法国3个月期国债 (France3M) 加自选

法国10年期OAT收益率在触及一周低点3.161%后微涨至3.20%以上，因投资者权衡地缘政治风险加剧和贸易紧张局势加剧。以色列对伊朗进行了通宵打击，目标是核设施和高级官员，称这次行动对于应对生存威胁至关重要。作为回应，伊朗发射了数百架无人机，并警告可能进行进一步报复。与此同时，在美国总统唐纳德·特朗普宣布计划致函主要贸易伙伴，概述新的单边关税提案后，贸易战担忧再次出现。在政策方面，欧洲央行官员最近的言论增强了人们对该行宽松周期可能暂停的预期，因为该行正在监测美国贸易行动的影响。

France’s 10-year OAT yield inched above 3.20% after hitting a one-week low of 3.161%, as investors weighed intensifying geopolitical risks and renewed trade tensions. Israel carried out overnight strikes on Iran, targeting nuclear facilities and senior officials, describing the operation as essential to counter an existential threat. In response, Iran launched hundreds of drones and warned of possible further retaliation. At the same time, trade war concerns reemerged after US President Donald Trump announced plans to send letters to key trading partners outlining new unilateral tariff proposals. On the policy front, recent comments from European Central Bank officials reinforced expectations of a potential pause in the bank’s easing cycle as it monitors the fallout from US trade actions.

CAC 40指数周五下跌1%，至7691点，连续第三个交易日下跌，并有望出现显著的周跌幅，因为中东紧张局势升级严重影响了全球情绪。以色列对伊朗发动了先发制人的打击，目标是地区冲突的重大升级中的核设施。作为报复，伊朗在确认几名高级军事官员死亡后发动了无人机袭击，加深了人们对中东更广泛对抗的担忧。在国内经济方面，最终估计证实，年通货膨胀率从3月和4月的0.8%降至2025年5月的0.7%，为2021年2月以来的最低水平。CAC 40指数的大多数股票都出现了下跌，雅高集团领跌，下跌3.3%，其次是Teleperformance（-2.8%）和Stellantis NV（-2.5%）。相比之下，由于地缘政治紧张局势升级，油价飙升，TotalEnergies上涨2.3%。

The CAC 40 index fell 1% to 7,691 on Friday, marking its third consecutive session of losses and on track for a notable weekly decline, as escalating Middle East tensions weighed heavily on global sentiment. Israel launched a preemptive strike on Iran, targeting nuclear facilities in a major escalation of the regional conflict. In retaliation, Iran launched drone attacks after confirming the deaths of several senior military officials, deepening fears of a broader confrontation in the Middle East. On the domestic economic front, final estimates confirmed that the annual inflation rate edged down to 0.7% in May 2025 from 0.8% in both March and April — marking the lowest level since February 2021. Most stocks on the CAC 40 posted losses, with Accor leading the declines, falling 3.3%, followed by Teleperformance (-2.8%) and Stellantis NV (-2.5%). In contrast, TotalEnergies climbed 2.3%, supported by a surge in oil prices amid the escalating geopolitical tensions.

在巴黎，CAC 40指数下跌了97点。雅高（-3.89%）、Stellantis NV（-2.72%）和Teleperformance SE（-2.33%）领跌。

In Paris, the CAC 40 Index is falling 97 points. Losses were driven by Accor (-3.89%), Stellantis NV (-2.72%) and Teleperformance SE (-2.33%).

2025年5月，法国的年通货膨胀率降至0.7%，证实了最初的估计，低于3月和4月的0.8%。这是自2021年2月以来的最低水平，主要是由于服务业通货膨胀放缓（2.1%对4月的2.4%）和能源价格大幅下跌（-8%对-7.8%）。与此同时，食品价格涨幅略快（1.3%对1.2%），而制成品价格（-0.2%）和烟草价格（4.1%）与4月份持平。按月计算，CPI下降0.1%，这是自去年11月以来的首次下降，4月份上涨0.6%，主要是由于能源和服务价格下降。与此同时，欧盟的年度统一通胀率从0.9%降至0.6%，为2020年12月以来的最低水平，而月度统一CPI下降0.2%，扭转了4月份0.7%的增长。

France’s annual inflation rate eased to 0.7% in May 2025, confirming initial estimates and down from 0.8% in both March and April. This marked the lowest reading since February 2021, driven by a slowdown in services inflation (2.1% vs. 2.4% in April) and a steeper decline in energy prices (-8% vs. -7.8%). Meanwhile, food prices rose slightly faster (1.3% vs. 1.2%), while prices of manufactured goods (-0.2%) and tobacco (4.1%) were unchanged from April. On a monthly basis, the CPI fell 0.1%, marking the first decline since last November, and following a 0.6% rise in April, mainly due to lower energy and services prices. In the meantime, the EU’s annual harmonized inflation rate eased to 0.6% from 0.9%, the lowest since December 2020, while the monthly harmonized CPI fell 0.2%, reversing April’s 0.7% increase.