法国HCOB建筑业采购经理人指数从上个月的43.1降至2025年6月的41.6，标志着自2月以来的最大收缩，并将该行业的衰退延长至连续第三年。这一下降是由住房和商业建筑的急剧减少推动的，住房活动以2024年9月以来的最快速度下降。相比之下，土木工程出现了温和的增长，结束了四个月的下滑。新订单的下降速度加快，在2025年达到最快速度，因为企业表示竞争激烈，需求疲软。因此，建筑公司进一步削减了就业和采购。尽管需求疲软，但供应商交货时间延长，分包商费率以2023年10月以来的最快速度上涨。最后，建筑商的信心连续第三个月减弱，超过28%的人预计明年的活动会下降，尽管少数公司仍预计会有所改善。

The HCOB Construction PMI in France fell to 41.6 in June 2025 from 43.1 in the previous month, marking the steepest contraction since February and extending the sector’s downturn into its third consecutive year. The decline was driven by sharp reductions in both housing and commercial construction, with housing activity falling at the fastest pace since September 2024. In contrast, civil engineering saw a modest growth, ending a four-month decline. The drop in new orders accelerated, reaching its fastest rate in 2025, as firms cited intense competition and weak demand. As a result, construction companies implemented further cuts to employment and purchasing. Despite subdued demand, supplier delivery times lengthened, and subcontractor rates rose at their fastest pace since October 2023. Lastly, confidence among constructors weakened for the third month in a row, with more than 28% expecting activity to decline over the next year—though a minority of firms still anticipated improvement.

CAC 40指数周五下跌0.9%，至7688点，抹去了前一交易日的涨幅，因为投资者在下周美国可能上调关税的最后期限之前变得谨慎。唐纳德·特朗普总统宣布计划开始就贸易问题发出正式信函后，市场情绪受到削弱，这增加了单方面征收关税的可能性，并加剧了全球贸易的不确定性。在一个相关的事态发展中，中国商务部最终确定了对欧盟原产白兰地的决定，从2025年7月5日开始，在五年内征收高达34.9%的关税。这一决定是在对欧洲白兰地进口进行调查后做出的，其中最著名的是法国大量出口的干邑。这一消息给法国烈酒制造商带来了压力，人头马君度下跌1.9%，保乐力加下跌1.4%，轩尼诗和人头马的母公司路威酩轩集团下跌1.5%。尽管周五有所回落，但该指数仍有望实现温和的周涨幅。

The CAC 40 dropped 0.9% to 7,688 on Friday, erasing gains from the previous session as investors turned cautious ahead of next week’s potential US tariff hike deadline. Market sentiment was dented after President Donald Trump announced plans to begin issuing formal letters on trade matters, raising the possibility of unilateral tariff impositions and fueling uncertainty around global trade. In a related development, China’s Ministry of Commerce finalized its decision on EU-origin brandy, imposing duties of up to 34.9% for a five-year period starting July 5, 2025. The decision follows an investigation into European brandy imports—most notably cognac, which is heavily exported from France. The news weighed on French spirits makers, with Rémy Cointreau dropping 1.9%, Pernod Ricard falling 1.4%, and LVMH—the parent company of Hennessy and Rémy Martin—declining 1.5%. Despite Friday’s pullback, the index is on track for modest weekly gains.

在巴黎，CAC 40指数下跌了61点。安赛乐米塔尔（-1.58%）、凯捷（-1.50%）和Teleperformance SE（-1.45%）领跌。涨幅最大的是Orange（0.49%）、达能（0.38%）和ENGIE（0.19%）。

In Paris, the CAC 40 Index is falling 61 points. Losses were driven by ArcelorMittal (-1.58%), Cap Gemini (-1.50%) and Teleperformance SE (-1.45%). Biggest rises came from Orange (0.49%), Danone (0.38%) and ENGIE (0.19%).

2025年5月，法国工业生产环比下降0.5%，低于市场预测的0.3%的增长，但好于上月1.4%的下降。制造业产出继续下降（4月份为-1%对-0.7%），特别是焦炭和精炼石油产品（-6.1%对-14.3%）、食品和饮料（-0.6%对0.4%）、机械设备（-0.8%对-2.2%）和其他制造业（-1.4%对0.4%）。另一方面，采矿和采石、能源、供水和废物管理的产量反弹（2%对-5%）。5月份工业产出同比下降0.8%。

Industrial production in France decreased by 0.5% month-over-month in May 2025, missing market forecasts of a 0.3% rise, but better than the 1.4% decline in the previous month. Manufacturing output continued to fall (-1% vs -0.7% in April), particularly coke and refined petroleum products (-6.1% vs -14.3%), food and beverages (-0.6% vs 0.4%), machinery and equipment (-0.8% vs -2.2%), and other manufacturing (-1.4% vs 0.4%). On the other hand, production rebounded for mining and quarrying, energy, water supply, and waste management (2% vs -5%). On a yearly basis, industrial output was 0.8% lower in May.