CAC 40指数周五暴跌2.9%，至7546点，将其周跌幅扩大至4.1%，创下一个月新低，因为美国全面的新关税和惨淡的收益令投资者感到不安。特朗普总统的行政命令引入了10%的全球基准关税，对缺乏贸易协议的国家征收高达41%的惩罚性关税，并对涉嫌规避关税的商品征收40%的税。虽然欧洲通过最后一刻的协议避免了最严厉的措施，但它现在面临着对美国出口15%的关税。在企业方面，Teleperformance在第二季度业绩疲软后下调了2025年的增长预测，暴跌20.7%。由于上半年利润令人失望，安盛下跌7.9%，圣戈班在勉强低于销售预期后下跌9.3%，施耐德电气在上半年收入创纪录的情况下继续亏损6.3%，因为利润率压力和自由现金流急剧下降的警告掩盖了业绩。

The CAC 40 plunged 2.9% to 7,546 on Friday, extending its weekly loss to a steep 4.1% and marking a one-month low, as sweeping new US tariffs and lackluster earnings rattled investors. President Trump’s executive order introduced a 10% global baseline tariff, punitive duties of up to 41% on countries lacking trade deals, and a 40% levy on goods suspected of circumventing tariffs. While Europe avoided the harshest measures through a last-minute agreement, it now faces a 15% tariff on exports to the US. On the corporate front, Teleperformance plummeted 20.7% after cutting its 2025 growth forecast following weak Q2 results. Axa dropped 7.9% on disappointing H1 profits, Saint-Gobain lost 9.3% after narrowly missing sales expectations, and Schneider Electric extended losses by 6.3% despite record H1 revenue, as warnings of margin pressure and a steep decline in free cash flow overshadowed the results.

在巴黎，CAC 40指数周五下跌217点，跌幅2.79%。Teleperformance SE（-19.41%）、圣戈班（-9.01%）和安盛（-7.61%）领跌。

In Paris, the CAC 40 Index decreased 217 points or 2.79 percent on Friday. Losses were driven by Teleperformance SE (-19.41%), Saint-Gobain (-9.01%) and AXA (-7.61%).

法国10年期政府债券收益率扭转早些时候的涨势，降至3.33%，为7月23日以来的最低水平，此前低于预期的美国就业报告加深了人们对劳动力市场疲软的担忧。7月份的数据显示，美国经济仅增加了73000个工作岗位，远低于10万个预测，而5月和6月的就业数据也大幅下调。因此，市场将美联储9月份降息的可能性从发布前的45%大幅提高到75%。与此同时，对欧洲央行进一步放松货币政策的预期仍然更加谨慎。尽管欧元区通胀率预计将在短期内保持在欧洲央行的预测之上，但市场目前认为，到12月降息25个基点的可能性为60%，而此前为50%。7月份欧元区消费者通胀率稳定在2.0%，略高于1.9%的市场预期。投资者还评估了新宣布的美国关税的潜在经济影响，包括对来自欧盟的进口商品征收15%的关税。

France’s 10-year government bond yield reversed earlier gains to decline to 3.33%, its lowest level since July 23, after a weaker-than-expected US jobs report deepened concerns about labor market weakness. The July data showed the US economy added only 73,000 jobs, well below the 100,000 forecast, while May and June’s job numbers were also revised sharply lower. As a result, markets have raised the likelihood of a Fed rate cut in September to 75%, up sharply from 45% before the release. Meanwhile, expectations for additional monetary easing by the ECB remain more measured. Although eurozone inflation is expected to stay above the ECB’s projections in the near term, markets now assign a 60% chance of a 25 bps rate cut by December, compared to 50% previously. Euro area consumer inflation held steady at 2.0% in July, slightly exceeding the 1.9% market estimate. Investors also assessed the potential economic impact of newly announced US tariffs, including a 15% duty on imports from the EU.

法国10年期政府债券收益率微升至3.36%，投资者评估了美国新征收关税和欧元区最新通胀数据的影响。美国的有效关税率已从年初的略高于2%跃升至约15%，创下20世纪30年代以来的最高水平。在8月1日截止日期前最后一刻达成协议后，欧盟现在面临对美国出口15%的关税。在通胀方面，7月份欧元区消费者价格同比上涨2.0%，与欧洲央行连续第二个月的目标一致，但略高于市场预期的1.9%。核心通胀率稳定在2.3%。随着未来几个月整体通胀率预计将高于欧洲央行的预测，进一步降息的可能性已经降低。在美国，美联储主席鲍威尔的鹰派言论进一步降低了市场对9月会议降息的预期。

France's 10-year government bond yield edged up to 3.36% as investors assessed the implications of newly imposed US tariffs and the latest Eurozone inflation figures. The effective US tariff rate has jumped to approximately 15%, up from just over 2% at the start of the year—marking its highest level since the 1930s. The EU now faces a 15% tariff on exports to the US, following a last-minute agreement reached just ahead of the August 1 deadline. On the inflation front, Eurozone consumer prices rose 2.0% yoy in July, in line with the ECB’s target for a second consecutive month, though slightly above market expectations of 1.9%. Core inflation remained stable at 2.3%. With headline inflation expected to stay above ECB forecasts in the coming months, the likelihood of further rate cuts has diminished. In the US, Fed Chair Powell’s hawkish comments have further reduced the market’s expectations for a rate cut at the September meeting.