CAC 40指数周四下跌0.4%，至7805点，延续了前一交易日的跌幅，因投资者关注美国和欧洲的关键经济数据。在法国，周四公布的数据显示，2025年4月，年通货膨胀率被确认为0.8%，连续第三个月保持不变，仍处于2021年2月以来的最低水平。与此同时，企业盈利继续推动市场情绪。奢侈品股领跌，开云集团暴跌3.3%，路威酩轩集团下跌2.5%，爱马仕在意大利同行Salvatore Ferragamo发布令人失望的第一季度收入报告后下跌1.3%。其他明显落后的公司包括TotalEnergies、安赛乐米塔尔和圣戈班，亏损幅度在1.6%至1.8%之间。从好的方面来看，Engie成为当天表现最好的公司之一，在报告第一季度收入增长并重申其全年指导方针后，其股价上涨了2.3%。

The CAC 40 dropped 0.4% to 7,805 on Thursday, extending losses from the previous session as investors focused on key economic data from both the US and Europe. In France, data released on Thursday showed that the annual inflation rate was confirmed at 0.8% in April 2025, unchanged for the third consecutive month and remaining at its lowest level since February 2021. Meanwhile, corporate earnings continued to drive market sentiment. Luxury stocks led the laggards, with Kering plunging 3.3%, LVMH falling 2.5%, and Hermès dropping 1.3% following a disappointing Q1 revenue report from Italian peer Salvatore Ferragamo. Other notable laggards included TotalEnergies, ArcelorMittal and Saint-Gobain, with losses ranging from 1.6% to 1.8%. On the upside, Engie emerged as one of the session's top performers, climbing 2.3% after reporting Q1 revenue growth and reaffirming its full-year guidance.

2025年4月，法国的年通货膨胀率被确认为0.8%，连续第三个月保持不变，处于2021年2月以来的最低水平。能源价格在3月份下跌6.6%后，4月份下跌7.8%，主要原因是石油产品和电力价格下跌。制成品也继续出现通货紧缩（-0.2%）。另一方面，食品价格上涨1.2%，远快于3月份的0.6%。服务通胀率从2.3%微升至2.4%，主要受运输价格反弹的推动，机票价格恢复上涨趋势。不包括食品和能源在内的核心通胀率稳定在1.3%。按月计算，消费者价格上涨0.6%，为2024年2月以来的最大涨幅，主要原因是服务成本（尤其是运输成本）上涨和食品价格上涨。每月的数字略高于初步估计的0.5%。欧盟统一通胀率也保持在0.9%，略高于早些时候的0.8%。

The annual inflation rate in France was confirmed at 0.8% in April 2025, remaining unchanged for the third consecutive month at its lowest level since February 2021. Energy prices fell by 7.8% in April, following a 6.6% drop in March, mainly due to lower prices for petroleum products and electricity. Manufactured products also continued to show deflation (-0.2%). On the other hand, food prices rose 1.2%, much faster than 0.6% in March. Service inflation edged up to 2.4% from 2.3%, driven largely by a rebound in transport prices, as airfares resumed their upward trend. The core inflation rate, excluding food and energy, remained steady at 1.3%. On a monthly basis, consumer prices rose by 0.6%, the largest increase since February 2024, driven largely by higher service costs—particularly transport—and rising food prices. The monthly figure slightly exceeded the preliminary estimate of 0.5%. The EU-harmonized inflation rate also held at 0.9%, marginally above the earlier reading of 0.8%.

法国10年期OAT收益率稳定在3.36%，为4月9日以来的最高水平，因为投资者对美中贸易谈判变得更加谨慎，并等待周四美国关键数据的发布，这可能会为美联储的下一个政策决定提供见解。尽管华盛顿和北京已同意为期90天的关税休战，以谈判达成更广泛的协议，但关税仍然很高，美国对中国商品的平均关税仍在40%左右，高于此前的20%。在欧元区，货币市场现在预计欧洲央行的存款便利率将在年底前达到1.79%，高于上周五的1.67%。投资者还预计，6月份降息的可能性为95%，7月份再次降息的可能性约为10%。欧洲央行政策制定者维勒罗伊·德·加尔豪（Villeroy de Galhau）呼应了这一温和的前景，他指出，到夏天，还有再次降息的空间，而他的同事约阿希姆·纳格尔（Joachim Nagel）表示，他相信通胀可能会向央行2%的目标趋同。

France’s 10-year OAT yield stabilized at 3.36%, its highest level since April 9, as investors grew more cautious about US-China trade talks and awaited crucial US data releases on Thursday, which could provide insights into the Fed’s next policy decisions. While Washington and Beijing have agreed to a 90-day tariff truce to negotiate a broader deal, tariffs remain high, with the average US tariff on Chinese goods still around 40%, up from 20% previously. In the eurozone, money markets now expect the ECB’s deposit facility rate to reach 1.79% by the end of the year, up from 1.67% last Friday. Investors are also pricing in a 95% chance of a rate cut in June, with a roughly 10% chance of another cut in July. Echoing this dovish outlook, ECB policymaker Villeroy de Galhau noted there’s room for another rate cut by summer, while his colleague Joachim Nagel expressed confidence that inflation would likely converge toward the central bank’s 2% target.

CAC 40指数周三下跌0.5%，至7835点，打破了连续四个交易日的上涨势头，因为围绕美中贸易休战的乐观情绪开始消退。周末在瑞士举行的贸易谈判中，两国同意暂停和取消大部分关税。与此同时，投资者仍然关注企业盈利报告和新闻。开云集团在该指数中表现最差，在该公司看到美国对高端时尚和奢侈品的需求急剧下降后暴跌3.3%。这一消息拖累了同行，路威酩轩集团下跌1.9%，爱马仕下跌1.4%。其他明显落后的公司包括意法半导体、Legrand和Stellantis NV，损失在1.5%至2.2%之间。从好的方面来看，布伊格是表现最好的公司，在公布了强于预期的第一季度核心收益后上涨了1.6%，并确认了其全年的指导方针，尽管它称之为“非常不确定的宏观经济和地缘政治环境”

The CAC 40 fell 0.5% to 7,835 on Wednesday, breaking a four-session winning streak, as momentum from optimism surrounding a US-China trade truce began to fade. The two countries agreed to suspend and roll back most tariffs during trade talks in Switzerland over the weekend. Meanwhile, investors remained focused on corporate earnings reports and news. Kering was the worst performer on the index, plunging 3.3% after the firm saw a sharp drop in demand for high-end fashion and luxury goods in the US. The news dragged down peers, with LVMH falling 1.9% and Hermès down 1.4%. Other notable laggards included STMicroelectronics, Legrand, and Stellantis NV, with losses ranging from 1.5% to 2.2%. On the upside, Bouygues was the top performer, advancing 1.6% after posting stronger-than-expected Q1 core earnings and affirming its full-year guidance despite what it described as a “very uncertain macroeconomic and geopolitical environment."