法国政府债券收益率周二进一步上升，此前其出现了近一个月以来最大单日涨幅，投资者仍保持谨慎，因为抗议团体宣布计划于周六举行新一轮示威活动。
France's government bond yields climbed further on Tuesday after their biggest daily rise in nearly a month, with investors remaining cautious as protest groups announced a new round of demonstrations planned for Saturday.
法国债券价格与收益率呈反向变动，周一因周末抗议活动导致法国各地出现骚乱而下跌，这增加了政府削减巨额赤字所面临的困难。
French bond prices, which move inversely to yields, slid on Monday after weekend protests led to riots across France, adding to the difficulties the government faces in reducing its large deficit.
法国OAT收益率上升3个基点（bps）至4.96%；10月初曾触及4.9937%，为自2002年7月以来的最高水平。OAT与德国国债的收益率差扩大5.5个基点至152.50个基点。10月初该利差曾达到158.67个基点，为自2011年11月以来的最高水平。意大利利差也上升4.5个基点至113.51个基点。
France's OAT yields were up 3 basis points (bps) at 4.96%; it reached 4.9937%, its highest since July 2002, in early October. The yield gap between OATs and Bunds widened by 5.5 bps to 152.50 bps. It reached 158.67 basis points in early October, the highest level since November 2011. The Italian spread also rose 4.5 bps to 113.51 bps.
“虽然对整体进程并非关键，但今天对（法国）预算法案收入方面的投票，作为短期信号略显重要，”花旗欧洲利率策略师Jamie Searle表示。
“While not pivotal to the overall process, today’s vote on the revenue side of the (French) budget bill takes on a little more importance as a near-term signal,” Jamie Searle, European rate strategist at Citi, said.
法国极右翼领导人玛丽娜·勒庞和强硬左翼对手让-吕克·梅朗雄在上周发布的一项民调中扩大了对其他候选人的领先优势——该民调是在周末事件之前发布的，分析人士认为这种情景对削减法国财政赤字的努力最为不利。
French far-right leader Marine Le Pen and hard-left rival Jean-Luc Melenchon extended their lead over other candidates in a poll published last week — before the weekend's events, a scenario analysts view as the least favourable for efforts to reduce France's fiscal deficit.
“抗议活动凸显，任何政府都将难以在更广泛的公众抵制下实施所需的改革和节约，”荷银高级利率策略师Benjamin Schroeder表示。
"The protests highlight that any government will struggle to implement the required reforms and savings against broader public resistance," Benjamin Schroeder, senior rates strategist at ING, said.
“抗议活动政治后果的受益者似乎是右翼和中间派候选人，而在极左翼，梅朗雄赢得总统竞选的机会已被削弱，”他补充道，并认为梅朗雄的计划被视为最具争议的计划之一。
"The beneficiaries (of the protests' political fallout) appear to be the right and centre candidates, while on the far left, Melenchon’s chances of winning the presidential race have been pared back," he added, arguing that Melenchon’s plans are viewed as among the most controversial.
与此同时，欧元区基准德国国债收益率小幅下降，但在上周下跌后仍在近期区间内交易，因为持续的能源价格压力使投资者不愿削减对欧洲央行进一步加息的押注。周二，油价上涨，布伦特原油价格徘徊在五个月高点附近。
Meanwhile, euro zone benchmark Bund yields edged lower but traded within their recent range after last week’s drop, as persistent energy price pressures kept investors from scaling back bets on further European Central Bank rate hikes. Oil prices advanced on Tuesday, with Brent hovering around a five-month high.
分析人士表示，要显著降低市场对进一步加息的预期将很困难，因为能源价格可信的下降仍难以实现，冬季天气可能在决定天然气价格走势方面发挥关键作用。
Analysts said it will be difficult to materially reduce the market's bias towards further rate hikes, as a credible decline in energy prices remains elusive and winter weather is likely to play a crucial role in determining the path of gas prices.
德国10年期国债收益率，欧元区基准，下跌2个基点至3.43%。自本月初以来，该收益率一直在约3.40%至3.50%之间波动，上周四的下跌除外，当时科技股遭受重挫。
Germany’s 10-year government bond yields , the euro zone benchmark, were down 2 bps to 3.43%. They have moved between about 3.40% and 3.50% since early this month, barring last Thursday’s drop, when tech stocks took a beating.
德国2年期国债收益率，对政策利率预期更为敏感，下跌1.5个基点至3.07%。
Germany's 2-year government bond yield , more sensitive to policy rate expectations, fell 1.5 bps to 3.07%.