法国3个月期国债 (France3M) 加自选

在巴黎，CAC 40指数周四上涨71点，涨幅0.91%。涨幅最大的是意法半导体（5.26%）、凯捷（3.17%）和达索系统（2.94%）。最大的损失来自阳狮（-1.27%）、保乐力加（-0.78%）和达能（-0.57%）。

In Paris, the CAC 40 Index went up by 71 points or 0.91 percent on Thursday. Top gainers were STMicroelectronics (5.26%), Cap Gemini (3.17%) and Dassault Systemes (2.94%). Biggest losses came from Publicis (-1.27%), Pernod Ricard (-0.78%) and Danone (-0.57%).

巴黎CAC 40指数周四上涨0.9%，收于7855点，弥补了前一天的损失，因为市场消化了央行的举措。英格兰银行将利率维持在4%，并放缓了其金边债券销售计划，削减了长期债券的计划处置。在美国，美联储如预期般降息25个基点，但警告不要出现快速宽松周期，这表明在劳动力市场疲软的迹象下，今年晚些时候将进一步降息两次。EssilorLuxottica在发布了与Meta共同开发的下一代人工智能眼镜Oakley Meta Vanguard后上涨了1.6%，而开云集团在古驰（Gucci）为简化管理而进行领导层变动后上涨了0.7%。

Paris’s CAC 40 gained 0.9% to close at 7,855 on Thursday, recouping the previous day’s losses as markets digested central bank moves. The Bank of England held rates at 4 percent and slowed its gilt sales program, trimming planned disposals of longer dated bonds. In the United States the Federal Reserve cut rates by 25 basis points as expected but warned against a rapid easing cycle, signalling two further cuts later this year amid signs of labour market weakness. EssilorLuxottica rose 1.6% after unveiling the Oakley Meta Vanguard, a next generation AI powered eyewear developed with Meta, while Kering gained 0.7% following leadership changes at Gucci intended to streamline management.

巴黎CAC 40指数周四上涨0.4%，至7820点，从前一天的下跌中恢复过来，此前美联储为应对劳动力市场疲软，如预期般将关键利率下调了25个基点。尽管美联储暗示了今年晚些时候进一步宽松的空间，但主席杰罗姆·鲍威尔的鹰派语气缓和了人们对更快削减速度的希望。投资者现在将注意力转移到即将到来的英格兰银行的政策决定上。在个人推动者中，EssilorLuxottica在与Meta合作推出Oakley Meta Vanguard后上涨了0.3%，Meta是新一代人工智能驱动的眼镜，推动了他们的合作关系，开创了运动智能的新时代。与此同时，在任命Francesca Bellettini为Gucci董事长兼首席执行官、保留Jean-Marc Duplaix为首席运营官以及取消副首席执行官职位以简化管理后，开云集团小幅下跌0.1%。

Paris’s CAC 40 gained 0.4% to 7,820 on Thursday, recovering from the previous day’s decline after the US Federal Reserve cut its key rate by 25 basis points, as expected, in response to a weaker labor market. While the Fed signaled scope for further easing later this year, Chair Jerome Powell’s hawkish tone tempered hopes for a faster pace of cuts. Investors now shift focus to the Bank of England’s policy decision due shortly. Among individual movers, EssilorLuxottica gained 0.3% after unveiling the Oakley Meta Vanguard in collaboration with Meta, a new generation of AI-powered eyewear that advances their partnership and ushers in a new era of Athletic Intelligence. Meanwhile, Kering edged down 0.1% following the appointment of Francesca Bellettini as Gucci’s Chairman and CEO, the retention of Jean-Marc Duplaix as COO, and the elimination of the deputy CEO position to streamline management.

在美联储宣布今年首次降息后，法国10年期政府债券收益率降至3.48%。在承认劳动力市场降温迹象的同时，美联储主席杰罗姆·鲍威尔将此举描述为风险管理削减，推翻了对激进宽松政策的预期，并强调央行不需要在利率方面迅速采取行动。在欧元区，政策制定者也持谨慎态度。欧洲央行官员继续强调关税、粘性服务通胀、食品价格上涨和财政政策不确定带来的风险。与此同时，法国的借贷成本正受到越来越多的审查。法国10年期国债收益率首次与意大利国债收益率持平，这一趋同是由于对公共债务可持续性和经济增长疲软的担忧导致法国国债收益率数月上涨，而投资者对意大利的情绪却有所改善。

France’s 10-year government bond yield eased to 3.48% after the US Federal Reserve delivered its first rate cut of the year. While acknowledging signs of a cooling labor market, Fed Chair Jerome Powell framed the move as a risk-management cut, pushing back on expectations for aggressive easing and stressing that the central bank does not need to move quickly on rates. In the euro area, policymakers have also struck a cautious note. ECB officials continue to highlight risks from tariffs, sticky services inflation, rising food prices, and uncertain fiscal policy. Meanwhile, French borrowing costs are drawing increased scrutiny. For the first time, French 10-year yields matched Italian equivalents, a convergence driven by months of rising French yields amid concerns over public debt sustainability and weak economic growth, in contrast with improving investor sentiment toward Italy.