CAC 40指数周五下跌0.36%，至7751点，标志着其第四个交易日下跌，投资者对世界最大经济体之间的贸易前景不确定。周四，美国政府设法暂时推翻了前一天的决定，当时特朗普总统的关税因超越总统权力而被该国的一个法官小组阻止。这种情况给人们带来了对事态发展的谨慎和不确定性，尤其是在美中关系方面。在个股中，家乐福领跌（-5.96%）。此外，赛诺菲股价下跌4.8%，此前其两项关于慢性阻塞性肺病药物的III期研究结果令人悲观。反过来，Eurofins Scientific SE（+3.16%）、爱马仕国际（+1.89%）和欧莱雅（+1.72%）也显示出积极的变化。

The CAC 40 fell 0.36% to 7,751 on Friday to mark its fourth session of losses, with investors uncertain about the outlook of trade between the world's largest economies. On Thursday, the US government managed to temporarily overturn the decision made on the prior day, when President Trump's tariffs were blocked by a panel of judges in the country for exceeding presidential authority. This scenario brings a feeling of caution and uncertainty about developments, especially in the US-China relationship. Among individual stocks, the declines were led by Carrefour (-5.96%). Also, Sanofi sank 4.8% after posting pessimistic results for its two phase III studies on a drug for chronic obstructive pulmonary disease. In turn, Eurofins Scientific SE (+3.16%), Hermès International (+1.89%) and L'Oréal (+1.72%) showed positive variations.

法国10年期OAT收益率在5月底略低于3.2%，徘徊在5月1日以来的最低水平附近，因为投资者消化了一波经济数据，并权衡了其对欧洲央行货币政策前景的影响。在国内方面，法国5月份的消费者价格通胀率大幅放缓至0.7%，为2021年2月以来的最低水平，远低于0.9%的市场预期。4月份生产者价格指数也大幅下降，而第一季度国内生产总值增长率证实为0.1%。在这一趋势中，法国并不孤单。西班牙和意大利的通货膨胀率也低于欧洲央行2%的目标，这强化了人们的预期，即政策制定者可能会在下周的会议上再降息25个基点。与此同时，美国上诉法院暂停对前总统特朗普贸易关税的阻止的消息缓和了全球情绪。

France’s 10-year OAT yield ended May just below the 3.2% mark, hovering near its lowest level since May 1, as investors digested a wave of economic data and weighed its implications for the European Central Bank’s monetary policy outlook. On the domestic front, France’s consumer price inflation slowed sharply to 0.7% in May, its lowest level since February 2021 and well below market expectations of 0.9%. Producer prices also posted a steep decline in April, while first-quarter GDP growth was confirmed at a modest 0.1%. France wasn’t alone in the trend. Inflation in Spain and Italy also fell below the ECB’s 2% target, reinforcing expectations that policymakers are likely to cut interest rates by another 25 basis points at next week’s meeting. Meanwhile, global sentiment was tempered by news that a US appeals court temporarily paused the block on former President Trump’s trade tariffs.

CAC 40指数周五微涨0.1%，至7785点，此前连续两个交易日下跌，投资者评估了挥之不去的贸易战担忧。在最新进展中，联邦上诉法院推翻了下级法院的裁决，并暂时恢复了唐纳德·特朗普总统征收的关税——就在一天前，这些关税因超越总统权力而被取消。财政部长斯科特·贝森特表示，美中贸易谈判“有点停滞”，这加剧了谨慎的情绪。在个股中，欧陆科学上涨1.2%，欧莱雅上涨1.1%，赛峰集团上涨1%，为该指数提供了一些支撑。在下跌方面，家乐福下跌7.6%，领跌跌幅，而赛诺菲下跌5.8%。本月，该指数在连续两个月下跌后，有望实现首次月度上涨。

The CAC 40 edged up by 0.1% to 7,785 on Friday, following two consecutive sessions of losses, as investors assessed lingering trade war concerns. In its latest development, a federal appeals court overturned a lower court ruling and temporarily reinstated tariffs imposed by President Donald Trump—just one day after they were struck down for exceeding presidential authority. Adding to the cautious sentiment, Treasury Secretary Scott Bessent remarked that US-China trade negotiations were “a bit stalled.” Among individual stocks, Eurofins Scientific rose 1.2%, L’Oréal gained 1.1%, and Safran advanced 1%, offering some support to the index. On the downside, Carrefour slumped 7.6%, leading the decliners, while Sanofi dropped 5.8%. For the month, the index is on track for its first monthly gain after two consecutive months of losses.

法国10年期政府债券收益率跌至4周低点3.17%。在过去的4周里，法国10年期债券收益率上涨了1.00个基点，在过去的12个月里，它上涨了2.51个基点。

France 10 Year Government Bond Yield decreased to a 4-week low of 3.17%. Over the past 4 weeks, France 10Y Bond Yield gained 1.00 basis points, and in the last 12 months, it increased 2.51 basis points.