在巴黎，CAC 40指数周二上涨83点，涨幅1.03%。空中客车（2.68%）、法国巴黎银行（2.65%）和依视路（2.64%）领涨。

In Paris, the CAC 40 Index gained 83 points or 1.03 percent on Tuesday. Gains were led by Airbus (2.68%), BNP Paribas (2.65%) and Essilor (2.64%).

法国10年期OAT债券收益率反弹至3.5%，为一周多来的最高水平，投资者在等待周五公布的关键通胀数据的同时分析了PMI数据和欧洲央行的评论。3月份的调查显示，欧元区商业活动以七个月来最快的速度扩张，法国私营部门的收缩速度低于预期，这得益于制造业衰退的缓解。与此同时，市场已经完全消化了欧洲央行4月份降息25个基点的预期，此前包括de Galhau、Cipollone和Stournaras在内的官员发出了鸽派信号。此外，拉加德总统对经济增长放缓发出警告，但淡化了欧盟对美国关税进行报复时的通胀风险，表明欧洲央行不会以加息来应对。在2月份通货膨胀率降至0.8%的四年低点后，人们的注意力现在转向了周五的法国CPI报告。

France’s 10-year OAT bond yield rebounded to 3.5%, its highest level in over a week, as investors analyzed flash PMI data and European Central Bank comments while awaiting key inflation figures due on Friday. The March surveys showed that Eurozone business activity expanded at its fastest pace in seven months, with France’s private sector contracting at a slower pace than expected, supported by an easing in the manufacturing downturn. Meanwhile, markets have fully priced in a 25 bps ECB rate cut in April, following dovish signals from officials including de Galhau, Cipollone, and Stournaras. Additionally, President Lagarde cautioned about weaker economic growth but downplayed inflation risks in the event of EU retaliation against U.S. tariffs, signaling that the ECB would not counter with rate hikes. Attention now turns to France’s CPI report on Friday, after inflation fell to a four-year low of 0.8% in February.

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.