周五早盘，CAC 40指数下跌0.3%，至7770点，延续了前一交易日的跌幅，但将连续第二周上涨，因为投资者继续评估美国总统特朗普和中国国家主席Xi之间贸易谈判的进展。两位领导人周四同意恢复谈判，但由于缺乏具体细节，市场情绪保持谨慎。交易员们也在等待美国最新的就业报告，而在欧洲，欧洲央行如预期般降息，但拉加德总统暗示宽松周期可能已经结束。在企业方面，法国软件公司达索系统股价下跌1.5%，此前该公司宣布将盈利目标时间推迟到2029年，延长了一年。其他显著下跌的公司包括爱马仕（-1.3%）、空中客车（-0.6%）、克里斯汀·迪奥（-0.5%）和泰雷兹（-2%）。

The CAC 40 slipped 0.3% toward 7,770 in early trading Friday, extending losses from the previous session, but headed for its second consecutive weekly gain, as investors continued to assess developments in trade talks between US President Trump and Chinese President Xi. The two leaders agreed Thursday to resume negotiations, though a lack of concrete details kept sentiment cautious. Traders also awaited the latest US jobs report, while in Europe, the ECB cut rates as expected but President Lagarde hinted the easing cycle may be over. On the corporate front, French software company Dassault Systèmes dropped 1.5% after announcing a delay in its earnings target timeline until 2029, extending it by one year. Other notable decliners include Hermes (-1.3%), Airbus (-0.6%), Christian Dior (-0.5%), and Thales (-2%).

2025年4月，法国的经常账户赤字为41亿欧元，与上个月的10亿欧元盈余相反。这标志着自2023年2月以来最大的经常账户缺口，因为商品账户缺口从3月份的43亿欧元扩大到89亿欧元。此外，服务账户盈余从上月的53亿欧元收窄至47亿欧元，主要收入盈余从40亿欧元收收窄至39亿欧元。与此同时，二级收入赤字连续第三个月保持不变，为39亿欧元。

France recorded a current account deficit of EUR 4.1 billion in April 2025, reversing from a EUR 1 billion surplus in the previous month. This marked the largest current account shortfall since February 2023, as the goods account gap widened to EUR 8.9 billion from EUR 4.3 billion in March. Additionally, the services account surplus narrowed to EUR 4.7 billion from EUR 5.3 billion in the prior month, as well as the primary income surplus to EUR 3.9 billion from EUR 4 billion. Meanwhile, the secondary income deficit remained unchanged at EUR 3.9 billion for the third consecutive month.

法国的贸易逆差从3月份向上修正的63亿欧元扩大到2025年4月的80亿欧元，超过了市场预期的60亿欧元缺口。这标志着自去年9月以来最大的贸易逆差，出口环比下降5.9%，至493亿欧元，受精炼石油产品和焦炭（-17.6%）以及运输设备（-17.4%）销售大幅下降的影响。大多数地区的出口都有所下降，包括欧盟（-3.2%）、非洲（-1.9%）、美洲（-5.3%）和亚洲（-5.4%），而对中东的出口则有所增加（+4%）。与此同时，进口以2.4%的较慢速度下降至572亿欧元，主要原因是天然碳氢化合物（-20.8%）和精炼石油产品和焦炭（-11.3%）的购买量减少。从地区来看，来自欧盟（-0.6%）、非洲（-10.8%）、中东（-1.3%）和亚洲（-4.1%）的进口下降，而来自美洲的进口上升（+1.9%）。

France’s trade deficit widened to €8 billion in April 2025 from an upwardly revised €6.3 billion in March, exceeding market expectations of a €6 billion gap. This marks the largest trade shortfall since last September, as exports dropped 5.9% month-over-month to €49.3 billion, weighed down by a sharp decline in sales of refined petroleum products and coke (-17.6%), as well as transport equipment (-17.4%). Exports fell across most regions, including the EU (-3.2%), Africa (-1.9%), the Americas (-5.3%), and Asia (-5.4%), while exports to the Middle East increased (+4%). Meanwhile, imports declined at a slower pace of 2.4% to €57.2 billion, due largely to reduced purchases of natural hydrocarbons (-20.8%) and refined petroleum products and coke (-11.3%). Regionally, imports fell from the EU (-0.6%), Africa (-10.8%), the Middle East (-1.3%), and Asia (-4.1%), while imports from the Americas rose (+1.9%).

2025年4月，法国工业生产意外环比下降1.4%，低于市场预期的0.3%的增长，扭转了3月份下调后的0.1%的增长。收缩的主要原因是制造业产出下降，在3月份增长0.5%后下降了0.6%。主要拖累因素包括焦炭和精炼石油产品产量大幅下降（-14.0%对9.4%）、机械和设备商品产量下降（-1.9%对0.1%）和运输设备产量下降（-2.4%）。采矿和采石、能源、供水和废物管理部门的产出也有所下降，继3月份下降2.1%之后，这些部门的总产出下降了5.0%。相比之下，由于建筑、土木工程和专业建筑活动的反弹，建筑产出反弹（0.8%对-0.9%）。 工业生产同比下降0.8%。

Industrial production in France unexpectedly declined by 1.4% month-over-month in April 2025, missing market expectations of a 0.3% increase and reversing a downwardly revised 0.1% gain in March. The contraction was mainly driven by a drop in manufacturing output, which fell 0.6% after rising 0.5% in March. Key drags included a sharp decline in the production of coke and refined petroleum products (-14.0% vs 9.4%), machinery and equipment goods (-1.9% vs 0.1%), and transport equipment (-2.4%). Output also decreased in mining and quarrying, energy, water supply, and waste management sectors, which collectively dropped by 5.0%, following a 2.1% decline in March. By contrast, construction output bounced back (0.8% vs -0.9%), due to a rebound in construction of buildings, civil engineering, and specialised construction activities. On a yearly basis, industrial production fell by 0.8%.