在巴黎，CAC 40指数周五下跌87点，跌幅1.17%。领跌的是开云集团（-7.86%）、爱马仕国际（-4.03%）和Stellantis NV（-3.91%）。

In Paris, the CAC 40 Index fell 87 points or 1.17 percent on Friday. Leading the losses are Kering (-7.86%), Hermes International (-4.03%) and Stellantis NV (-3.91%).

CAC 40指数周五下跌1.2%，至7339点，创下12周新低，主要原因是奢侈品板块大幅下跌。开云集团以8%的跌幅领跌，而路威酩轩集团、爱马仕和欧莱雅的跌幅在3.3%至4.1%之间，此前中国最近的经济措施未能为目标消费引入新的财政刺激措施，这是一些市场参与者在全国人大常委会会议结束后所预期的。此外，Stellantis股价暴跌3.9%，因市场担忧其位于意大利的Mirafiori工厂计划于12月停产，原因是供应问题及其电动菲亚特500和玛莎拉蒂车型的需求疲软。其他主要输家包括TotalEnergies、空中客车和赛峰集团，损失幅度在1.5%至1.6%之间。本周，该指数连续第三周下跌，跌幅为0.7%。与此同时，交易员继续评估美联储降息25个基点及其对未来降息的谨慎前景。

The CAC 40 slipped 1.2% to 7,339 on Friday, marking a twelve-week low, primarily due to sharp losses in the luxury sector. Kering led the decline with a 8% drop, while LVMH, Hermès, and L'Oréal fell between 3.3% and 4.1%, following China’s recent economic measures, which failed to introduce new fiscal stimulus for targeted consumption, something some market participants had anticipated after the National People's Congress Standing Committee's meeting conclusion. Additionally, Stellantis plunged 3.9% amid concerns over a planned production halt at its Mirafiori plant in Italy in December, driven by supply issues and weak demand for its electric Fiat 500 and Maserati models. Other significant losers included TotalEnergies, Airbus, and Safran, with losses ranging from 1.5% to 1.6%. For the week, the index posted its third consecutive weekly loss, down 0.7%. Meanwhile, traders continued to assess the Federal Reserve's 25 bps rate cut and its cautious outlook on future cuts.

法国10年期OAT收益率在本周早些时候达到3.26%的四个月高点后跌至3.14%，因为交易员权衡了繁忙的日程和更广泛的全球前景。在德国，总理奥拉夫·朔尔茨在其前任被解职后任命了一名新的财政部长，此举有效地解散了执政联盟，并给朔尔茨带来了提前举行选举的压力，此后政治发展成为焦点。在美国，唐纳德·特朗普的第二个任期对欧洲构成了潜在挑战，特别是在汽车和化工等关键行业的关税问题上，以及在安全问题和对乌克兰的支持方面。在货币政策方面，预计欧洲央行将在12月将其关键存款利率再下调25个基点，预计到6月将进一步下调至2%。与此同时，美联储和英国央行在11月的会议上均按照预期降息25个基点。

The yield on France's 10-year OAT dropped to 3.14% after reaching a four-month high of 3.26% earlier in the week, as traders weighed a busy schedule and the broader global outlook. In Germany, political developments took center stage after Chancellor Olaf Scholz appointed a new finance minister, following the dismissal of his predecessor, a move that effectively dissolved the ruling coalition and raised pressure on Scholz to call a snap election. In the US, a second term for Donald Trump poses potential challenges for Europe, particularly around tariffs on critical industries like automotive and chemicals, as well as security concerns and support for Ukraine. On the monetary policy front, the ECB is expected to cut its key deposit rate by another 25 basis points in December, with projections pointing to further reduction to reach 2% by June. Meanwhile, both the Fed and the BoE implemented 25 basis point cuts at their November meetings, in line with expectations.

CAC 40指数周五下跌0.3%，至7404点，较前一交易日创下的一周高点回落，主要受奢侈品板块大幅下跌拖累。开云集团领跌4.1%，爱马仕和欧莱雅下跌约2.1%，路威酩轩集团下跌2%，此前历峰集团的业绩未能给人留下深刻印象。其他跌幅较大的公司包括Stellantis NV，下跌2.2%，安赛乐米塔尔下跌2%。本周，该指数有望连续第三周下跌。与此同时，交易员继续权衡美联储的最新政策决定，美联储如预期般将利率下调25个基点，并表示对未来降息持谨慎立场。

The CAC 40 slipped 0.3% to 7,404 on Friday, pulling back from a one-week high reached in the previous session, primarily dragged down by sharp losses in the luxury sector. Kering led the decline with a 4.1% drop, while Hermès and L'Oréal fell around 2.1%, and LVMH declined by 2%, after Richemont’s results failed to impress. Other significant losers included Stellantis NV, which fell 2.2%, and ArcelorMittal, down 2%. For the week, the index is on track for its third consecutive weekly loss. Meanwhile, traders continued to weigh the latest Federal Reserve policy decision, in which the Fed lowered the interest rate by 25 bps, as expected, and signaled a cautious stance on future rate cuts.