法国10年期政府债券收益率保持在3.55%左右，此前PMI快速调查显示该国9月份经济活动收缩。制造业PMI降至七个月低点，而服务业PMI降至两个月低点。市场焦点现在转向美联储主席杰罗姆·鲍威尔即将发表的演讲和周五的美国个人消费支出价格指数，这是衡量通胀的关键指标，因为投资者正在寻找上周降息后利率轨迹的线索。在国内，财政政策担忧继续给欧元区第二大经济体带来压力，新任总理塞巴斯蒂安·莱科尔努正在制定预算。

France’s 10-year government bond yield remained around 3.55% after flash PMI surveys showed the country’s economic activity contracted in September. The manufacturing PMI dropped to a seven-month low, while the services PMI fell to a two-month low. Market focus now turns to an upcoming speech by Federal Reserve Chair Jerome Powell and Friday’s US PCE price index, a key gauge of inflation, as investors look for clues on the trajectory of interest rates following last week’s rate cut. At home, fiscal policy concerns continue to weigh on the eurozone’s second-largest economy, with new Prime Minister Sébastien Lecornu working on the budget.

周二，巴黎CAC 40指数上涨0.3%，至7855点，从前一交易日的下跌中反弹，因为科技股的涨幅超过了悲观的经济数据。NVIDIA宣布计划向OpenAI投资高达1000亿美元，以建设下一代AI数据中心，提振整个行业的情绪。在宏观方面，HCOB的PMI数据显示，法国私营部门活动出现了自4月以来的最大收缩，制造业和服务业都面临压力。投资者还期待美联储主席杰罗姆·鲍威尔当天晚些时候的讲话，以寻找有关美国经济前景和政策方向的线索。在个体推动者中，施耐德电气（+2.0%）、Teleperformance（+1.4%）、圣戈班（+1.3%）和凯捷（+1.3%.）上涨，而赛诺菲（-0.4%）、EssilorLuxottica（-0.2%）和TotalEnergies（-0.2%.）下跌。

Paris’s CAC 40 rose 0.3% to 7,855 on Tuesday, rebounding from the prior session’s drop as gains in technology shares outweighed downbeat economic data. NVIDIA announced plans to invest up to $100 billion in OpenAI to build next-generation AI data centers, boosting sentiment across the sector. On the macro front, HCOB flash PMI figures pointed to the sharpest contraction in French private-sector activity since April, with both manufacturing and services under pressure. Investors also looked ahead to Fed Chair Jerome Powell’s speech later in the day for clues on the US economic outlook and policy direction. Among individual movers, Schneider Electric (+2.0%), Teleperformance (+1.4%), Saint-Gobain (+1.3%), and Capgemini (+1.3%) advanced, while Sanofi (-0.4%), EssilorLuxottica (-0.2%), and TotalEnergies (-0.2%) slipped.

法国HCOB Flash综合采购经理人指数从8月份的49.8降至2025年9月的48.4，低于分析师预测的49.7。该数据标志着连续第13次收缩，私营部门活动以五个月来最快的速度萎缩。制造业（PMI为7个月低点48.1，而8月份为50.4）和服务业（PMI分别为48.9和49.8）的产出均大幅下降，其中制造业尤其受到需求疲软的影响。新订单在第16个月继续下降，反映出由于国内政治的不确定性，客户需求减弱。尽管新出口订单以三个月来最慢的速度下降，但出口状况仍然疲软。尽管情况不佳，但净就业人数略有增加。在价格方面，整体投入价格通胀率降至五个月低点，促使自5月以来首次下调费用。最后，自8月以来，整体商业信心略有下降，远低于历史平均水平。

The HCOB Flash Composite PMI for France fell to 48.4 in September 2025 from 49.8 in August and below analysts' estimates of 49.7. The reading marked the 13th consecutive contraction, with private sector activity shrinking at the quickest rate in five months. Both manufacturing (PMI at seven-month low of 48.1 vs 50.4 in August) and service (PMI at 48.9 vs 49.8) sectors saw sharper output falls, with manufacturing particularly affected by weak demand. New orders continued to fall for the 16th month, reflecting weaker client demand due to domestic political uncertainty. Export conditions remained weak, though new export orders fell at the slowest pace in three months. Despite subdued conditions, net employment increased marginally. In terms of prices, the overall rate of input price inflation eased to a five-month low, prompting the first charge reductions since May. Lastly, the overall level of business confidence weakened slightly since August and was well below its historical average.

根据初步估计，HCOB法国服务业采购经理人指数从上个月的49.8降至2025年9月的48.9，低于市场预期的49.6。这标志着该行业连续第十三个月出现收缩，主要是由于第三季度中期稳定期后产出大幅下降。此外，新订单继续萎缩，标志着连续第16个月下降，因为客户需求疲软仍然是影响活动水平的关键因素。尽管需求环境疲软，但9月份私营部门就业连续第二次增长，这是一年多来首次出现连续增长。包括服务业在内的两个受监测子行业的就业增长都有所记录，尽管这两个行业都出现了放缓。在价格方面，服务提供商报告称，投入成本增长放缓，而产出价格因报告称竞争压力强劲而下跌。

The HCOB France Services PMI fell to 48.9 in September 2025 from 49.8 in the previous month, worse than market expectations of 49.6, according to flash estimates. This marked the thirteenth consecutive month of contraction in the sector, primarily driven by a sharper decline in output following a period of stabilization midway through the third quarter. In addition, new orders continued to contract, marking the sixteenth consecutive monthly decline, as subdued customer demand remained a key factor weighing on activity levels. Despite the weak demand environment, September saw a second consecutive increase in private sector employment—the first instance of back-to-back gains in over a year. Job growth was recorded across both monitored sub-sectors, including services, although slowdowns were noted in both cases. On the price front, service providers reported a softer rise in input costs, while output prices fell amid reports of strong competitive pressures.