法国HCOB建筑业采购经理人指数从上个月的41.6降至2025年7月的39.7，表明建筑活动进一步收缩，标志着自去年9月以来最严重的下滑。这种恶化反映了整个行业的持续疲软，这是由产出、新业务和信心水平的持续下降造成的。在所有类型的建筑中，商业板块都经历了最明显的下跌，这是自2015年3月以来的最大跌幅，不包括新冠肺炎封锁高峰期。裁员已连续15个月持续，企业裁员速度为2020年5月以来最快。在成本方面，投入价格连续第四个月上涨，尽管通货膨胀率在历史上保持温和，就像整个当前序列一样。最后，法国建筑商对12个月的前景持悲观态度，由于对需求疲软的担忧，市场情绪降至8个月低点。

The HCOB Construction PMI in France fell to 39.7 in July 2025 from 41.6 in the previous month, indicating a deeper contraction in construction activity and marking the sharpest downturn since last September. The deterioration reflects ongoing weakness across the sector, driven by sustained declines in output, new business, and confidence levels. Across all types of construction, the commercial segment experienced the most pronounced drop — the steepest since March 2015, excluding the peak COVID-19 lockdown periods. Workforce reductions continued for the fifteenth straight month, with companies cutting jobs at the fastest pace since May 2020. On the cost side, input prices rose for the fourth straight month, although the rate of inflation remained historically muted, as has been the case throughout the current sequence. Finally, French constructors were pessimistic about the 12-month outlook, with sentiment falling to an eight-month low due to concerns over weak demand conditions.

CAC 40指数周三上涨0.6%，至7667点，随着企业盈利报告的继续公布，该指数从前一交易日的小幅下跌中反弹。保乐力加领涨，股价上涨2.1%，其次是圣戈班和雅高，各上涨2%。下跌方面，Eurofins Scientific跌幅最大，下跌0.9%，而达能和欧莱雅分别下跌0.7%和0.3%。与此同时，投资者在消化法国最新PMI数据的同时评估了贸易政策的发展。周二，美国总统唐纳德·特朗普表示，他的政府计划最早于下周对半导体和芯片征收关税，尽管这些措施的细节尚不清楚。在法国，建筑业采购经理人指数从6月份的41.6大幅降至2025年7月的39.7，为10个月来的最低点，这表明该行业的衰退正在加剧。

The CAC 40 rose 0.6% to 7,667 on Wednesday, rebounding from a slight decline in the previous session as corporate earnings reports continued to unfold. Pernod Ricard led the gains, with its shares climbing 2.1%, followed by Saint-Gobain and Accor, which each rose 2%. On the downside, Eurofins Scientific was the top decliner, falling 0.9%, while Danone and L'Oréal dropped 0.7% and 0.3%, respectively. Meanwhile, investors assessed developments in trade policy while digesting the latest PMI data from France. On Tuesday, US President Donald Trump stated that his administration plans to introduce tariffs on semiconductors and chips as early as next week, although details of the measures remain unclear. In France, the construction PMI fell sharply to 39.7 in July 2025 — a ten-month low — from 41.6 in June, signaling a deepening downturn in the sector.

初步估计显示，2025年第二季度，法国的私人工资就业停滞不前，减少了4800个工作岗位，使总数达到2097万个，为近三年来的最低水平。此前一季度下降了0.1%，与市场预期的0.1%的增长形成鲜明对比。工业（-0.1%）和市场服务业（+0.1%）的就业率几乎保持稳定，非市场服务业的就业率略有上升（+0.2%）。与此同时，建筑业的就业人数继续下降（-0.5%）。按年度计算，私人工资就业人数下降了0.4%，即93900个工作岗位，尽管仍远高于疫情前的水平（2019年第四季度），增长了5.2%，增加了100万个工作岗位。

Private payroll employment in France stalled in the second quarter of 2025, with a decline of 4,800 jobs, bringing the total to 20.97 million — the lowest level in nearly three years, preliminary estimates showed. This followed a 0.1% drop in the previous quarter and contrasted with market expectations of a 0.1% rise. Employment was virtually stable in both industry (-0.1%) and market services (+0.1%), and it increased slightly in non-market services (+0.2%). Meanwhile, employment continued to decline in the construction sector (-0.5%). On a yearly basis, private payroll employment fell by 0.4%, or 93,900 jobs, although it remained significantly above pre-pandemic levels (Q4 2019), up 5.2%, representing an increase of 1.0 million jobs.

CAC 40指数周二微跌0.1%，收于7635点，回落了周一从上周暴跌1.1%的大幅反弹，因为投资者正在努力应对好坏参半的经济报告，并等待8月7日欧洲关税的开始。周末，布鲁塞尔同意暂停对美国的报复性关税六个月。在国内，法国6月份工业产出跃升3.8%，为2020年中期以来最强劲的月度增长，远远超出预期，而7月份服务业采购经理人指数下调至48.5，为三个月来最快收缩，延续了该行业11个月的低迷。与此同时，在美国就业数据低于预期后，美联储9月份降息的可能性越来越大，这提振了市场。在个别上涨股中，LVMH（-1.3%）、欧莱雅（-1.7%）和施耐德电气（-2.1%）领跌，而空客（1.7%）、安盛（1.6%）和圣戈班（0.9%）涨幅最大。

The CAC 40 index edged 0.1% lower to close at 7 635 on Tuesday, trimming back Monday’s sharp 1.1% rebound from last week’s rout as investors wrestled with mixed economic reports and awaited the start of European tariffs on August 7th. Over the weekend Brussels agreed to suspend its retaliatory duties on the US for six months. Domestically, France’s industrial output leapt by 3.8% in June, the strongest monthly increase since mid-2020 and far ahead of forecasts, just as the services PMI was revised down to 48.5 for July, its fastest contraction in three months and extending an eleven-month downturn in the sector. Meanwhile markets were buoyed by growing odds of a Federal Reserve rate cut in September after softer-than-expected US employment figures. Among individual movers, LVMH (-1.3%), L'Oréal (-1.7%), and Schneider Electric (-2.1%) led the losses, while Airbus (1.7%), AXA (1.6%), and Saint-Gobain (0.9%) were among the top gainers.