法国10年期OAT收益率回升至3.2%以上，此前欧元区通胀强于预期，美国就业数据提振了市场活动。4月份，欧元区的年通胀率保持在2.2%，略高于2.1%的预测，而核心通胀率从2.4%加速至2.7%，也超出了预期。这些数据增强了投资者对欧洲央行在年底前降息60个基点的信心。与此同时，在美国，4月份非农就业人数增加了17.7万人，超过了13万人的估计，尽管最近的GDP数据显示出现了收缩。混合信号可能会使美联储未来的政策道路复杂化。在北京表示正在“评估”华盛顿关于重启谈判的最新提议后，全球情绪也因缓解美中贸易紧张局势的希望而有所改善。

France’s 10-year OAT yield climbed back above 3.2% after stronger-than-expected Eurozone inflation and U.S. jobs data bolstered market activity. Annual inflation in the bloc held at 2.2% in April, slightly above the 2.1% forecast, while core inflation accelerated to 2.7% from 2.4%, also beating expectations. The figures strengthened investor confidence in the European Central Bank delivering 60 basis points of rate cuts by the end of the year. Meanwhile, in the U.S., non-farm payrolls rose by 177,000 in April, surpassing the 130,000 estimate, despite recent GDP data showing a contraction. The mixed signals may complicate the Federal Reserve’s policy path ahead. Global sentiment also improved on hopes of easing U.S.–China trade tensions, after Beijing said it is “evaluating” Washington’s latest proposals for renewed negotiations.

法国10年期OAT周五反弹至3.19%，此前欧元区通胀数据强于预期。4月份，欧盟消费者价格指数每年上涨2.2%，略高于2.1%的预测，而核心通胀率从2.4%加速至2.7%，也超过了2.5%的市场预期。这些数据增强了投资者对欧洲央行年底前降息60个基点的预期。在其他地方，全球市场关注即将发布的美国就业报告——这是自特朗普总统4月初宣布关税以来的第一份——这可能会影响美联储的政策方向。与此同时，在中国表示正在“评估”华盛顿最近提出的重启谈判的建议后，投资者情绪有所改善，有迹象表明美中贸易紧张局势有所缓解。

France’s 10-year OAT bounced back to 3.19% on Friday following stronger-than-expected Eurozone inflation data. Consumer prices in the bloc rose 2.2% annually in April, just above the 2.1% forecast, while core inflation accelerated to 2.7% from 2.4%, also exceeding market expectations of 2.5%. The data reinforced investor expectations for 60 basis points of rate cuts by the European Central Bank by year-end. Elsewhere, global markets were focused on the upcoming U.S. jobs report—the first since President Trump’s early April tariff announcement—which could influence the Federal Reserve’s policy direction. Meanwhile, investor sentiment improved amid signs of easing U.S.–China trade tensions, after China said it is “evaluating” recent proposals from Washington for renewed talks.

CAC 40指数周五上涨1.3%，至7694点，创下一个月来的最高水平，反映了全球市场对美中贸易紧张局势缓解的乐观情绪。中国商务部透露，美国表示愿意参与关税谈判，北京也表示对谈判持开放态度。在法国，最终估计显示，制造业活动从上个月的48.5上升到2025年4月的48.7，高于最初估计的48.2。虽然仍在发出收缩信号，但这是自2023年2月经济衰退开始以来最温和的一次。在企业方面，空中客车公司领涨该指数，在超过第一季度盈利预期并重申其全年前景后，飙升4.3%至一个月高点。不利的一面是，Teleperformance在少数下跌股中表现最差，股价下跌近3%。本周，该指数有望连续第三周上涨。

The CAC 40 climbed 1.3% to 7,694 on Friday, hitting its highest level in a month and mirroring gains in global markets amid optimism over easing US-China trade tensions. China’s Commerce Ministry revealed that the US signaled a willingness to engage in tariff negotiations, with Beijing also expressing openness to talks. In France, final estimates showed that manufacturing activity rose to 48.7 in April 2025 from 48.5 in the previous month, higher than the initial estimate of 48.2. While still signaling contraction, it marked the mildest since the downturn began in February 2023. On the corporate front, Airbus led the charge on the index, surging 4.3% to a one-month high after beating Q1 earnings expectations and reaffirming its full-year outlook. On the downside, Teleperformance was the biggest laggard among the few decliners, with shares falling nearly 3%. Over the week, the index is on track for its third consecutive weekly gain.

HCOB法国制造业采购经理人指数从3月份的48.5升至2025年4月的48.7，高于最初估计的48.2。虽然仍在发出收缩信号，但这是自2023年2月经济衰退开始以来最温和的一次。在消费品和投资品的带动下，产量近三年来首次增长，而新订单的下降已连续第五个月有所缓解。出口需求也以2022年初以来最慢的速度减弱。尽管出现了初步的复苏迹象，但企业仍在继续裁员、采购和库存，尽管速度有所放缓。在激烈的竞争中，销售价格再次下降，尽管由于原材料价格上涨和货币效应，投入成本略有上升。由于港口罢工，供应商交货时间延长。尽管如此，在需求持续反弹和欧洲央行宽松政策的希望支撑下，商业信心升至11个月高点。

The HCOB France Manufacturing PMI rose to 48.7 in April 2025 from 48.5 in March, revised up from an initial estimate of 48.2. While still signaling contraction, it marked the mildest since the downturn began in February 2023. Output increased for the first time in nearly three years, led by consumer and investment goods, while the decline in new orders eased for the fifth straight month. Export demand also weakened at the slowest pace since early 2022. Despite tentative recovery signs, firms continued to cut jobs, purchases, and inventories, though at a softer pace. Selling prices were reduced again amid strong competition, even as input costs rose slightly due to higher raw material prices and currency effects. Supplier delivery times lengthened due to port strikes. Still, business confidence rose to an 11-month high, supported by hopes of a sustained demand rebound and accommodative ECB policy.