法国2年期国债 (France2Y) 加自选

HCOB-法国2025年4月综合采购经理人指数从初步估计的47.3小幅上调至47.8，但低于3月份的48。最新调查显示，在服务业疲软的推动下，法国经济活动连续第八个月持续低迷（3月份PMI为47.3，而3月份为47.9）。与此同时，尽管略有改善，但制造业仍然疲软（PMI为48.7对48.5）。

The HCOB France Composite PMI for April 2025 was revised slightly up to 47.8, from the flash estimate of 47.3, but below March's 48. The latest survey pointed to a continued downturn in economic activity in France for the eighth consecutive month, driven by weakness in the services sector (PMI at 47.3 vs 47.9 in March). At the same time, the manufacturing sector remained sluggish despite a slight improvement (PMI at 48.7 vs 48.5).

HCOB法国服务业采购经理人指数从3月份的47.9降至2025年4月的47.3，尽管该指数从46.8的初步估计上调。这标志着连续第八个月出现收缩，突显出需求持续疲软。由于新订单大幅下降，尤其是来自国内市场的订单，商业活动下降，而新出口业务以三个月来最慢的速度收缩。积压订单连续第12个月下降，但速度为1月以来最慢。就业人数也有所下降，主要是由于离职人员无法替代和招聘挑战，尽管速度仍然温和。在价格方面，尽管有报道称工资和采购成本上涨，但投入成本通胀降至六个月低点，而随着企业平衡竞争压力和成本转嫁，销售价格保持不变。最后，商业信心升至四个月高点，但由于全球持续的不确定性，商业信心仍处于历史低位。

The HCOB France Services PMI fell to 47.3 in April 2025 from 47.9 in March, though it was revised up from the flash estimate of 46.8. This marked the eighth straight month of contraction, underscoring persistent weakness in demand. Business activity declined amid a sharp drop in new orders, especially from domestic markets, while new export business contracted at the slowest rate in three months. Backlogs fell for the twelfth consecutive month, though at the softest pace since January. Employment also declined, mainly due to non-replacement of departing staff and hiring challenges, though the pace remained moderate. On prices, input costs inflation eased to a six-month low, despite reports of rising wages and purchase costs, while selling prices were unchanged as firms balanced competitive pressures and cost pass-through. Lastly, business confidence improved to a four-month high but remained historically subdued due to ongoing global uncertainty.

CAC 40指数周二小幅下跌0.2%，至7712点，延续了前一交易日的跌幅，因为投资者关注新一轮企业盈利以及一系列关键催化剂，尤其是美联储的货币政策决定。在国内方面，2025年3月，法国工业生产环比增长0.2%，低于0.3%的预期，比2月份向上修正的1%增长有所放缓。与此同时，全球贸易紧张局势继续打压市场情绪，投资者正在等待美国与几个亚洲国家谈判的进展。在企业方面，空中客车公司以1.7%的跌幅领跌，紧随其后的是赛峰集团，其股价下跌1.3%。奢侈品股也是表现最差的股票之一，因为对贸易不确定性的担忧掩盖了该行业关键市场中国度假支出的适度增长。爱马仕下跌1.3%，开云集团下跌1.1%，路威酩轩集团下跌0.5%。

The CAC 40 edged down 0.2% to 7,712 on Tuesday, extending losses from the previous session as investors focused on a fresh round of corporate earnings along with a slew of key catalysts, especially the Federal Reserve's monetary policy decision. On the domestic front, France’s industrial production rose 0.2% month-over-month in March 2025, missing expectations for a 0.3% gain and slowing from February’s upwardly revised 1% increase. Meanwhile, global trade tensions continued to weigh on sentiment, with investors awaiting developments in negotiations between the U.S. and several Asian countries. On the corporate front, Airbus led the laggards with a 1.7% drop, followed by Safran, whose shares fell 1.3%. Luxury stocks were also among the worst performers, as concerns over trade uncertainties overshadowed a modest increase in holiday spending in China, a key market for the sector. Hermes fell 1.3%, Kering lost 1.1%, and LVMH declined 0.5%.

法国HCOB服务业采购经理人指数为47.3，高于4月份的预测（46.8）。法国HCOB服务业采购经理人指数为47.3，高于4月份的预测（46.8）

France HCOB Services PMI came in at 47.3, above forecasts (46.8) in April.France HCOB Services PMI came in at 47.3, above forecasts (46.8) in April