周四，CAC 40指数下跌3.3%，收于7599点，为两个多月来的最低水平，因为投资者对美国总统特朗普新宣布的关税做出了反应，包括对欧盟商品征收20%的税和对进口汽车征收25%的税。欧盟委员会主席冯德莱恩谴责了关税，暗示了潜在的反制措施，而法国总统马克龙呼吁与受影响最严重的部门进行紧急磋商。法国的CPI稳定在0.8%的四年低点，而欧元区的通胀率降至2.2%。HCOB法国综合采购经理人指数被修订为48，反映出私营部门的温和收缩。欧洲央行官员警告称，关税可能会推高通胀，尤其是在政府支出增加的情况下。大多数股票以红色收盘，LVMH（-5.6%）、TotalEnergies（-4.7%）、Essilor（-7.2%）、施耐德电气（-5.6%.）和法国巴黎银行（-5.2%.）等权重股明显下跌。

The CAC 40 fell 3.3% to close at 7,599 on Thursday, marking its lowest level in over two months, as investors reacted to US President Trump's newly announced tariffs, including a 20% levy on EU goods and a 25% tax on imported cars. European Commission President von der Leyen condemned the tariffs, signaling potential countermeasures, while French President Macron called for urgent consultations with the sectors most affected. France's CPI held steady at a four-year low of 0.8%, while Euro Area inflation eased to 2.2%. The HCOB France Composite PMI was revised to 48, reflecting a mild contraction in the private sector. ECB officials warned that the tariffs could drive inflation higher, particularly with increased government spending. Most stocks ended in the red, with notable declines in heavyweights such as LVMH (-5.6%), TotalEnergies (-4.7%), Essilor (-7.2%), Schneider Electric (-5.6%), and BNP Paribas (-5.2%).

在巴黎，CAC 40指数周四下跌257点，跌幅3.27%。STMicroelectronics（-8.78%）、Stellantis NV（-7.67%）和开云集团（-7.44%）领跌。

In Paris, the CAC 40 Index dropped 257 points or 3.27 percent on Thursday. Losses were led by STMicroelectronics (-8.78%), Stellantis NV (-7.67%) and Kering (-7.44%).

法国10年期OAT债券收益率跌至3.38%，创下3月4日以来的新低，因为投资者担心不断升级的贸易战可能会减缓全球经济增长，因此提高了对欧洲央行降息的预期。美国总统唐纳德·特朗普宣布对所有美国进口商品征收10%的基准关税，同时对主要贸易伙伴征收更高的关税，包括对欧盟进口商品征收20%的关税，将于4月9日生效。因此，货币市场将欧洲央行4月份降息25个基点的可能性从前一天的约80%提高到90%以上，而对12月份存款利率的预期从1.9%降至1.8%。与此同时，投资者评估了关键经济数据。快速CPI数据显示，3月份法国通胀率稳定在0.8%的四年低点，而欧元区通胀率降至2.2%，为2024年11月以来的最低水平。与此同时，采购经理人指数数据显示，法国服务业持续但温和收缩。

France’s 10-year OAT bond yield fell toward 3.38%, reaching a new low since March 4th, as investors heightened their expectations for European Central Bank rate cuts amid concerns that an escalating trade war could slow global growth. US President Donald Trump announced a 10% baseline tariff on all US imports, along with higher duties on key trading partners, including a 20% tariff on EU imports, set to take effect on April 9. As a result, money markets raised the probability of a 25bps ECB rate cut in April to over 90%, up from around 80% the previous day, while expectations for the deposit rate in December dropped to 1.8% from 1.9%. At the same time, investors assessed key economic data. Flash CPI data showed France’s inflation steady at a four-year low of 0.8% in March, while Euro Area inflation eased to 2.2%, the lowest since November 2024. Meanwhile, PMI data indicated a continued but milder contraction in France’s service sector.

HCOB法国服务业采购经理人指数在2025年3月升至47.9，高于上个月的45.3，超过了最初预测的46.6。然而，这仍然标志着连续第七个月出现负面数据，突显出该行业需求持续疲软。受经济形势严峻和客户兴趣疲软的推动，产量继续下降。同样，新订单连续第七个月下降，国际客户的新工作量以三个月来最快的速度下降。此外，3月份裁员现象仍然普遍存在，主要原因是自愿离职没有得到替代。在价格方面，通胀压力有所缓解，投入成本以去年10月以来的最低速度上涨，而随着公司试图将更高的运营费用转嫁给客户，产出费用增加。最后，商业信心仍然低迷，增长预期远低于历史平均水平。

The HCOB France Services PMI rose to 47.9 in March 2025, improving from 45.3 in the previous month and surpassing the initial forecast of 46.6. However, this still marked the seventh consecutive month of negative readings, underscoring ongoing weaknesses in demand within the sector. Production continued to decline, driven by challenging economic conditions and weak client interest. Similarly, new orders fell for the seventh month in a row, with the volume of new work from international customers decreasing at the fastest pace in three months. In addition, job shedding remained prevalent in March, mainly due to the non-replacement of voluntary departures. On the prices front, inflationary pressures eased, with input costs rising at the slowest rate since last October, while output charges increased as companies sought to pass on higher operating expenses to clients. Finally, business confidence remained subdued, with growth expectations well below the historical average.