周五，CAC 40指数下跌0.3%，收于8167点，延续了前一交易日的低迷，投资者对货币政策前景进行了评估。美联储官员暗示长期高利率的言论，以及欧洲央行成员施纳贝尔对6月后降息的谨慎立场，助长了普遍的谨慎态度。施耐德电气（Schneider Electric）在宣布与可持续金融技术公司Crux合作，旨在从太阳能组件开发商Silfab solar获得生产税收抵免后，股价明显下跌1.6%。跌幅较大的包括Teleperformance，下跌2.7%；尽管历峰表现强劲，但受中国零售销售增长不佳的压力，开云集团下跌2.7%；Legrand，下跌2.3%。CAC 40指数本周收盘下跌近0.7%。

The CAC 40 eased by 0.3% to close at 8,167 on Friday, continuing its previous session’s downturn as investors assessed the monetary policy landscape. Comments from Fed officials suggesting prolonged high interest rates, along with ECB member Schnabel’s cautious stance on rate cuts post-June, contributed to the prevailing caution. Schneider Electric notably dropped by 1.6% following its partnership announcement with Crux, a sustainable-finance technology firm, aimed at obtaining production-tax credits from solar module developer Silfab Solar. Significant decliners included Teleperformance, down 2.7%, Kering, pressured by poor retail sales growth in China despite Richemont’s strong performance, with a loss of 2.7%, and Legrand, down 2.3%. The CAC 40 concluded the week with a nearly 0.7% decline.

法国10年期OAT收益率在5月15日触及2.9%的4周低点后反弹至3%。此前，欧洲央行董事会成员Isabel Schnabel发表讲话，警告不要在6月后进一步降息。在一次采访中，Schnabel表示，根据数据和新的欧元体系员工预测，6月份的降息可能是合理的。然而，她强调了6月以后的不确定性，强调了实现稳定通胀的困难。相反，本周公布的美国数据显示，4月份通胀和经济增长放缓，增加了对美联储降息的预期。市场目前预计，2024年欧洲央行将降息68个基点，低于周四的72个基点，美联储将降息46个基点，高于前一交易日的50个基点。

The French 10-year OAT yield rebounded to 3%, after hitting a 4-week low of 2.9% on May 15th. This increase followed remarks by ECB board member Isabel Schnabel, who cautioned against further rate cuts after June. In an interview, Schnabel suggested that a rate cut in June might be justified based on data and new Eurosystem staff projections. However, she highlighted the uncertainty beyond June, emphasizing the difficulty of achieving stable inflation. Conversely, US data released this week indicated a slowdown in inflation and economic growth in April, increasing expectations for Federal Reserve rate cuts. Markets are now pricing in 68 basis points of ECB rate cuts in 2024, down from 72 basis points on Thursday, and 46 basis points for the Fed, down from 50 basis points in the previous session.

周五，CAC 40指数下跌0.6%，至8137点，延续了前一交易日的跌幅，投资者对货币政策前景持乐观态度。美联储官员的言论暗示利率将长期上升，加上欧洲央行成员施纳贝尔对6月以后降息的谨慎立场，助长了谨慎的气氛。此外，中国喜忧参半的经济数据加剧了投资者的情绪。当天几乎所有行业都出现了亏损，施耐德电气也受到了影响，在宣布与可持续金融技术公司Crux合作，从太阳能组件开发商Silfab solar获得生产税收抵免后，股价下跌了约2%。跌幅较大的公司包括开云、Unibail Rodamco Westfield、圣戈班、Engie、Eurofins Scientific、Teleperformance SE和Legrand，股价下跌1.4%至2.7%。

The CAC 40 fell 0.6% to 8,137 on Friday, extending the previous session loss, as investors navigated through the monetary policy outlook. Remarks from Fed officials hinted at a prolonged period of elevated interest rates, coupled with ECB member Schnabel's cautionary stance on rate cuts beyond June, contributed to the cautious atmosphere. Moreover, mixed economic data from China exacerbated on investors' sentiment. Nearly all sectors registered losses for the day, and Schneider Electric was among those affected, experiencing a roughly 2% drop following its announcement of a partnership with Crux—a sustainable-finance technology firm—to procure production-tax credits from solar module developer Silfab Solar. Notable decliners included Kering, Unibail-Rodamco-Westfield, Saint-Gobain, Engie, Eurofins Scientific, Teleperformance SE, and Legrand, witnessing share dips ranging from 1.4% to 2.7%.

2024年第一季度，法国的失业率为7.5%，与过去两个季度持平，而市场普遍认为失业率为7.4%。失业人数比上一季度增加6000人，达到230万人，25至49岁的失业率下降0.2个百分点，降至6.8%。与此同时，15岁至24岁人群的失业率上升了0.6个百分点，达到18.1%，50岁及以上人群上升了0.1个百分点，到5.1%。在性别中，男性的失业率小幅上升0.1个百分点，至7.7，而女性的失业率则下降0.1个百分点至7.3%。活动率从前三个月的74.1%上升到本季度的74.5%。

The unemployment rate in France stood at 7.5% in the first quarter of 2024, unchanged from the past two-quarter periods and compared to market consensus of 7.4%. The number of unemployed persons rose by 6 thousand from the prior quarter to 2.3 million, with the unemployment rate for people aged 25 to 49 falling 0.2 percentage points to 6.8%. Meanwhile, the unemployment rate for people aged 15 to 24 increased by 0.6 percentage points to 18.1% and rose by 0.1 percentage points to 5.1% for those aged 50 and more. Among genders, the jobless rate for men edged up by 0.1 percentage points to 7.7, while it ticked lower by 0.1 percentage points to 7.3% for women. The activity rate rose to 74.5% during the quarter from 74.1% in the previous three-month period.