CAC 40指数周三暴跌2.3%，至6935点，与欧洲同行持平，抹去了前一交易日的显著涨幅，因为随着美国总统唐纳德·特朗普激进关税政策的实施，全球贸易战不断升级。这些措施包括对欧盟进口商品征收20%的税，于今天生效。据报道，作为报复，欧盟委员会正在考虑对价值超过220亿欧元的美国农产品和工业出口征收高达25%的关税。大多数股票交易大幅下跌，赛诺菲领跌，股价暴跌5.1%。意法半导体紧随其后，暴跌5%，而Unibail-Rodamco-Westfield下跌3.8%。奢侈品行业也受到打击，开云集团下跌3.3%，路威酩轩集团下跌3.2%，爱马仕下跌0.5%。此外，金融股仍面临压力，法国巴黎银行下跌3.1%，法国兴业银行下跌2.9%，法国农业信贷银行下跌1.6%，安盛银行下跌1.4%。

The CAC 40 plunged 2.3% to 6,935 on Wednesday, tracking European peers and erasing notable gains from the previous session, as the escalating global trade war intensified amid the implementation of US President Donald Trump’s aggressive tariff policies. These measures, which include a 20% levy on European Union imports, went into effect today. In retaliation, the European Commission is reportedly considering imposing tariffs of up to 25% on over €22 billion worth of American agricultural and industrial exports. The majority of stocks traded significantly lower, with Sanofi leading the losses as its shares plunged 5.1%. STMicroelectronics followed closely, plummeting 5%, while Unibail-Rodamco-Westfield declined 3.8%. The luxury sector also took a hit, with Kering falling 3.3%, LVMH dropping 3.2%, and Hermes slipping 0.5%. In addition, financial stocks remained under pressure, with BNP Paribas sliding 3.1%, Societe Generale down 2.9%, Credit Agricole dropping 1.6%, and AXA falling 1.4%.

在巴黎，CAC 40指数下跌了166点。赛诺菲（-4.87%）、意法半导体（-4.51%）和Unibail-Rodamco（-3.71%）领跌。

In Paris, the CAC 40 Index is falling 166 points. Losses were driven by Sanofi (-4.87%), STMicroelectronics (-4.51%) and Unibail Rodamco (-3.71%).

在巴黎，CAC 40指数周二上涨173点，涨幅2.50%。凯捷（5.11%）、泰雷兹（4.83%）和爱马仕国际（4.78%）领涨。

In Paris, the CAC 40 Index gained 173 points or 2.50 percent on Tuesday. Gains were led by Cap Gemini (5.11%), Thales (4.83%) and Hermes International (4.78%).

法国10年期OAT收益率回升至3.4%以上，从周一触及的3.247%的一个月低点回升，因为投资者谨慎地希望美国总统特朗普上周宣布的一些关税可能会被修改。在与美国的贸易紧张局势加剧之际，市场还希望欧盟的立场更加明确。美国财政部长斯科特·贝森特表示，包括日本在内的约70个国家已与白宫联系，开始关税谈判。与此同时，欧盟委员会透露，它已向特朗普政府提出“零对零”关税协议，以避免贸易战——这一提议最终被拒绝。在货币方面，降息预期继续上升，交易员预计4月份降息25个基点的可能性为90%，预计到年底将再降息两个基点，并增加了对可能降息第三个基点的猜测。

France’s 10-year OAT yield was back above the 3.4% mark, recovering from a one-month low of 3.247% touched on Monday, as investors grew cautiously hopeful that some of the tariffs announced by U.S. President Trump last week might be revised. Markets also looked for more clarity on the European Union’s stance amid rising trade tensions with the U.S. Treasury Secretary Scott Bessent said around 70 countries, including Japan, had reached out to the White House to begin tariff talks. Meanwhile, the European Commission disclosed it had proposed a “zero-for-zero” tariff deal to the Trump administration in an effort to avoid a trade war—an offer that was ultimately turned down. On the monetary front, rate cut expectations continued to build, with traders pricing in a 90% chance of a 25-basis-point cut in April, two more expected by year-end, and increasing speculation of a possible third.