CAC 40指数周一下跌0.3%，收于8022点，这是连续第三个交易日下跌，因为投资者等待美国总统唐纳德·特朗普互惠关税的明确消息，并评估了欧洲各地的初步采购经理人指数数据。报道显示，特朗普可能会对定于4月2日生效的关税采取不那么激进的立场，从最初威胁的全面措施中缩减。在国内，法国私营部门在2025年3月仍处于收缩状态，尽管制造业和服务业显示出改善的迹象。在个股中，赛诺菲、达能和开云集团的跌幅最大，在1.6%至2.1%之间。相比之下，雷诺以4.4%的涨幅领涨，其次是泰雷兹和保乐力加，分别上涨2%和1.6%。值得注意的是，开云集团继续下跌，下跌2.3%，至2016年12月以来的最低水平。

The CAC 40 declined 0.3% to close at 8,022 on Monday, marking its third consecutive session of losses as investors awaited clarity on U.S. President Donald Trump’s reciprocal tariffs and assessed preliminary PMI data from across Europe. Reports indicated that Trump might adopt a less aggressive stance on the tariffs set to take effect on April 2nd, scaling back from the sweeping measures initially threatened. Domestically, the French private sector remained in contraction in March 2025, though manufacturing and services showed signs of improvement. Among individual stocks, Sanofi, Danone, and Kering were the biggest laggards, shedding between 1.6% and 2.1%. In contrast, Renault led gains with a 4.4% jump, followed by Thales and Pernod Ricard, which rose 2% and 1.6%, respectively. Notably, Kering extended its decline, falling 2.3% to its lowest level since December 2016.

CAC 40指数周一上涨0.5%，至8085点，较前一交易日反弹，投资者在等待美国总统唐纳德·特朗普互惠关税的明确消息的同时，也在消化来自欧洲各地的初步采购经理人指数数据。有报道称，特朗普可能会对将于4月2日生效的互惠关税采取不那么激进的态度，这与他之前威胁的广泛而全面的措施形成鲜明对比。在国内数据方面，法国私营部门在2025年3月继续经历收缩，尽管有改善的迹象，制造业和服务业都出现了增长。大多数股票呈绿色，雷诺股价上涨2.5%，领涨指数。泰雷兹紧随其后，股价上涨1.7%，而保乐力加上涨1.6%。不利的一面是，开云集团在少数下跌股中脱颖而出，下跌2.3%，至2016年12月以来的最低水平。

The CAC 40 rose 0.5% to 8,085 on Monday, rebounding from the previous session, as investors awaited clarity regarding U.S. President Donald Trump's reciprocal tariffs while also digesting preliminary PMI data from across Europe. Reports suggested that Trump may take a less aggressive approach toward his reciprocal tariffs, which are set to take effect on April 2, in contrast to the broad and sweeping measures he had previously threatened. On the domestic data front, French private sector continued to experience contraction in March 2025, though there were signs of improvement, with both manufacturing and services showing upticks. Most stocks were in the green, with Renault leading the index as its shares climbed 2.5%. Thales followed, with shares rising 1.7%, while Pernod Ricard gained 1.6%. On the downside, Kering stood out among the few decliners, falling 2.3% to its lowest level since December 2016.

据初步估计，HCOB法国制造业采购经理人指数从2月份的45.8升至2025年3月的48.9，超过了市场预期的46.2。尽管该行业仍处于收缩状态，但由于产出下降放缓，此次衰退是自2023年1月上次扩张以来最温和的。然而，国内和国际的不确定性、竞争压力以及汽车、建筑和农业等关键行业的需求疲软对前景造成了压力。尽管存在这些挑战，但对经济活动改善的乐观情绪攀升至九个月来的最高水平。

The HCOB France Manufacturing PMI rose to 48.9 in March 2025 from 45.8 in February, surpassing market expectations of 46.2, according to preliminary estimates. Although the sector remained in contraction, the downturn was the mildest since the last expansion in January 2023, driven by a slower decline in output. However, uncertainty both domestically and internationally, competitive pressures, and weak demand in key sectors such as automotive, construction, and agriculture weighed on the outlook. Despite these challenges, optimism for improved activity climbed to its highest level in nine months.

初步估计显示，HCOB法国服务业采购经理人指数在2025年3月为46.6，高于上月的45.3，略好于市场预期的46.3。然而，这仍然标志着连续第七个月出现负面数据，突显出服务业需求持续疲软。服务业产出的下降幅度仍然很大，是2024年1月以来的第二大降幅，主要是由于持续的经济不确定性、地缘政治紧张局势和新业务查询水平下降。此外，该行业继续经历裁员，工资连续第四个月下降。在价格方面，服务业的投入价格以三个月来最慢的速度上涨，这表明通胀压力有所缓和，尽管价格有所上涨。

The HCOB France Services PMI came in at 46.6 in March 2025, improving from 45.3 the previous month and slightly better than market expectations of 46.3, preliminary estimates showed. However, this still marked the seventh consecutive month of negative readings, highlighting persistent weaknesses in demand within the services sector. The reduction in service sector output remained significant, being the second sharpest since January 2024, primarily driven by ongoing economic uncertainties, geopolitical tensions, and weaker levels of new business enquiries. Additionally, the sector continued to experience job cuts, with payrolls decreasing for the fourth consecutive month. On the price front, input prices in the services sector rose at the slowest pace in three months, suggesting a moderation in inflationary pressures, although the prices charged increased.