CAC 40指数周四扭转早盘跌幅，收于7854点，上涨0.2%，投资者消化了美国和欧洲的关键经济数据以及新一轮企业盈利。在法国，4月份的年通货膨胀率连续第三个月被确认为0.8%，保持在2021年2月以来的最低水平。在企业方面，Engie的强劲业绩提振了市场情绪，Engie在公布第一季度收入增长并重申全年前景后上涨了3.6%。泰雷兹紧随其后，上涨2.8%，因为乌克兰和平前景的消退支撑了国防部门的需求。然而，奢侈品股拖累了该指数，LVMH下跌3.4%，开云集团下跌5%，此前意大利同行Salvatore Ferragamo报告季度收入疲软，引发了对该行业近期增长的更广泛担忧。

The CAC 40 reversed early losses to close 0.2% higher at 7,854 on Thursday, as investors digested key economic data from the US and Europe alongside a fresh round of corporate earnings. In France, April’s annual inflation rate was confirmed at 0.8% for the third straight month, holding at its lowest level since February 2021. On the corporate front, sentiment was lifted by strong results from Engie, which jumped 3.6% after posting Q1 revenue growth and reaffirming its full-year outlook. Thales followed with a 2.8% gain, as fading prospects for peace in Ukraine supported defense sector demand. However, luxury stocks weighed on the index, with LVMH down 3.4% and Kering shedding 5%, after Italian peer Salvatore Ferragamo reported weak quarterly revenue, stoking broader concerns over the sector’s near-term growth.

法国10年期OAT从一个月高点3.382%降至3.31%，因为全球投资者吸收了新的美国经济数据并重新考虑了美联储的政策轨迹。4月，美国零售销售增长大幅放缓，生产者价格意外下降，主要原因是贸易利润率下降，这加剧了人们对特朗普总统的关税开始对经济造成压力的担忧。与此同时，美联储主席杰罗姆·鲍威尔警告称，由于供应侧冲击更加频繁，长期利率可能会保持高位，通胀可能会变得更加不稳定。在大西洋彼岸，欧洲货币市场现在将欧洲央行的存款便利利率定价为年底前1.79%，随着官员们寻求缓解全球贸易紧张局势加剧对经济的影响，6月份降息的可能性为95%。欧洲央行政策制定者Villeroy de Galhau表示，到夏季有进一步降息的空间，而Nagel表示，通胀“很有可能”与央行2%的目标保持一致。

France’s 10-year OAT dropped to 3.31%, down from a one-month high of 3.382%, as investors worldwide absorbed fresh US economic data and reconsidered the Fed's policy trajectory. In April, US retail sales growth decelerated sharply, and producer prices posted an unexpected decline largely driven by falling trade margins, fueling concerns that President Trump’s tariffs are beginning to weigh on the economy. At the same time, Fed Chair Jerome Powell warned that long-term interest rates could stay elevated and inflation may become more volatile due to more frequent supply-side shocks. Across the Atlantic, European money markets now price the ECB’s deposit facility rate at 1.79% by year-end, with a 95% chance of a rate cut in June as officials seek to cushion the economy from rising global trade tensions. ECB policymaker Villeroy de Galhau signaled room for an additional rate cut by summer, while Nagel said there’s a “good probability” inflation will align with the central bank’s 2% target.

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%.