在巴黎，CAC 40指数周二上涨173点，涨幅2.50%。凯捷（5.11%）、泰雷兹（4.83%）和爱马仕国际（4.78%）领涨。

In Paris, the CAC 40 Index gained 173 points or 2.50 percent on Tuesday. Gains were led by Cap Gemini (5.11%), Thales (4.83%) and Hermes International (4.78%).

法国10年期OAT收益率回升至3.4%以上，从周一触及的3.247%的一个月低点回升，因为投资者谨慎地希望美国总统特朗普上周宣布的一些关税可能会被修改。在与美国的贸易紧张局势加剧之际，市场还希望欧盟的立场更加明确。美国财政部长斯科特·贝森特表示，包括日本在内的约70个国家已与白宫联系，开始关税谈判。与此同时，欧盟委员会透露，它已向特朗普政府提出“零对零”关税协议，以避免贸易战——这一提议最终被拒绝。在货币方面，降息预期继续上升，交易员预计4月份降息25个基点的可能性为90%，预计到年底将再降息两个基点，并增加了对可能降息第三个基点的猜测。

France’s 10-year OAT yield was back above the 3.4% mark, recovering from a one-month low of 3.247% touched on Monday, as investors grew cautiously hopeful that some of the tariffs announced by U.S. President Trump last week might be revised. Markets also looked for more clarity on the European Union’s stance amid rising trade tensions with the U.S. Treasury Secretary Scott Bessent said around 70 countries, including Japan, had reached out to the White House to begin tariff talks. Meanwhile, the European Commission disclosed it had proposed a “zero-for-zero” tariff deal to the Trump administration in an effort to avoid a trade war—an offer that was ultimately turned down. On the monetary front, rate cut expectations continued to build, with traders pricing in a 90% chance of a 25-basis-point cut in April, two more expected by year-end, and increasing speculation of a possible third.

法国10年期国债收益率在周一波动后稳定在3.4%以下，仍接近一个月来的最低点，因为投资者涌向避险资产，欧盟对美国关税的反应仍存在不确定性，对全球经济放缓的担忧日益加剧。欧盟委员会透露，它已向特朗普政府提出零对零关税协议，试图缓解贸易紧张局势，但该提议最终被拒绝。此外，欧盟提议对部分美国商品征收25%的反关税，以回应特朗普总统上个月对钢铁和铝进口征收关税的举动。与此同时，对欧洲央行货币宽松政策的预期有所增强。交易员们现在预计，4月份降息25个基点的可能性为90%，预计到今年年底将再降息两次——一次可能最早在6月——并增加了对可能降息第三次的猜测。

France’s 10-year Bund yield stabilized just below the 3.4% mark following a volatile session on Monday, remaining near its lowest point in a month as investors flocked to safe-haven assets amid lingering uncertainty over the EU’s response to U.S. tariffs and rising concerns about a global economic slowdown. The European Commission disclosed it had offered a zero-for-zero tariff deal to the Trump administration in an attempt to defuse trade tensions, though the proposal was ultimately rejected. Additionally, the EU proposed 25% counter-tariffs on a selection of U.S. goods, responding to President Trump’s move last month to impose duties on steel and aluminum imports. At the same time, expectations for monetary easing by the European Central Bank have strengthened. Traders are now pricing in a 90% likelihood of a 25-basis-point rate cut in April, with two more cuts anticipated by the end of the year—one possibly as early as June—and increasing speculation about a potential third.

2025年2月，法国的经常账户赤字从上个月向下修正的13亿欧元扩大到19亿欧元。这标志着自2024年4月以来最大的经常账户赤字，因为商品账户缺口从2025年1月的58亿欧元显著增加到64亿欧元。另一方面，服务账户盈余从40亿欧元小幅上升至41亿欧元。此外，2025年2月，初级收入盈余保持不变，为43亿欧元，而次级收入赤字也保持稳定，为39亿欧元。

France's current account deficit widened to EUR 1.9 billion in February 2025 from a downwardly revised EUR 1.3 billion in the previous month. This marked the largest current account deficit since April 2024, as goods account shortfall increased notably to EUR 6.4 billion from EUR 5.8 billion in January 2025. On the other hand, services account surplus went up slightly to EUR 4.1 billion from EUR 4 billion. In addition, the primary income surplus remained unchanged at EUR 4.3 billion in February 2025, while the secondary income deficit also remained steady at EUR 3.9 billion.