[Goldman Sachs strategist: It is too early to rearrange the French stock market] On September 3, Goldman Sachs strategists said that although the French stock market has a valuation discount relative to its European peers, its valuation level is still unattractive. French local stocks in particular are likely to see further valuation revisions if political risks materialize, strategists said. Strategists including Guillaume Jasson pointed out that the price-to-earnings ratio of the French local stock portfolio they track is close to 10 times; affected by fluctuations in the spread between French government bonds and German government bonds, the valuation discount of this portfolio may further expand. The team said that judging from historical rules, for every 10 basis points increase in the interest rate difference between France and German government bonds, the French CAC40 index will fall by about 3%, and the French local stock portfolio will fall by 4%.