President Trump said Iranians are not trustworthy negotiating partners and are unsuitable counterparties for reaching an agreement.

8月25日，巴菲特指数（沪深300市值/GDP）轻微反弹至91.59%；股债性价比指标——沪深300指数股权风险溢价（ERP）进一步升至5.45%，为3月23日以来新高，同时也接近一年来波动上限，不过从大周期来看仍处于过去五年波动区间下端，暗示目前股市相对国债收益的优势虽有上升，但只是回到中性水平。 -------- 注：1、巴菲特指数是通过将股市总市值和GDP来比较，判断目前股市是否高估，通常70-100%为正常估值，低于该区间为低估，高于该区间为高估。 2、沪深300指数风险溢价（ERP）主要对比沪深300收益和国债收益率，统计近10年数据可以发现该指标和股指有明显反向关系，每次股市都处于底部区域时，风险溢价均超过6%，也就是当ERP≥6%，股市有投资性价比，而当ERP≤4%时，则股市往往接近或处于阶段性高点，投资性价比低甚至要小心回调风险。

Same‑maturity France‑Germany sovereign yield spread widened to 86bps, nearing post‑2012 highs, as global bond yields rise to multi‑decade levels. Parliament is deadlocked over a contentious fiscal bill, increasing the risk attached to Macron’s final budget in his ten‑year presidency and adding election‑year policy uncertainty as challengers prepare to reverse his economic framework. FITCH will lead a forthcoming review of France’s credit rating; FITCH, S&P Global Ratings and DBRS Morningstar downgraded France during last autumn’s budget dispute.