的通胀数据低于市场预期，加强了对美联储下周降息的押注。在企业方面，开云集团股价下跌4.1%，此前汇丰银行将其股票评级下调至“持有”，理由是尽管最近盈利表现不佳，但短期催化剂有限，而Vinci在第三季度业绩显示机场和高速公路的势头放缓后下跌2.4%。赛峰集团股价下跌1.8%，尽管在第三季度销售额强于预期后提高了2025年的目标。相比之下，雅高在确认其2025财年展望后飙升6.9%，赛诺菲在超过季度预测并重申指导后上涨2.8%。

The CAC 40 edged down 0.3% to just below 8,200, as rising political tensions and a slowing private sector in France. Socialists warned they could topple the government by Monday unless billionaires face higher taxes, while the private sector contracted at its fastest pace since February, with both services and manufacturing weakening. In the US, September inflation data came in below market expectations, reinforcing bets on a rate cut by the Fed next week. On the corporate front, Kering tumbled 4.1% after HSBC downgraded the stock to “Hold,” citing limited short-term catalysts despite a recent earnings beat, while Vinci fell 2.4% after Q3 results showed slower momentum in airports and motorways. Safran slipped 1.8% despite raising its 2025 targets following stronger-than-expected Q3 sales. In contrast, Accor surged 6.9% after confirming its FY 2025 outlook, and Sanofi rose 2.8% after beating quarterly forecasts and reaffirming guidance.