法国3个月期国债 (France3M) 加自选

CAC 40指数周一下跌0.2%，收于7791点，扭转了上周的涨势，反映了大多数欧洲同行的下跌。在伦敦举行的中美高层贸易谈判之前，投资者情绪谨慎，该谈判旨在巩固一项长期争端中的初步协议，这场争端扰乱了全球经济。与此同时，中国的贸易数据令人失望，出口增长略低于预期，进口大幅下降，加剧了人们对全球需求的担忧。在国内，市场也将注意力转向周五公布的下一个通胀数据的最终读数。在企业方面，赛诺菲（-1.15%）、泰雷兹（-1.03%）和施耐德电气（-0.92%）领跌，而STMicro（+3.57%）和保乐力加（+2.75%）的表现优于其他公司。

The CAC 40 fell 0.2% to close at 7,791 on Monday, reversing the previous week’s gains and mirroring losses in most European peers. Investor sentiment was cautious ahead of high-level US-China trade talks in London aimed at cementing a tentative deal in a long-running dispute that has roiled the global economy. Meanwhile, Chinese trade data disappointed, with exports growing slightly less than expected and imports falling sharply, adding to concerns about global demand. Domestically, markets also turned their focus to the final reading of the next inflation data, due on Friday. On the corporate front, Sanofi (-1.15%), Thales (-1.03%) and Schneider Electric (-0.92%) led the declines, while STMicro (+3.57%) and Pernod Ricard (+2.75%) outperformed.

法国10年期OAT收益率跌至3.2%以下，在上周上涨后回落，因为投资者密切关注美中贸易谈判，并等待欧洲央行官员就未来政策方向发出的信号。在特朗普总统和Xi最近通电话之后，美国和中国的谈判代表今天在伦敦举行会议，在上个月在日内瓦达成的初步协议的基础上再接再厉。在货币政策方面，欧洲央行上周将利率下调了25个基点，使借贷成本降至2022年11月以来的最低水平，并下调了2025年和2026年的通胀前景。然而，它也表明降息周期可能即将结束，挑战了之前的市场预期。

France’s 10-year OAT yield slipped below 3.2%, retreating after last week’s increase, as investors kept a close eye on US-China trade negotiations and awaited signals from European Central Bank officials regarding future policy direction. US and Chinese negotiators are meeting in London today to build on the preliminary deal reached in Geneva last month, following a recent phone conversation between Presidents Trump and Xi Jinping. On the monetary policy side, the ECB lowered interest rates by 25 basis points last week—bringing borrowing costs to their lowest level since November 2022—and revised down its inflation outlook for 2025 and 2026. However, it also suggested the rate-cutting cycle may be nearing its end, challenging previous market expectations.

CAC 40指数周一开盘走低，下跌0.3%，收于7785点以下，扭转了上周的涨势，反映了大多数欧洲同行的下跌。在伦敦举行的中美高层贸易谈判之前，投资者情绪谨慎，该谈判旨在加强一项长期争端中的初步协议，这场争端扰乱了全球经济。与此同时，中国的贸易数据令人失望，出口增长略低于预期，进口大幅下降，加剧了人们对全球需求的担忧。在国内，市场也将注意力转向周五即将公布的通胀数据的最终读数。在企业方面，空客（-0.4%）、施耐德电气（-0.8%）和赛峰集团（-0.6%）领跌，而爱马仕（+0.3%）和路威酩轩集团（+0.4%）的表现优于其他公司。

The CAC 40 opened lower on Monday, falling 0.3% to trade below 7,785, reversing the previous week’s gains and mirroring losses across most European peers. Investor sentiment are cautious ahead of the high-level US–China trade talks in London, aimed to reinforce a tentative agreement in a longstanding dispute that has disrupted the global economy. Meanwhile, Chinese trade data disappointed, with exports rising slightly less than expected and imports falling sharply, adding to concerns over global demand. Domestically, markets also turned their focus to the final readings of the upcoming inflation data due on Friday. On the corporate front, Airbus (-0.4%), Schneider Electric (-0.8%), and Safran (-0.6%) led the losses, while Hermès (+0.3%) and LVMH (+0.4%) outperformed.

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The CAC 40 rose 0.13% to 7,800 in afternoon trading on Friday, showing a slight recovery from losses in previous sessions, heading for a second consecutive weekly gain, as investors continued to assess developments in trade talks between President Trump and President Xi Jinping. The two leaders agreed on Thursday to resume negotiations without further details, leaving the outlook cautious. Investors reacted positively and moderately to the release of the US employment report, which showed job creation above expectations, even though the unemployment rate was stable. This maintains bets that the Fed could start cutting rates later this year, indicating that the easing cycle could end, favoring risk assets globally, such as European stocks. In the corporate space, Capgemini (1.42%), SocGen (1.41%) and Teleperformance (1.35%) showed positive changes. While Thales (-4.02%), Kering (-1.34%) and Engie (-1.04%) led the losses.