周三，CAC 40指数微涨0.3%，至7575点，投资者评估了来自欧洲各地的一波经济数据以及新一轮喜忧参半的企业盈利。在法国，初步数据显示，2025年第一季度经济环比增长0.1%，从上一季度0.1%的收缩中反弹。在企业新闻方面，法国兴业银行以5.4%的涨幅领涨该指数，这是自2018年3月以来的最高水平，此前其罗马尼亚子公司BRD Groupe SociétéGénérale报告称，第一季度净利润同比增长7.2%。Stellantis NV也是涨幅最大的公司之一，尽管第一季度收入下降，且由于持续的关税不确定性，其2025年前景暂停，但仍上涨1.6%。不利的一面是，TotalEnergies在第一季度调整后净收入下降18%后下跌了4.1%。尽管周三有所上涨，但由于美国破坏性贸易政策的不确定性，该指数仍有望连续第二个月大幅下跌。

The CAC 40 edged higher by 0.3% to 7,575 on Wednesday, as investors assessed a wave of economic data from across Europe alongside a fresh round of mixed corporate earnings. In France, preliminary data showed that the economy grew by 0.1% quarter-on-quarter in Q1 2025, rebounding from a 0.1% contraction in the previous quarter. In corporate news, Société Générale led the index with a 5.4% surge—its highest level since March 2018, after its Romanian subsidiary, BRD Groupe Société Générale, reported a 7.2% year-on-year rise in Q1 net profit. Stellantis NV was also among the top gainers, advancing 1.6% despite a decline in Q1 revenue and the suspension of its 2025 outlook due to ongoing tariff uncertainties. On the downside, TotalEnergies dropped 4.1% after posting an 18% fall in adjusted net income in Q1. Despite Wednesday’s gains, the index remains on track for a second consecutive sharp monthly loss amid uncertainties surrounding disruptive US trade policies.

继上个月下调0.4%后，法国国内市场的生产者价格在2025年3月环比下降0.6%。这标志着连续第二个月出现通货紧缩，制成品价格下降（2月份为-0.3%对0.2%），特别是焦炭和精炼石油（-9.3%对-2.9%）。采矿和采石、能源和水的成本也在继续下降，尽管下降速度较慢（-1.6%对-1.7%）。按年度计算，3月份生产者价格指数下降了0.6%，较2月份下调的1.2%有所缓解。

Producer prices in the French domestic market decreased by 0.6% month-over-month in March 2025, following a downwardly revised 0.4% fall in the previous month. This marked the second consecutive month of deflation, amid lower prices for manufactured products (-0.3% vs 0.2% in February), particularly coke and refined petroleum (-9.3% vs -2.9%). Costs for mining and quarrying, energy, and water also continued to drop, albeit at a slower pace (-1.6% vs -1.7%). On a yearly basis, producer prices dropped by 0.6% in March, easing from a downwardly revised 1.2% decline in February.

2025年4月，法国的年通货膨胀率稳定在0.8%，如预期的那样连续第三个月保持不变，并保持在2021年2月以来的最低水平。能源成本的大幅下降（-7.9%对3月份的-6.6%）被食品通胀的上升（1.2%对0.6%）所抵消，尤其是新鲜产品（4.0%对3.8%）。与此同时，服务业（2.3%）和烟草业（4.1%）的通货膨胀率保持不变，而制成品继续出现通货紧缩（-0.2%）。按月计算，消费者价格上涨0.5%，为去年8月以来的最大涨幅，超过了0.3%的涨幅预测，这是由服务价格上涨，特别是运输和食品价格上涨推动的。与此同时，欧盟统一年通胀率从3月份的0.9%降至4月份的0.8%。本月，该指数上涨了0.6%，为2024年8月以来的最高水平，高于3月份的0.2%。

The annual inflation rate in France held steady at 0.8% in April 2025, unchanged for the third consecutive month, as expected, and remaining at its lowest level since February 2021. A sharper decline in energy costs (-7.9% vs. -6.6% in March) was offset by higher food inflation (1.2% vs. 0.6%), particularly in fresh products (4.0% vs. 3.8%). Meanwhile, inflation remained unchanged for services (2.3%) and tobacco (4.1%), while manufactured products continued to show deflation (-0.2%). On a monthly basis, consumer prices rose by 0.5%—the largest increase since last August—exceeding forecasts of a 0.3% rise, driven by higher prices for services, especially transport, and food. Meanwhile, the EU-harmonized annual inflation rate eased to 0.8% in April, down from 0.9% in March. Over the month it rose by 0.6%—the highest since August 2024—up from a 0.2% increase in March.

闪存数据显示，法国经济在2025年第一季度季度环比增长0.1%，扭转了第四季度0.1%的收缩，但未达到市场预期的0.2%的扩张。库存变化对GDP有积极贡献（0.5个百分点），而最终国内需求没有贡献，净贸易仍然是拖累因素。家庭消费持平（第四季度为0.2%），因为商品购买量的下降被服务支出的增加所抵消。与此同时，政府支出放缓（0.1%对0.4%）。与此同时，由于建筑和制成品疲软，固定投资进一步萎缩（-0.2%对-0.1%）。尽管美国总统特朗普宣布对大多数国家暂停三个月的关税，但出口大幅下降（-0.7%对0.2%），法国官员认为他的贸易政策不可预测。与此同时，进口继续增长（0.4%对0.5%）。按年计算，经济增长0.8%，与第四季度向上修正的数字相匹配，略高于0.7%的共识。

The French economy grew by 0.1% qoq in Q1 of 2025, reversing a 0.1% contraction in Q4 but falling short of market expectations for a 0.2% expansion, flash data showed. Inventory changes contributed positively to the GDP (0.5 ppts), while final domestic demand made no contribution, and net trade remained a drag. Household consumption was flat (vs 0.2% in Q4), as a decline in goods purchases was offset by higher spending on services. At the same time, government expenditure slowed (0.1% vs 0.4%). Meanwhile, fixed investment shrank further (-0.2% vs -0.1%), weighed down by weakness in construction and manufactured goods. Exports fell sharply (-0.7% vs 0.2%), despite U.S. President Trump's announcement of a three-month tariff pause for most countries, with French officials viewing his trade policy as unpredictable. Meanwhile, imports continued to rise (0.4% vs 0.5%). On a yearly basis, the economy expanded 0.8%, matching an upwardly revised Q4 figure and slightly beating consensus of 0.7%.