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.

在巴黎，CAC 40指数周三上涨65点，涨幅0.86%。施耐德电气（3.24%）、空中客车（3.09%）和凯捷（3.05%）领涨。跌幅最大的是Stellantis NV（-2.61%）、雷诺（-1.93%）和Orange（-1.87%）。

In Paris, the CAC 40 Index gained 65 points or 0.86 percent on Wednesday. Gains were led by Schneider Electric (3.24%), Airbus (3.09%) and Cap Gemini (3.05%). Biggest losers were Stellantis NV (-2.61%), Renault (-1.93%) and Orange (-1.87%).

CAC 40指数周三上涨0.9%，收于7720点，从前一交易日的大幅下跌中反弹，结束了连续三天的下跌。周二的抛售是由对主要经济体债务可持续性的担忧加剧引发的，这推高了债券收益率。在法国，30年期国债收益率触及2009年以来的最高水平，因为下周的不信任投票前政治不确定性加剧。国内投资者正在等待最终的PMI数据，以获得更清晰的经济活动信号。在个股中，空客上涨3.1%，施耐德电气上涨2.9%，凯捷上涨3.1%，阳狮上涨2.7%。

The CAC 40 rose 0.9% to close at 7,720 on Wednesday, rebounding from a sharp drop in the previous session and ending a three-day losing streak. Tuesday’s selloff was triggered by rising worries over debt sustainability in major economies that pushed bond yields significantly higher. In France the 30-year yield hit its highest level since 2009 as political uncertainty mounts ahead of next week’s no-confidence vote. At home investors are waiting for the final PMI readings for clearer signals on activity. Among individual stocks Airbus was up 3.1%, Schneider Electric rose 2.9%, Capgemini gained 3.1% and Publicis added 2.7%.