法国10年期OAT收益率跌至3.25%，远离5月14日触及的近一个月高点，并追随欧洲借贷成本的下降。交易员们等待贸易战的进一步明确，并继续评估更广泛的经济和货币政策前景。美国和中国同意实施为期90天的关税削减并恢复贸易谈判所引发的最初乐观情绪已经消退，投资者现在重新关注潜在的经济影响，特别是对美国经济的影响。在货币政策方面，预计欧洲央行将在6月继续降息；然而，欧洲央行管理委员会成员哈萨克斯坦表示，如果通胀恢复到预测的2%的目标，降息可能即将结束。4月，欧元区整体通胀率稳定在2.2%，而核心通胀率上升至2.7%。与此同时，第一季度GDP增长率从早先估计的0.4%下调至0.3%。

The yield on France’s 10-year OAT fell to 3.25%, moving away from the nearly one-month highs touched on May 14th, and tracking a fall in European borrowing costs. Traders await further clarity on the trade war and continue to assess the broader economic and monetary policy outlook. The initial optimism sparked by the US and China’s agreement to implement a 90-day tariff reduction and resume trade talks has faded, with investors now refocusing on the potential economic fallout — particularly for the US economy. On the monetary policy front, the ECB is expected to continue lowering interest rates in June; however, ECB Governing Council member Kazaks indicated that rate cuts may be nearing their end, provided inflation returns to the 2% target as forecast. In April, headline inflation in the Eurozone remained steady at 2.2%, while core inflation ticked up to 2.7%. Meanwhile, first-quarter GDP growth was revised down to 0.3% from an earlier estimate of 0.4%.

CAC 40指数周五上涨0.5%，至7891点，延续了前一交易日的涨幅，达到一个多月来的最高水平。投资者情绪仍然受到围绕持续贸易战可能缓和的乐观情绪的支撑。与此同时，投资者继续评估新一波企业盈利。在表现最好的公司中，赛诺菲以2.4%的涨幅领涨指数，紧随其后的是依视路，上涨2.2%，达能上涨1.1%。下跌方面，法国巴黎银行、意法半导体、圣戈班和安赛乐米塔尔明显落后，跌幅在0.5%至1.2%之间。本周，该指数有望实现显著的周涨幅。

The CAC 40 rose 0.5% to 7,891 on Friday, extending gains from the previous session and reaching its highest level in over a month. Investor sentiment remained supported by optimism surrounding a potential de-escalation in the ongoing trade war. Meanwhile, investors continued to assess a new wave of corporate earnings. Among the top performers, Sanofi led the index with a 2.4% gain, followed by Essilor, up 2.2%, and Danone, which added 1.1%. On the downside, BNP Paribas, STMicroelectronics, Saint-Gobain, and ArcelorMittal were notable laggards, posting losses between 0.5% and 1.2%. Over the week, the index is on track for a notable weekly gain.

FR40指数升至6周高点7881.00点。在过去的4周里，法国股市指数（FR40）上涨了8.25%，在过去的12个月里下跌了3.44%。

FR40 increased to a 6-week high of 7881.00 Index Points. Over the past 4 weeks, France Stock Market Index (FR40) gained 8.25%, and in the last 12 months, it decreased 3.44%.

法国的失业率从上一季度的7.3%微升至2025年第一季度的7.4%，符合市场预期。失业人数较上月增加6.4万人，达到240万人。按年龄段划分，15至24岁人群的失业率基本保持不变（+0.1个百分点），为19.2%，仍比一年前高出1.1个百分点。对于25至49岁的个人，这一比例稳定在6.7%，比上一季度上升0.1个百分点，同比下降0.1个百分点。在50岁及以上的人群中，失业率稳定在4.7%，比去年同期低0.3个百分点。按性别划分，女性失业率上升0.3个百分点，达到7.4%，与男性失业率持平（-0.1个百分点）。与此同时，劳动力参与率从上一季度的74.6%上升到75.1%。

The unemployment rate in France edged up to 7.4% in the first quarter of 2025 from 7.3% in the previous period, in line with market expectations. The number of unemployed persons rose by 64 thousand from a month earlier to reach 2.4 million. By age group, the jobless rate for those aged 15 to 24 was virtually unchanged (+0.1 percentage point) at 19.2%, remaining 1.1 points higher than a year ago. For individuals aged 25 to 49, the rate was stable at 6.7%, up 0.1 point over the quarter and down 0.1 point year-on-year. Among those aged 50 and over, the unemployment rate held steady at 4.7%, which is 0.3 points lower than the same period last year. By gender, the jobless rate for women increased by 0.3 points to 7.4%, matching the male unemployment rate, which was nearly unchanged (-0.1 point). Meanwhile, the labor force participation rate rose to 75.1%, up from 74.6% in the previous quarter.