法国兴业银行表示，由于美国中期经济增长前景未受影响，2026 年美元将回归。包括基特・贾克斯 （Kit Juckes）在内的策略师在一份报告中写道："我们预计，2025 年第四季度美国经济增长放缓将在未 来几周及 2026 年初令美元承压，但我们认为美国中期经济增长前景并未恶化。"该行预测，到 2026 年 第一季度，欧元兑美元（EUR/USD）汇率将达到 1.20，但到 2026 年底将跌至 1.14。受美国关税政策影 响，加元（加拿大元）可能成为明年十国集团（G10）货币中表现最差的币种。2026 年全年，在美元走 强的背景下，许多新兴市场（EM）货币的即期汇率表现将出现恶化。 ...

法国兴业银行利率策略师在一份报告中称，即将公布的经济数据应会继续显示美国经济具有韧性、通胀 具有粘性且劳动力市场状况温和恶化；不过，到2026年底美国国债收益率仍有下降空间。这些策略师 称："在12月会议降息之后，我们预计美联储明年将降息两次。"他们预计，到2026年底，两年期美国国 债收益率将稳步降至3.20%，10年期美国国债收益率将降至3.75%。据Tradeweb的数据，在亚洲交易时 段，两年期美国国债收益率上升0.5个基点，至3.495%，10年期美国国债收益率上升2.5个基点，至 4.043%。 ...

Core Insights - French bank strategists indicate that the upcoming tax measures in the UK may disappoint investors and could fail to materialize [1] - If the planned tax increases do not occur, there is a risk of rising long-term UK government bond yields and a potential decline in the British pound [1] Market Reactions - The yield on 30-year UK government bonds decreased by 1 basis point, currently at 5.199% [1] - The British pound fell by 0.2%, trading at 1.3209 USD [1]

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Core Viewpoint - Concerns are raised about the sustainability of the U.S. stock market bull run, with a particular focus on the rising yields of Japanese government bonds as a significant risk factor [1] Group 1: Market Dynamics - Albert Edwards, a strategist at Societe Generale, emphasizes that the surge in Japanese bond yields is the biggest risk to global markets since the low yields established post-2008 crisis [1] - The 10-year Japanese government bond yield has surpassed 1.82%, which could potentially signal the end of the stock market bull run [1] Group 2: Investment Behavior - Historically, Japan has served as an early warning sign for major financial shifts, suggesting that Japanese institutions may redirect funds domestically [1] - This potential shift could reverse years of yen-funded arbitrage trades and significant purchases of foreign bonds, including U.S. Treasuries [1] Group 3: Implications for U.S. Markets - The U.S. markets are vulnerable to shocks due to their reliance on continuous capital inflows from Japan [1] - A rise in Japanese bond yields could prompt domestic investors to withdraw funds, which may severely impact U.S. assets and exert pressure on the U.S. dollar [1]

Group 1 - The core viewpoint of the article is the partnership between Deutsche Börse, Société Générale, and its crypto division, Societe Generale FORGE, aimed at promoting the use of stablecoins issued by Société Générale based on USD and EUR [1] - Deutsche Börse plans to integrate these stablecoins into its post-trade services subsidiary, Clearstream, with potential future applications for settlement and collateral management [1] - The partnership is expected to enhance the liquidity of the stablecoins through new listings on Deutsche Börse's digital platform [1]

Société Générale’s crypto arm, SG-FORGE, completed its first blockchain-based digital bond issuance in the U.S., expanding its footprint in onchain capital markets. The short-term bond, tied to the secured overnight financing rate (SOFR), was purchased by trading firm DRW. The bond runs on the Canton Network, a privacy-enabled blockchain infrastructure developed by Digital Asset. Canton allows instant settlement while preserving the legal structure of traditional finance. Broadridge Financial Solutions pr ...

每经AI快讯，11月18日，法国兴业银行股价下跌3.5%，在法国CAC 40指数成分股中表现垫底。 （文章来源：每日经济新闻） ...

Group 1 - The stock price of Société Générale fell by 3.5%, making it the worst performer among the components of the French CAC 40 index [1]

Core Points - Societe Generale announced a new exceptional capital distribution through an additional EUR 1 billion share buy-back programme approved by the Board of Directors [1] - The share buy-back will commence on 19 November 2025, following necessary authorizations from the ECB and compliance with Market Abuse Regulation [2] - The buy-back programme is part of the company's ongoing strategy to enhance shareholder value and is aligned with its commitment to sustainable value creation [3] Company Overview - Societe Generale is a leading European bank with approximately 119,000 employees serving over 26 million clients in 62 countries [2] - The company offers a wide range of financial solutions and advisory services, emphasizing long-term relationships and innovation [2] - Societe Generale is committed to environmental sustainability and is included in major socially responsible investment indices [3] Business Segments - The Group operates three complementary business lines: French Retail, Global Banking and Investor Solutions, and Mobility, International Retail Banking and Financial Services [6] - French Retail includes leading retail banking and insurance services, while Global Banking focuses on tailored solutions in equity derivatives and structured finance [6] - The Mobility segment encompasses universal banks in various regions and a global player in sustainable mobility [6]