周二，CAC 40指数下跌0.7%，至7229点，与地区同行持平，因为投资者从复活节假期回来，以应对一波全球不确定性。北京警告称，将对支持华盛顿孤立中国的国家进行报复，这抑制了市场情绪。投资者还权衡了唐纳德·特朗普总统对美联储主席杰罗姆·鲍威尔不断升级的压力，引发了人们对美联储独立性的担忧。与此同时，随着投资者等待最新的全球增长预测，正在进行的关税谈判和国际货币基金组织春季会议前的预期促成了谨慎的市场基调。LVMH（-1.5%）、爱马仕国际（-1.1%）和施耐德电气（-3.2%）领跌，而欧莱雅在公布好于预期的第一季度业绩后上涨了2%。

The CAC 40 dropped 0.7% to 7,229 on Tuesday, in line with regional peers, as investors returned from the Easter break to navigate a wave of global uncertainties. Sentiment was dampened by Beijing’s warning of retaliation against countries supporting Washington’s efforts to isolate China. Investors also weighed President Donald Trump’s escalating pressure on Federal Reserve Chair Jerome Powell, raising concerns about the central bank's independence. Meanwhile, ongoing tariff negotiations and anticipation ahead of the IMF Spring Meetings contributed to a cautious market tone, as investors await updated global growth forecasts. Leading the losses were LVMH (-1.5%), Hermès International (-1.1%), and Schneider Electric (-3.2%), while L’Oréal gained 2% after reporting better-than-expected first-quarter results.

法国10年期OAT收益率保持在3.3%，为3月4日以来的最低水平，因为投资者权衡了央行的新信号和美国的政治风险。在特朗普总统和NEC董事哈塞特暗示可能罢免美联储主席鲍威尔后，人们对美联储独立性的担忧加剧，引发了人们对美国货币政策受到政治干预的担忧。与此同时，欧洲央行按预期将存款利率下调25个基点至2.25%，为2023年初以来的最低水平。该行还从声明中删除了“限制性”一词，并警告称，由于贸易紧张局势，经济前景将恶化。市场目前预计欧洲央行今年将再降息三次。

France’s 10-year OAT yield held at 3.3%, its lowest level since March 4, as investors weighed fresh signals from central banks and political risks in the US. Concerns over the Fed’s independence flared after President Trump and NEC Director Hassett hinted at possibly removing Fed Chair Powell, raising fears of political interference in US monetary policy. Meanwhile, the ECB cut its deposit rate by 25bps to 2.25% as expected, marking the lowest level since early 2023. The bank also dropped the term “restrictive” from its statement and warned of a worsening economic outlook due to trade tensions. Markets are now pricing in three more ECB rate cuts this year.

在巴黎，CAC 40指数周四下跌44点，跌幅0.60%。亏损最多的是爱马仕国际（-3.09%）、空客（-2.88%）和圣戈班（-2.70%）。涨幅最大的是Unibail-Rodamco（1.72%）、Publicis（1.50%）和AXA（1.24%）。

In Paris, the CAC 40 Index fell 44 points or 0.60 percent on Thursday. Leading the losses are Hermes International (-3.09%), Airbus (-2.88%) and Saint-Gobain (-2.70%). Top gainers were Unibail Rodamco (1.72%), Publicis (1.50%) and AXA (1.24%).

CAC 40指数周四下跌0.6%，收于7286点，在欧洲央行如普遍预期的那样将利率下调25个基点至2.25%后，连续第二个交易日延续下跌。尽管此举反映了欧元区通胀放缓和经济增长疲软，但围绕美国贸易政策的不确定性继续笼罩着前景。值得注意的是，欧洲央行在其政策声明中省略了“限制性”一词，暗示了进一步放松货币政策的可能性。在美国关税不断升级的背景下，市场也消化了新一波企业盈利。爱马仕股价下跌3.2%，此前该公司公布2025年第一季度收入增长低于预期，并公布了提高美国价格以完全吸收关税成本的计划。在其他主要下跌股中，空客、圣戈班和达索系统的股价下跌了1.9%至2.9%。

The CAC 40 slipped 0.6% to close at 7,286 on Thursday, extending losses for a second session after the ECB cut interest rates by 25 basis points to 2.25%, as widely anticipated. While the move reflects moderating inflation and weakening growth across the Eurozone, uncertainty surrounding U.S. trade policy continued to cloud the outlook. Notably, the ECB omitted the term "restrictive" from its policy statement, hinting at the possibility of further monetary easing. Markets also digested a fresh wave of corporate earnings against the backdrop of escalating U.S. tariffs. Hermès fell 3.2% after reporting weaker-than-expected revenue growth in the first quarter of 2025 and unveiling plans to raise U.S. prices to fully absorb tariff costs. Among other major decliners, Airbus, Saint-Gobain, and Dassault Systèmes saw their shares drop between 1.9% and 2.9%.