CAC 40指数周五微涨0.1%，收于7950点，1月收盘时强劲上涨7.7%，投资者在关注企业盈利的同时权衡欧洲各地的经济数据。德国和法国的总体通胀率均低于预期，这表明价格压力有所缓解，并强化了欧洲央行进一步降息的预期。在法国，初步数据显示，消费者价格涨幅低于预期，统一税率保持稳定。与此同时，12月份生产者价格指数连续第13个月下跌。在企业方面，施耐德电气以1.8%的涨幅领涨指数，而意法半导体在2024年第四季度收入下降导致前一交易日下跌近11%后反弹2.8%。相比之下，奢侈品股面临压力，因为LVMH的表现不如竞争对手，在需求疲软的情况下引发了人们对该行业复苏的担忧，股价下跌1.7%。

The CAC 40 inched up 0.1% to close at 7,950 on Friday, wrapping up January with robust gains of 7.7% as investors weighed economic data across Europe while keeping an eye on corporate earnings. Headline inflation in both Germany and France came in below expectations, signaling easing price pressures and reinforcing expectations of further ECB rate cuts. In France, preliminary data showed consumer prices rising less than anticipated, with the harmonized rate holding steady. Meanwhile, annual producer prices fell for the thirteenth consecutive month in December. On the corporate front, Schneider Electric led the index with a 1.8% gain, while STMicroelectronics rebounded 2.8% after a nearly 11% drop in the previous session due to a Q4 2024 revenue decline. In contrast, luxury stocks faced pressure as LVMH fell short of its rivals' performance, stoking concerns about the sector's recovery amid weak demand, with shares dropping 1.7%.

法国10年期OAT收益率在月初跌至3.2%，为四周来的最低水平，因为最新数据有利于欧洲央行继续降息。1月份国内通胀率低于预期，与德国各州的CPI数据一致。此外，受法国和德国经济下滑的压力，欧元区第四季度GDP意外停滞。这些事态发展与欧洲央行本周的信号一致，即尽管进行了一系列降息，但货币政策仍然具有限制性，这保证了央行周期的延续。正如预期的那样，欧洲央行在1月份将利率下调了25个基点，市场预计今年将再降息75个基点。反过来，由于围绕延迟的法国预算的不确定性持续引发财政担忧，OAT Bund价差仍接近最近的峰值，而总理Bayou选择不经投票批准该文件将引发另一次不信任投票。

The yield on the French 10-year OAT fell toward the 3.2% mark at the turn of the month, the lowest in four weeks, as the latest data favored the continuation of rate cuts by the ECB. The domestic inflation rate was softer than expected in January, consistent with CPI prints from German states. Also, the Eurozone’s GDP unexpectedly stalled in the fourth quarter, pressured by declines in both France and Germany. The developments were in line with the ECB’s signal this week that monetary policy remains restrictive despite the series of rate cuts, warranting a continuation to the central bank’s cycle. The ECB cut its rates by 25bps in January, as expected, and markets expect another 75bps of cuts this year. In turn, the OAT-Bund spread remained near recent peaks as uncertainty surrounding the delayed French Budget maintained fiscal concerns, and Prime Minister Bayou's choice to approve the document without a vote would trigger another no-confidence vote.

法国10年期政府债券收益率跌至3.23%的4周低点。过去4周，法国10年期债券收益率上涨7.10个基点，过去12个月上涨61.80个基点。

France 10 Year Government Bond Yield decreased to a 4-week low of 3.23%. Over the past 4 weeks, France 10Y Bond Yield gained 7.10 basis points, and in the last 12 months, it increased 61.80 basis points.

CAC 40指数周五上涨0.4%，至7975点，由于投资者评估了整个欧洲的经济数据，同时继续关注企业盈利更新，预计将实现强劲的月度涨幅。在法国，初步估计显示，年度消费者价格涨幅低于预期，统一税率保持出乎意料的稳定。与此同时，2024年12月，年度生产者价格连续第13个月下跌，尽管是2023年12月以来最疲软的速度。在企业方面，施耐德电气以1.7%的涨幅领涨指数。此外，意法半导体在2024年第四季度收入下降后，在上一交易日暴跌近11%后反弹1.6%。相反，Eurofins Scientific表现最差，在报告全年收入低于预期和有机增长低于其预期后下跌1.2%。

The CAC 40 rose 0.4% to 7,975 on Friday, poised for strong monthly gains as investors assessed economic data across Europe while continuing to monitor corporate earnings updates. In France, preliminary estimates showed annual consumer prices rising less than expected, with the harmonized rate remaining unexpectedly steady. Meanwhile, annual producer prices fell for the thirteenth consecutive month in December 2024, albeit at the softest pace since December 2023. On the corporate front, Schneider Electric led the index with a 1.7% gain. Additionally, STMicroelectronics rebounded 1.6% after plunging nearly 11% in the previous session, following a revenue decline in Q4 2024. Conversely, Eurofins Scientific was the worst performer, falling 1.2% after reporting full-year revenue below expectations and organic growth that fell short of its own guidance.