法国3个月期国债 (France3M) 加自选

CAC 40指数周三下跌0.4%，收于7785点，扭转了前一交易日的涨幅，因为投资者消化了美国和中国在伦敦举行的贸易谈判的结果。会谈最终达成了一项旨在重振日内瓦休战的初步框架协议。该计划考虑了可能的相互放松限制，中国可以放松对稀土和半导体出口的控制，而美国则考虑取消某些技术制裁。然而，该协议仍需双方领导人的批准，这并不能缓解投资者的谨慎态度。此外，欧盟当局表示，与美国正在进行的贸易谈判可能会延长到7月9日的最后期限之后，这加剧了不确定性。在企业领域，施耐德电气（-2.0%）、家乐福（-1.8%）和Stellantis NV（-1.5%）领跌，而阳狮（2.8%）和意法半导体（1.1%）领涨。

The CAC 40 fell 0.4% to close at 7,785 on Wednesday, reversing the gains of the previous session as investors digested the results of the trade talks between the US and China held in London. The talks ended with a preliminary framework agreement that seeks to revitalize the Geneva truce. The plan contemplates a possible mutual easing of restrictions, in which China could relax controls on the export of rare earths and semiconductors, while the US considers lifting certain technological sanctions. However, the agreement still requires the approval of both leaders, which doesn't ease investors' caution. In addition, EU authorities have signaled that the ongoing trade negotiations with the US could extend beyond the July 9 deadline, adding to the climate of uncertainty. In the corporate sphere, losses were led by Schneider Electric (-2.0%), Carrefour (-1.8%) and Stellantis NV (-1,5%), while gains came from Publicis (2.8%) and STMicroelectronics (1.1%).

在巴黎，CAC 40指数周三下跌40点，跌幅0.52%。家乐福（-2.16%）、施耐德电气（-1.97%）和Stellantis NV（-1.39%）领跌。涨幅最大的是阳狮（2.86%）、意法半导体（1.47%）和欧陆科学公司（1.12%）。

In Paris, the CAC 40 Index decreased 40 points or 0.52 percent on Wednesday. Losses were driven by Carrefour (-2.16%), Schneider Electric (-1.97%) and Stellantis NV (-1.39%). Biggest rises came from Publicis (2.86%), STMicroelectronics (1.47%) and Eurofins Scientific SE (1.12%).

法国10年期OAT收益率仍高于3.2%，因为市场消化了欧洲央行官员最近关于货币政策未来方向的评论，同时也在等待恢复美中贸易休战的潜在框架的明确性。欧洲央行管理委员会成员François Villeroy de Galhau重申，即使在连续第八次降息之后，央行也随时准备在必要时迅速调整利率，他说这一系列降息有效地使政策“正常化”。尽管上周的降息符合预期，但欧洲央行行长克里斯蒂娜·拉加德暗示，宽松周期可能即将结束。在2025年5月欧元区通货膨胀率降至1.9%之后，存款便利率目前为2%。与此同时，欧盟经济在2025年第一季度实现了0.6%的强劲增长，这是自2022年第三季度以来的最快季度增长速度。

France’s 10-year OAT yield remained above 3.2% as markets digested recent comments from European Central Bank officials regarding the future direction of monetary policy, while also awaiting clarity on a potential framework to revive the US-China trade truce. ECB Governing Council member François Villeroy de Galhau reiterated that the central bank stands ready to move swiftly on rates if needed, even after delivering an eighth straight cut—a series he said had effectively "normalized" policy. Although last week’s rate cut was in line with expectations, ECB President Christine Lagarde hinted that the easing cycle may be drawing to a close. The deposit facility rate now sits at 2%, following a decline in Eurozone inflation to 1.9% in May 2025. At the same time, the bloc’s economy posted a robust 0.6% growth in Q1 2025, its fastest quarterly pace since the third quarter of 2022.

周三，CAC 40指数微涨至7822点，投资者消化了在伦敦举行的美中贸易谈判的最新进展。会谈结束时达成了一项框架协议，旨在推进日内瓦共识，并重申唐纳德·特朗普总统和Xi最近通话时做出的承诺。作为协议的一部分，预计中国将放宽对稀土矿物和磁性材料的出口管制，而美国正在考虑放宽对中国出口先进技术的某些限制。然而，该协议仍缺乏具体细节，仍需要双方领导人的批准。在一个相关的事态发展中，欧盟官员表示，与美国正在进行的贸易谈判可能会延长到7月9日的最后期限之后。在企业方面，奢侈品股表现最好，开云集团上涨2.4%，而LVMH和爱马仕各上涨1%。

The CAC 40 traded slightly higher to 7,822 on Wednesday as investors digested the latest progress in US-China trade negotiations held in London. The talks concluded with a framework agreement aimed at advancing the Geneva consensus and reaffirming commitments made during a recent phone call between Presidents Donald Trump and Xi Jinping. As part of the deal, China is expected to ease export controls on rare earth minerals and magnetic materials, while the US is considering relaxing certain restrictions on advanced technology exports to China. However, the agreement remains short on specific details and still requires approval from both leaders. In a related development, EU officials signaled that ongoing trade negotiations with the US could extend beyond the July 9 deadline. On the corporate front, luxury stocks were among the best performers, with Kering jumping 2.4%, while LVMH and Hermès each rose 1%.