周四，CAC 40指数下跌0.3%，收于7699点，全球债券市场企稳，法国10年期国债收益率进一步跌破3.5%，而令人失望的美国劳动力数据强化了人们对美联储本月可能恢复降息的预期。ADP最新报告显示，8月份私营企业仅增加了54000个工作岗位，远低于7月份的数字，也低于预期，而职位空缺降至2024年9月以来的最低水平，失业救济申请人数创下两个月新高。在欧洲，在总理弗朗索瓦·贝鲁在2026年预算辩论前于9月8日举行信任投票后，政治和财政风险仍然是人们关注的焦点，他的前景似乎不确定。在企业新闻中，赛诺菲股价下跌8.3%，至一个月低点，此前其特应性皮炎药物amlitelimab的3期试验未能达到预期疗效，而权重股LVMH和Pernod RIcard分别下跌4.2%和2.7%。

The CAC 40 fell 0.3% to close at 7,699 on Thursday, as global bond markets steadied with France’s 10-year yield slipping further below 3.5% while disappointing US labor data reinforced expectations that the Federal Reserve could resume rate cuts this month. The latest ADP report showed private businesses added only 54,000 jobs in August, sharply below July’s figure and weaker than forecasts, while job openings fell to their lowest since September 2024 and jobless claims hit a two-month high. In Europe, political and fiscal risks remained in focus after Prime Minister François Bayrou called a September 8 confidence vote ahead of 2026 budget debates, with his prospects appearing uncertain. In corporate news, Sanofi slumped 8.3% to a one-month low after its Phase 3 trial for the atopic dermatitis drug amlitelimab failed to meet efficacy expectations, while heavyweights LVMH and Pernod RIcard lost 4.2% and 2.7%, respectively.

法国10年期政府债券收益率进一步跌破3.5%，债券市场趋于稳定，令人失望的美国劳动力数据增强了人们对美联储本月将恢复降息的预期。ADP最新调查显示，8月份私营企业仅增加了54000个工作岗位，比7月份大幅下降，远低于65000个的预测。7月份的职位空缺降至2024年9月以来的最低水平，而申请失业救济人数则升至两个月来的最高点。投资者现在转向周五的8月非农就业报告以获得进一步指导。在欧洲，政治和财政风险仍然是人们关注的焦点。法国总理弗朗索瓦·贝鲁呼吁在2026年预算辩论之前于9月8日在国民议会进行信任投票，他的前景似乎不确定。

France’s 10-year government bond yield slipped further below 3.5% as bond markets stabilized and disappointing US labor data reinforced expectations that the Federal Reserve will resume rate cuts this month. The latest ADP survey showed private businesses added just 54,000 jobs in August, sharply down from July and well below forecasts of 65,000. Job openings in July fell to their lowest since September 2024, while jobless claims rose to a two-month high. Investors now turn to Friday’s August nonfarm payrolls report for further guidance. In Europe, political and fiscal risks remain in focus. Prime Minister François Bayrou has called a confidence vote in the National Assembly for September 8 ahead of the 2026 budget debates, with his prospects appearing uncertain.

周四，CAC 40指数在7713点附近持平，因为全球债券市场在最近的动荡后显示出企稳的迹象。人们的注意力转向了即将在法国和英国举行的政府债券拍卖，这两个国家一直是最近欧洲债券抛售的中心。与此同时，市场焦点也转向ADP即将公布的美国劳动力市场数据，投资者正在密切关注美联储下一步政策举措的线索。贸易政策的发展也成为焦点，此前特朗普总统敦促最高法院加快对上周裁决的上诉，该裁决认为他的大部分关税是非法的。在企业新闻中，赛诺菲股价下跌约7.9%，至一个月低点，此前其特应性皮炎药物amlitelimab的3期试验未能达到预期疗效。上涨方面，值得注意的股票包括阳狮（+2.8%）、Teleperformance（+1.5%）和家乐福（+1.4%）。

The CAC 40 traded near flat around 7,713 on Thursday, as global bond markets demonstrated signs of stabilizing following recent turbulence. Attention turned to upcoming government debt auctions in France and the UK — which have been at the center of recent bond selloff across Europe. Meanwhile, market focus also shifted to forthcoming US labor market data from ADP, which investors are closely watching for clues on the Federal Reserve’s next policy move. Trade policy developments were also in focus, after President Trump urged the Supreme Court to fast-track his appeal against last week’s ruling that deemed most of his tariffs unlawful. In corporate news, Sanofi slumped around 7.9% to a one-month low after its Phase 3 trial for the atopic dermatitis drug amlitelimab failed to meet efficacy expectations. On the upside, notable gainers included Publicis (+2.8%), Teleperformance (+1.5%), and Carrefour (+1.4%).

2025年8月，法国HCOB建筑业采购经理人指数从7月份的十个月低点39.7升至46.7，表明该行业的低迷明显缓解。在三大类建筑活动中，住房和商业建筑的收缩速度都较慢，而土木工程是一个突出的优势领域，在过去三个月内第二次扩张。新订单继续下降，尽管下降速度是自4月以来最疲软的。然而，随着采购量和就业人数的显著下降，削减成本仍然是一个突出的主题。失业率是自2020年5月以来的最高水平。尽管对投入的需求减弱，但供应商的表现进一步恶化，平均交付周期在18个月内最大程度地延长。展望未来，市场情绪仍然悲观，受访公司预计一年后的活动水平会降低。

The HCOB Construction PMI in France rose to 46.7 in August 2025, from July’s ten-month low of 39.7, signaling a notable easing in the sector’s downturn. Across the three main categories of construction activity, housing and commercial building both recorded slower rates of contraction, while civil engineering stood out as an area of strength, expanding for the second time in the past three months. New orders continued to fall, though the pace of decline was the softest since April. Cost-cutting remained a prominent theme, however, with purchasing volumes and employment decreasing markedly. The rate of job losses was the steepest since May 2020. Despite weaker demand for inputs, supplier performance deteriorated further, with average lead times lengthening to the greatest extent in 18 months. Looking ahead, sentiment remained downbeat, with surveyed firms expecting activity levels to be lower in a year’s time.