法国10年期OAT收益率徘徊在3.35%左右，接近8月中旬以来的最低水平，因为投资者在全球降息预期日益增长的情况下关注着法国正在进行的政治发展。法国总理塞巴斯蒂安·莱科尔努上周在两次不信任投票中幸存下来，但随着2026年预算谈判的继续，政治不确定性和对法国信贷前景的担忧依然存在。人们的注意力现在转向了穆迪定于10月24日进行的信用评级审查，因为有人猜测，在上周标普全球评级意外下调后，法国的前景可能会从稳定调整为负面。在其他地方，低于预期的英国通胀数据提振了人们对英国央行可能在未来几个月开始降低借贷成本的预期，而市场几乎肯定会看到美联储在10月份降息25个基点。相比之下，预计欧洲央行要到2026年7月才会开始放松政策。

The yield on France’s 10-year OAT hovered around 3.35%, close to its lowest level since mid-August, as investors monitored ongoing political developments in France amid growing global expectations for rate cuts. French Prime Minister Sébastien Lecornu survived two no-confidence votes last week, but political uncertainty and concerns over France’s credit outlook persist as 2026 budget negotiations continue. Attention is now turning to Moody’s scheduled credit rating review on October 24, amid speculation that France’s outlook could be revised from stable to negative following last week’s unexpected downgrade by S&P Global Ratings. Elsewhere, softer-than-expected UK inflation data boosted expectations that the BoE may begin lowering borrowing costs in the coming months, while markets see an almost certain 25-basis-point rate cut from the Fed in October. The ECB, by contrast, is not expected to begin easing until July 2026.

CAC 40指数周三下跌0.5%，至8220点以下，从前一交易日创下的历史高点回落，爱马仕和欧莱雅的大幅下跌对该指数造成了压力。在2025年第三季度销售额103亿欧元低于预期后，欧莱雅股价下跌约5.6%，原因是北美业绩疲软、未来几个季度的不确定性以及对中国增长放缓的担忧。爱马仕股价下跌4.0%，第三季度销售额同比增长9.6%，达到约38.8亿欧元，略低于市场预期，原因是其皮革制品和鞍具部门的业绩低于预期。在政治方面，法国总统埃马纽埃尔·马克龙表示，在总理塞巴斯蒂安·莱科尔努暂停该法案后，全国公投仍可用于解决养老金改革辩论。

The CAC 40 slipped 0.5% to below 8,220 on Wednesday, retreating from the record highs reached in the previous session, as sharp declines in Hermès and L’Oréal weighed on the index. L’Oréal shares fell around 5.6% after third-quarter 2025 sales of €10.3 billion missed expectations, driven by weaker performance in North America, uncertainty over future quarters, and concerns about slower growth in China. Hermès shares dropped 4.0% as Q3 sales rose 9.6% year-on-year to approximately €3.88 billion, slightly below market expectations, due to weaker-than-expected results in its leather goods and saddlery unit. On the political front, French President Emmanuel Macron suggested that a nationwide referendum could still be used to resolve the pension reform debate, following Prime Minister Sébastien Lecornu’s suspension of the bill.

在巴黎，CAC 40指数下跌了42点。跌幅最大的是欧莱雅（-6.32%）、爱马仕国际（-3.73%）和Stellantis NV（-2.35%）。涨幅最大的是泰雷兹（2.50%）、Edenred（1.69%）和欧陆科学公司（1.04%）。

In Paris, the CAC 40 Index is dropping 42 points. Leading the losses are L'Oréal (-6.32%), Hermes International (-3.73%) and Stellantis NV (-2.35%). Top gainers were Thales (2.50%), Edenred (1.69%) and Eurofins Scientific SE (1.04%).

在巴黎，CAC 40指数周二上涨53点，涨幅0.64%。涨幅最大的是Edenred（19.64%）、Cap Gemini（5.39%）和Stellantis NV（4.89%）。跌幅最大的是Eurofins Scientific SE（-1.74%）、法国巴黎银行（-1.69%）和安赛乐米塔尔（-1.53%）。

In Paris, the CAC 40 Index went up by 53 points or 0.64 percent on Tuesday. Top gainers were Edenred (19.64%), Cap Gemini (5.39%) and Stellantis NV (4.89%). Biggest losses came from Eurofins Scientific SE (-1.74%), BNP Paribas (-1.69%) and ArcelorMittal (-1.53%).