周四，CAC 40指数下跌1.1%，收于7772点，随着企业盈利成为焦点，7月份的涨幅降至1.4%。爱马仕（-5.2%）、赛诺菲（-7.8%）和施耐德电气（-4.6%）的股价在表现不佳后对该指数造成了沉重压力。爱马仕股价暴跌，9%的销售额增长掩盖了时尚和丝绸的增长放缓以及美容和香水的下降，暴露出对更广泛的奢侈品衰退的敏感性。赛诺菲在第二季度利润下降后下跌，尽管收入有所下降，但受到成本上升的影响。施耐德公布了创纪录的上半年收入和调整后收益，但利润率下降，自由现金流急剧下降。相比之下，法国兴业银行（SociétéGénérale）在第二季度超出预期后上涨6.9%，而赛峰集团（Safran）在上半年核心利润强劲和全年前景升级的情况下上涨3.1%，创下历史新高。在数据方面，法国6月份生产者价格指数下跌0.2%，为2月份以来的最小月度跌幅，而初步估计显示，7月份消费者通胀率稳定在1%。

The CAC 40 dropped 1.1% to close at 7,772 on Thursday, trimming July’s gains to 1.4% as corporate earnings took center stage. Shares of Hermès (-5.2%), Sanofi (-7.8%), and Schneider Electric (-4.6%) weighed heavily on the index after underwhelming results. Hermès slumped as a 9% sales rise masked slower growth in fashion and silk and a decline in beauty and perfume, exposing sensitivity to a broader luxury downturn. Sanofi fell after Q2 profit missed despite a revenue beat, hurt by rising costs. Schneider posted record H1 revenue and adjusted earnings, but flagged lower margins and a steep drop in free cash flow. In contrast, Société Générale jumped 6.9% after beating Q2 expectations, while Safran gained 3.1% to a record high on strong H1 core profit and an upgraded full-year outlook. On the data front, French producer prices fell 0.2% in June, the smallest monthly decline since February, while preliminary estimates showed consumer inflation held steady at 1% in July.

在巴黎，CAC 40指数周四下跌77点，跌幅0.98%。雅高（-9.60%）、布伊格（-7.26%）和赛诺菲（-6.96%）领跌。涨幅最大的是法国兴业银行（6.61%）、赛峰集团（3.35%）和罗格朗（2.12%）。

In Paris, the CAC 40 Index fell 77 points or 0.98 percent on Thursday. Leading the losses are Accor (-9.60%), Bouygues (-7.26%) and Sanofi (-6.96%). Top gainers were Societe Generale (6.61%), Safran (3.35%) and Legrand (2.12%).

法国10年期政府债券收益率徘徊在3.3%左右，交易员继续评估货币和经济前景。市场参与者已经降低了对欧洲央行今年降息25个基点的预期，掉期市场目前定价的可能性不到50%。在情绪转变之前，西班牙的通货膨胀率连续第二个月上升，德国几个州的物价温和上涨，法国和意大利的通货膨胀稳定。在更广泛的欧元区，第二季度GDP仅增长了0.1%，与第一季度的0.6%相比大幅放缓，但略好于停滞的预测。数据显示了明显的地区差异：德国和意大利都出现了0.1%的收缩，而法国和西班牙则略有增长。与此同时，在贸易方面，投资者对最近宣布的美国-欧盟贸易协定的担忧仍然很高，该协定被广泛认为有利于美国。

France's 10-year government bond yield hovered around 3.3% as traders continued to assess the monetary and economic outlook. Market participants have scaled back expectations for a 25-basis-point rate cut by the ECB this year, with swap markets now pricing in less than a 50% probability. The shift in sentiment follows a second consecutive monthly rise in inflation in Spain, modest price increases in several German states, and stable inflation in France and Italy. In the broader Eurozone, GDP expanded by just 0.1% in the second quarter—a sharp slowdown from 0.6% in Q1, but slightly better than forecasts of stagnation. The data revealed notable regional disparities: Germany and Italy both saw contractions of 0.1%, while France and Spain posted modest gains. Meanwhile, on the trade front, investor concerns remain elevated over the recently announced U.S.–EU trade agreement, which is widely perceived as favoring the United States.

CAC 40指数周四上涨0.5%，至7898点，随着企业盈利继续成为焦点，该指数有望实现大幅月度上涨。法国兴业银行（SociétéGénérale）在超过第二季度预期后飙升近6%，达到2008年10月以来的最高水平，而赛峰集团（Safran）在上半年核心利润好于预期并上调了其财年指导后，上涨4.7%，创下历史新高。此外，Legrand在公布更高的净利润后上涨4%，创下历史新高。不利的一面是，雅高集团股价暴跌近12%，至6月以来的最低水平，尽管其上半年盈利增长超出预期。此外，赛诺菲在未达到收入预期后下跌2.1%，而法国农业信贷银行因投资者对其最新业绩感到失望而下跌1.7%。在国内经济方面，2025年6月生产者价格指数环比下降0.2%，这是自2月以来最温和的通货紧缩。与此同时，初步估计显示，7月份消费者通胀率稳定在1%，与市场预测相符。

The CAC 40 rose 0.5% to 7,898 on Thursday, heading for significant monthly gains as corporate earnings continued to take center stage. Société Générale soared nearly 6% to its highest level since October 2008 after surpassing Q2 expectations, while Safran jumped 4.7% to a record high following better-than-expected H1 core profit and lifting its FY guidance. Moreover, Legrand rose 4% to an all-time high after reporting higher net profit. On the downside, Accor plunged nearly 12% to its lowest level since June, despite reporting a larger-than-expected rise in H1 earnings. Additionally, Sanofi dropped 2.1% after missing revenue estimates, while Crédit Agricole slipped 1.7% amid investor disappointment with its latest results. On the domestic economic front, producer prices fell by 0.2% month-on-month in June 2025, marking the mildest deflation since February. At the same time, preliminary estimates showed that consumer inflation remained steady at 1% in July, matching market forecasts.