法国10年期OAT收益率攀升至3.4%以上，为10月13日以来的最高水平，因为投资者在欧洲央行今天晚些时候的政策决定之前对美联储的鹰派立场做出了反应。周三，美联储今年第二次降息25个基点，但主席杰罗姆·鲍威尔警告称，12月的进一步宽松“并非板上钉钉”。与此同时，在出口激增和国内需求稳健的推动下，法国第三季度GDP增长0.5%，为两年多来最强劲的增长，高于预期的0.2%。在政治方面，立法者批准了一项预算修正案，将主要科技公司的数字服务税提高一倍，尽管该措施仍需最终批准。反对党威胁称，除非大公司和最富有的个人的税收大幅增加，否则未来几周将对总理塞巴斯蒂安·莱科尔努进行不信任投票。

France’s 10-year OAT yield climbed above 3.4%, its highest level since October 13, as investors reacted to the Federal Reserve’s somewhat hawkish stance ahead of the ECB’s policy decision later today. On Wednesday, the Fed cut interest rates by 25 basis points for the second time this year, but Chair Jerome Powell cautioned that further easing in December is “not a foregone conclusion.” Meanwhile, French GDP grew 0.5% in Q3, the strongest in over two years and above expectations of 0.2%, driven by a surge in exports and solid domestic demand. On the political front, lawmakers approved a budget amendment to double the digital services tax for major tech companies, though the measure still requires final approval. Opposition parties have threatened no-confidence votes against Prime Minister Sebastien Lecornu in the coming weeks unless taxes on large corporations and the wealthiest individuals are significantly increased.

周四，CAC 40指数基本保持不变，为8200点，当天充斥着企业盈利、央行发展和乐观的经济数据。空中客车公司股价飙升3.4%，此前该公司公布了稳健的第三季度业绩，并保持了2025年的前景，而施耐德电气公司股价下跌近2%，尽管有机收入增长了9%，超过了预期，并重申了其年度指导。在政策方面，美联储昨日连续第二次降息，但主席杰罗姆·鲍威尔表示，不能保证12月会进一步降息。在日本央行采取类似举措后，预计欧洲央行将在今天晚些时候保持政策稳定。经济数据显示，法国第三季度国内生产总值增长0.5%，是两年多来最快的季度增长，超过了0.1%的市场预期，主要受出口激增的推动。

The CAC 40 was largely unchanged at 8,200 points on Thursday, in a day packed with corporate earnings, central bank developments, and upbeat economic data. Airbus surged 3.4% after reporting a solid third quarter and maintaining its 2025 outlook, while Schneider Electric slipped nearly 2% despite a 9% organic revenue increase, beating forecasts and reaffirming its annual guidance. On the policy front, the Federal Reserve cut interest rates for the second consecutive time yesterday, but Chair Jerome Powell signaled that a further cut in December is not guaranteed. The ECB is expected to hold policy steady later today, following a similar move by the Bank of Japan. Economic data showed that France’s GDP rose 0.5% in Q3, marking the fastest quarterly expansion in over two years and exceeding market expectations of 0.1%, driven primarily by a surge in exports.

2025年9月，法国家庭消费意外环比增长0.3%，超过了市场对不变的预期，并从8月份向上修正的0.2%增长加速。温和的复苏主要得益于能源支出的反弹（8月份为0.5%对-0.1%），这是由于天然气消费的急剧加速和超级无铅汽油消费的强劲反弹；食品（0.2%对-0.1%），这是由于面包店、糕点和其他杂项食品的支出增加。与此同时，制成品支出放缓（0.3%对0.5%），耐用品支出回升，而纺织品和服装支出明显放缓。按年度计算，2025年9月家庭消费下降了0.3%。

Household consumption in France unexpectedly rose 0.3% month-on-month in September 2025, surpassing market expectations of no change and accelerating from an upwardly revised 0.2% growth in August. The modest recovery was mainly supported by rebounds in energy spending (0.5% vs -0.1% in August) due to a sharp acceleration in gas consumption and a strong rebound in super unleaded petrol consumption; and food products (0.2% vs -0.1%), driven by higher spending on bakery, pastry, and other miscellaneous food items. Meanwhile, spending on manufactured goods moderated (0.3% vs 0.5%), with outlays on durable goods picking up, while spending on textiles and clothing slowed markedly. On an annual basis, household consumption fell 0.3% in September 2025.

2025年第三季度，法国经济环比增长0.5%，高于上一季度的0.3%，远高于市场预期的0.1%。这标志着自2023年第二季度以来最快的季度增长，这得益于出口的大幅增长和国内需求的稳健。出口增长2.2%（第二季度为+0.3%），主要得益于运输设备（尤其是航空航天）以及化学和制药行业的强劲表现。与此同时，进口下降了0.4%（第二季度为+1.4%），净贸易贡献了0.9个百分点。在国内方面，最终需求为GDP增长贡献了0.3个百分点。固定投资在第二季度停滞后增长0.4%，受制成品，特别是资本货物和运输设备反弹的推动。家庭消费保持稳定在+0.1%，而库存变化减少了0.6个百分点。按年度计算，国内生产总值增长0.9%，是四个季度以来最强劲的年度增长。

France’s economy expanded by 0.5% quarter-on-quarter in Q3 2025, accelerating from 0.3% in the previous quarter and well above market expectations of 0.1%. This marked the fastest quarterly growth since Q2 2023, supported by a sharp rise in exports and solid domestic demand. Exports jumped 2.2% (vs +0.3% in Q2), led by strong performance in transport equipment, particularly aerospace, as well as in the chemical and pharmaceutical sectors. Meanwhile, imports declined 0.4% (vs +1.4% in Q2), resulting in a 0.9 percentage point contribution from net trade. On the domestic side, final demand added 0.3 percentage points to GDP growth. Fixed investment rose 0.4% after stagnating in Q2, buoyed by a rebound in manufactured goods, especially capital goods and transport equipment. Household consumption remained stable at +0.1%, while inventory changes subtracted 0.6 percentage points. On an annual basis, GDP rose 0.9%, representing the strongest yearly growth in four quarters.