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%).

4月份法国工业产出（月环比）比预测（0.3%）低-1.4%。4月份法国工业产出（月环比）比预测（0.3%）低-1.4%

France Industrial Output (MoM) came in at -1.4% below forecasts (0.3%) in April.France Industrial Output (MoM) came in at -1.4% below forecasts (0.3%) in April

周四，CAC 40指数下跌0.1%，至7790点，此前欧洲央行将基准利率降至2.0%，这是一年多来的第八次降息，同时表明这一水平现在是“中性”的，可能标志着宽松周期的暂停。尽管通货膨胀有所缓和，特别是服务业价格增长放缓，但欧洲央行警告称，全球贸易紧张局势可能会在短期内抑制投资和出口。投资者还关注了来自欧洲各地的新PMI数据。在法国，建筑活动从4月的43.6降至5月的43.1，标志着又一个月的急剧下降，并将该行业的收缩延长至连续第三年。在公司层面，最大的亏损来自保乐力加（-4.26%）、空中客车集团（-2.22%）和Stellantis NV（-0.88%），而泰雷兹和法国兴业银行领涨，分别为2.69%和2.01%。

The CAC 40 slipped 0.1% to 7,790 on Thursday after the European Central Bank lowered its benchmark rate to 2.0%, the eighth cut in little more than a year, while indicating that this level is now “neutral” and may mark a pause in the easing cycle. Although inflation has moderated, notably with slower price growth in the services sector, the ECB warned that global trade tensions could dampen investment and exports in the near term. Investors also eyed new PMI data from across Europe. In France, construction activity fell to 43.1 in May from 43.6 in April, marking another sharp monthly decline and extending the sector’s contraction into a third consecutive year. At the corporate level, the biggest losses were from Pernod Ricard (-4.26%), Airbus Group (-2.22%) and Stellantis NV (-0.88%), while Thales and SocGen led the gains, with 2.69% and 2.01% respectively.

法国10年期OAT收益率继续下跌至3.2%以下，接近一个月来的最低点，此前欧洲央行按预期降息并下调了2025年和2026年的通胀预测。欧洲央行目前预计，2025年和2026年的整体通胀率平均为2.0%和1.6%，比3月份的预测下降0.3个百分点，反映出能源价格假设减弱和欧元走强。核心通胀率（不包括能源和食品）预计将在2025年稳定在2.4%，在2026年和2027年分别为1.9%。在增长方面，欧洲央行预计2025年国内生产总值将增长0.9%，其次是2026年的1.1%和2027年的1.3%。政策制定者表示，在工资增长放缓和利润率吸收了一些成本压力的支持下，通货膨胀正逐渐与2%的中期目标保持一致。与此同时，克里斯蒂娜·拉加德总统表示，欧洲央行的宽松周期即将结束，这表明在今天的举措之后可能会暂停。

France’s 10-year OAT yield extended losses below the 3.2% mark, moving closer to its lowest point in a month, after the European Central Bank cut interest rates as anticipated and lowered its inflation forecasts for 2025 and 2026. The ECB now expects headline inflation to average 2.0% in 2025 and 1.6% in 2026—down 0.3 percentage points from its March projections—reflecting weaker energy price assumptions and a stronger euro. Core inflation, excluding energy and food, is seen holding steady at 2.4% in 2025 and 1.9% in both 2026 and 2027. On the growth side, the ECB projects GDP to rise by 0.9% in 2025, followed by 1.1% in 2026 and 1.3% in 2027. Policymakers signaled that inflation is gradually aligning with the 2% medium-term target, supported by slower wage growth and profit margins absorbing some cost pressures. Meanwhile, President Christine Lagarde stated that the ECB is nearing the end of its easing cycle, signaling that a pause could follow today’s move.