巴黎CAC 40指数周四下跌0.4%，至7790点，延续了前一交易日的跌幅，因为投资者在美国公布一系列经济数据之前仍持谨慎态度。市场关注的是今天晚些时候公布的第二季度GDP最终数据、美联储官员的一系列公开言论，以及周五公布的核心个人消费支出价格指数。由于美联储主席杰罗姆·鲍威尔（Jerome Powell）对政策前景几乎没有明确表示，交易员认为这些数据对于衡量美联储的下一步行动至关重要。在个股中，TotalEnergies SA下跌1.2%，此前该公司宣布将在经济和地缘政治不确定的情况下根据能源价格调整股票回购。该公司董事会还审查了其2030年战略，重申了对碳氢化合物（尤其是液化天然气）和电力的关注，并计划于9月29日向投资者介绍情况。Essilor（-1.4%）、圣戈班（-1.3%）、Legrand（-0.9%）和法国兴业银行（-0.6%）领跌大盘。

Paris’s CAC 40 fell 0.4% to 7,790 on Thursday, extending the prior session’s losses as investors remained cautious ahead of a slew of US economic releases. Markets are focused on the final reading of Q2 GDP later today, a series of public remarks from Fed officials, as well as the core PCE price index due on Friday. With Federal Reserve Chair Jerome Powell offering little clarity on the policy outlook, traders view the data as pivotal for gauging the central bank’s next move. Among individual stocks, TotalEnergies SA declined 1.2% after announcing it will adjust share buybacks based on energy prices amid economic and geopolitical uncertainty. The company’s board has also reviewed its 2030 strategy, reaffirming focus on hydrocarbons—particularly LNG—and electricity, with an investor presentation scheduled for September 29. The broader market decline was led by Essilor (-1.4%), Saint-Gobain (-1.3%), Legrand (-0.9%), and Societe Generale (-0.6%).

2025年9月，法国消费者信心指数保持在87，与8月份的两年低点持平，符合预期，仍远低于100的长期平均水平。对大宗购买的看法进一步恶化（-31比-27），突显出家庭支出的持续谨慎。尽管略有改善，但人们对法国过去（-73 vs-74）和未来（-63 vs-64）生活水平的看法仍然非常消极。失业前景略有缓解（55比56），但仍处于高位。从更积极的方面来看，家庭对未来财务状况的悲观程度略低（-15比-16），而预期（17比14）和当前（20比18）的储蓄能力都有所提高，储蓄意愿也有所提高（36比35）。价格预期也有所软化，未来通胀率从-25降至-27，而对过去消费者价格的看法则稳定在-8。

Consumer confidence in France held at 87 in September 2025, unchanged from August’s two-year low, in line with expectations and still well below the long-term average of 100. Views on major purchases deteriorated further (-31 vs -27), underscoring continued caution in household spending. Perceptions of both the past (-73 vs -74) and future (-63 vs -64) standard of living in France also remained deeply negative, despite slight improvements. Unemployment prospects eased slightly (55 vs 56) but stayed elevated. On a more positive note, households were marginally less pessimistic about their future financial situation (-15 vs -16), while both expected (17 vs 14) and current (20 vs 18) saving capacity improved, and saving intentions edged higher (36 vs 35). Price expectations also softened, with future inflation slipping to -27 from -25, while perceptions of past consumer prices held steady at -8.

巴黎CAC 40指数周三下跌0.6%，收于7828点，扭转了前一交易日的涨势，因投资者消化了美联储主席杰罗姆·鲍威尔的评论。鲍威尔表示对进一步放松政策持谨慎态度，称政策制定者在平衡通胀与劳动力市场疲软的同时，对时机存在不确定性。市场还关注俄罗斯-乌克兰战争，此前特朗普表示乌克兰可能会夺回俄罗斯占领的领土。奢侈品巨头领跌，包括LVMH（-2.7%）、爱马仕（-3.1%）、欧莱雅（-2%）和EssilorLuxottica（-1.8%）。与此同时，赛诺菲股价上涨0.3%，此前其风险投资部门赛诺菲风险投资公司又增加了6.25亿美元，使自2012年以来70多家生物技术和人工智能/数字健康公司的总投资超过8亿美元。

Paris’s CAC 40 fell 0.6% to close at 7,828 on Wednesday, reversing gains from the previous session as investors digested comments from Federal Reserve Chair Jerome Powell. Powell signaled caution on further policy easing, citing uncertainty over timing as policymakers balance inflation with labor market weakness. Market also focuses on the Russia-Ukraine war, following Trump’s comments that Ukraine could retake Russian-occupied territory. Luxury mega-caps led the decline including LVMH (-2.7%), Hermès (-3.1%), L'Oréal (-2%), and EssilorLuxottica (-1.8%). Meanwhile, Sanofi rose 0.3% after boosting its venture capital arm, Sanofi Ventures, with an additional $625 million, bringing total investments since 2012 to over $800 million across more than 70 biotech and AI/digital health companies.

法国10年期政府债券收益率徘徊在3.56%左右，因美联储主席杰罗姆·鲍威尔表示对进一步政策持谨慎态度后，投资者情绪谨慎，这对未来的利率走势没有明确的指导。市场目前预计今年晚些时候将再降息25个基点，预计将在10月和12月。在国内，法国政府已授予TotalEnergies和RWE一份45亿欧元（53亿美元）的合同，用于开发法国最大的1.5吉瓦海上风电场，预计将于2033年开始运营，该合同是在政府过渡期间宣布的。在地缘政治发展方面，北约警告称，它将采取“一切必要措施”来保护自己，因为特朗普表示乌克兰可以夺回所有俄罗斯控制的地区。

France’s 10-year government bond yield hovered around 3.56% on cautious investor sentiment after Federal Reserve Chair Jerome Powell signaled a cautious approach to further policy, which offered no clear guidance on the future path of interest rates. Markets are currently pricing in two additional 25-basis-point cuts later this year, expected in October and December. Domestically, the French government has granted TotalEnergies and RWE a €4.5 billion ($5.3 billion) contract to develop France’s largest 1.5-gigawatt offshore wind farm, with operations expected to begin in 2033, announced amid a period of government transition. In geopolitical developments, NATO warned it would take “all necessary measures” to protect itself, as Trump stated that Ukraine could retake all Russian-held areas.