法国10年期OAT收益率跌至3.2%以下，触及四周低点，与全球债券收益率下降一致。此前，美国经济数据疲软，包括第一季度收缩和失业救济申请人数上升，这增强了人们对美联储今年多次降息的预期。市场乐观情绪也因美国法院推翻前总统特朗普的全球关税政策而消退。在欧洲，预计欧洲央行将在6月降息，之后可能会暂停进一步降息。支持这一前景的是，法国5月份的通胀率意外放缓至0.7%，为2021年2月以来的最低水平，低于0.9%的预测。

France’s 10-year OAT yield dropped below 3.2%, hitting a four-week low, in line with declining global bond yields. This followed weak US economic data, including a Q1 contraction and rising jobless claims, that reinforced expectations of multiple Federal Reserve rate cuts this year. Market optimism also faded over a US court decision reversing former President Trump’s global tariff policy. In Europe, the ECB is anticipated to lower rates in June, likely pausing further cuts afterward. Supporting this outlook, France’s inflation unexpectedly slowed to 0.7% in May, its lowest since February 2021 and below forecasts of 0.9%.

CAC 40指数周四微跌至7780点，此前欧洲市场在美国新经济数据和对全球经济前景的担忧面前表现不佳。随着经济温和增长和美国通胀持续，美联储表示短期内不会降息。此外，美国法院决定阻止特朗普总统的关税，这也影响了法国，这给美国的反应带来了不确定性。在个人股中，变化最大的是泰雷兹（-2.02%）、安赛乐米塔尔（-1.25%）和家乐福（-1.21%）。

The CAC 40 closed marginally lower at 7,780 on Thursday, following the negative performance of European markets in the face of new US economic data and concerns about the global economic outlook. With moderate growth and persistent US inflation, the Fed is indicating that there will be no interest rate cuts in the short term. In addition, the US court's decision to block President Trump's tariffs, which also affect France, creates a scenario of uncertainty about the US reaction. Among the individual shares, the ones that varied most negatively were Thales (-2.02%), ArcelorMittal (-1.25%) and Carrefour (-1.21%).

法国10年期OAT收益率约为3.2%，与全球同行的收益率持平，此前美国国际贸易法院裁定唐纳德·特朗普总统在征收互惠关税方面越权，并命令政府停止征收。这一决定缓解了投资者对贸易战加剧的担忧，并提振了对风险较高资产的兴趣。本周早些时候，特朗普总统在与欧盟委员会主席通电话后，将对欧盟进口商品征收50%关税的计划推迟到7月9日。根据4月份推出的互惠关税框架，欧盟面临20%的关税，暂时降至10%。在货币政策方面，预计欧洲央行将在6月份的会议上降息，随后可能会暂停进一步宽松政策。在数据方面，根据初步估计，法国5月份的通货膨胀率意外放缓至0.7%，为2021年2月以来的最低水平，低于0.9%的预期。

France’s 10-year OAT yield traded around 3.2%, tracking gains in global peers, after the US Court of International Trade ruled that President Donald Trump had exceeded his authority in imposing reciprocal tariffs and ordered the administration to halt their collection. The decision eased investor concerns over a deepening trade war and boosted appetite for riskier assets. Earlier in the week, President Trump postponed a planned 50% tariff on EU imports until July 9th, following a phone conversation with European Commission President. Under the reciprocal tariff framework introduced in April, the EU had faced a 20% duty, which was temporarily reduced to 10%. On the monetary policy front, the ECB is expected to cut interest rates at its June meeting, likely followed by a pause in further easing. On the data front, inflation for France unexpectedly slowed to 0.7% in May, the lowest level since February 2021, and below expectations of 0.9%, according to preliminary estimates.

CAC 40指数周四上涨0.9%，至7862点，较前一交易日反弹，因贸易战担忧缓解，投资者情绪有所改善。位于曼哈顿的美国国际贸易法院裁定，特朗普在征收所谓的“解放日”进口关税方面越权。法院下令取消并永久阻止关税，这标志着政府激进的贸易立场遭遇了重大挫折。与此同时，英伟达强劲的盈利和对本季度的乐观前景进一步提振了投资者情绪。奢侈品股在裁决后表现最佳，开云集团飙升3.5%，路威酩轩集团上涨2.2%，爱马仕上涨2%。其他显著上涨的公司包括施耐德电气、Stellantis NV和意法半导体，股价上涨2.4%至4.4%。相反，家乐福和泰雷兹是最大的落后者，股价分别下跌1.3%和1.1%。

The CAC 40 rose 0.9% to 7,862 on Thursday, rebounding from the previous session as investor sentiment improved amid easing trade war concerns. The US Court of International Trade in Manhattan ruled that Trump had overstepped his authority in imposing the so-called "Liberation Day" import tariffs. The court ordered the tariffs to be vacated and permanently blocked, marking a major setback for the administration’s aggressive trade stance. At the same time, Nvidia’s robust earnings and optimistic outlook for the current quarter further boosted investor sentiment. Luxury stocks were among the top performers following the ruling, with Kering surging 3.5%, LVMH gaining 2.2%, and Hermès advancing 2%. Other notable gainers included Schneider Electric, Stellantis NV, and STMicroelectronics, with shares rising between 2.4% and 4.4%. Conversely, Carrefour and Thales were the biggest laggards, with shares falling 1.3% and 1.1%, respectively.