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%.

法国10年期政府债券收益率降至3.5%，此前美国国债下跌，美国疲软的就业数据增强了人们对美联储将在9月恢复降息的预期。这一下降是在法国持续的政治不确定性和整个欧洲更广泛的财政担忧之际发生的，这最近将法国10年期国债收益率推至五个月高点，30年期借贷成本推至2011年以来的最高水平。上周，法国总理弗朗索瓦·贝鲁（François Bayrou）呼吁国民议会于9月8日进行信任投票，这让市场感到意外，因为他的前景似乎不确定。与此同时，8月份欧元区通胀率加速至2.1%，略高于预测和欧洲央行2%的目标，强化了人们对央行将在下周会议上保持利率稳定的预期。

France’s 10-year government bond yield declined to 3.5%, following US Treasuries lower after weak US jobs data strengthened expectations that the Federal Reserve will resume rate cuts in September. The drop comes amid ongoing political uncertainty in France and broader fiscal concerns across Europe, which had recently pushed French 10-year yields to a five-month high and 30-year borrowing costs to their highest levels since 2011. Prime Minister François Bayrou surprised markets last week by calling a confidence vote in the National Assembly for September 8, with his prospects appearing uncertain. Meanwhile, eurozone inflation accelerated to 2.1% in August, slightly above forecasts and the ECB’s 2% target, reinforcing expectations that the central bank will hold interest rates steady at next week’s meeting.

HCOB法国服务业采购经理人指数从7月份的48.5升至2025年8月的49.8，略高于最初估计的49.7。这标志着一年来的最高水平，尽管仍略低于50的阈值，表明在经历了11个月的下降后接近稳定。业务大致保持不变，尽管出口需求大幅下降，但新订单的下降速度降至1月以来的最低水平。企业还记录了自2024年4月以来积压的首次增加，这是15个月来最快的就业增长，也是自去年11月以来的首次连续就业增长。然而，价格压力有所上升，工资和材料的投入成本达到六个月的峰值。产出费用也连续第三个月上涨，为九个月来最快，但受到竞争的限制。展望未来，乐观情绪较7月份的低点略有改善，尽管在政治不确定性下，市场情绪仍处于历史低位。

The HCOB France Services PMI rose to 49.8 in August 2025 from 48.5 in July, slightly above the initial estimate of 49.7. This marked its highest level in a year, though still just below the 50 threshold, pointing to a near-stabilization after eleven months of decline. Business was broadly unchanged, while the decline in new orders eased to its slowest pace since January, even as export demand dropped sharply. Firms also recorded the first rise in backlogs since April 2024, prompting the fastest employment growth in 15 months and the first consecutive job gains since last November. Price pressures, however, ticked higher, with input costs climbing at a six-month peak on wages and materials. Output charges also rose for a third month, the quickest in nine months but constrained by competition. Looking ahead, optimism improved slightly from July’s low, though sentiment remained historically weak amid political uncertainty.