周五，CAC 40指数微涨0.2%，收于7993点，反映出投资者对欧元区高于预期的通胀报告普遍持谨慎态度。5月份的数据标志着今年整体通胀和核心通胀的首次回升，突显出欧洲央行决策者在实现将通胀率降至2%的目标方面面临的挑战。尽管如此，预计央行下周仍将降息。与此同时，美国PCE通胀数据为投资者提供了一些缓解，为美联储今年降息提供了回旋余地。在个股中，TotalEnergies和Edenred涨幅最大，分别上涨2.6%和2.5%。另一方面，凯捷将跌幅扩大了4.5%，第二个交易日拖累了主要指数，Salesforce股价在未达到收入和销售增长预期后下跌了约20%，摩根大通将其从增持下调至中性，这使情况更加恶化。当月，CAC 40指数小幅上涨0.1%。

The CAC 40 inched 0.2% higher to close at 7,993 on Friday, reflecting a generally cautious sentiment as investors processed a hotter-than-expected inflation report for the Eurozone. May's data marked the first upturn in both overall and core inflation this year, highlighting the challenges for ECB policymakers in meeting their target of reducing inflation to 2%. Despite this, the central bank is expected to cut rates next week. Meanwhile, US PCE inflation figures provided investors with some relief, offering the Fed leeway for interest rate cuts this year. Among individual stocks, TotalEnergies and Edenred posted the largest gains, rising by 2.6% and 2.5% respectively. On the flip side, Capgemini extended its losses by 4.5%, pulling down the main index for the second session, as Salesforce shares dropped around 20% after missing revenue and sales growth expectations, worsened by a JP Morgan downgrade from overweight to neutral. In the month, the CAC 40 saw a marginal increase of 0.1%.

法国10年期OAT收益率从早些时候达到的近3.2%的六个月高点下滑至3.12%，因为PCE通胀数据向投资者保证，美联储今年仍有降息空间。与3月份相比，4月份的核心PCE价格有所放缓，而总体月度和年度价格保持稳定，与预测一致。相比之下，欧元区的总体通胀率上升至2.6%，核心通胀率上升到2.9%，分别略高于预期的2.5%和2.8%。尽管如此，预计欧洲央行仍将在下周即将召开的会议上下调关键利率。与此同时，法国的初步通胀数据喜忧参半，全国通胀率低于预测，而统一通胀率的涨幅超过预期。

The French 10-year OAT yield slipped to 3.12%, down from the six-month high of nearly 3.2% reached earlier, as PCE inflation data reassured investors that the Federal Reserve still has room to cut rates this year. Core PCE prices in April slowed compared to March, while the headline monthly and annual rates remained steady, in line with forecasts. In contrast, the headline inflation rate in the Euro Area rose to 2.6%, and the core rate increased to 2.9%, both slightly above the expected 2.5% and 2.8%, respectively. Despite this, the ECB is still expected to cut key interest rates at its upcoming meeting next week. Meanwhile, preliminary inflation figures for France were mixed, with national inflation coming in below forecasts, while the harmonized rate rose more than anticipated.

法国10年期OAT收益率攀升至3.2%，创下六个月新高，此前欧元区通胀数据超出预期。总体通胀率增至2.6%，核心通胀率增至2.9%，分别略高于预测的2.5%和2.8%。尽管有这些数据，预计欧洲央行仍将在下周的会议上下调关键利率。然而，交易员们已经修正了他们对6月以后进一步降息的预期，现在预计今年只会再降息两次。此外，欧洲央行的一些政策制定者强调了长期维持限制性货币政策的重要性。与此同时，法国的初步通胀数据喜忧参半，全国通胀率低于预测，而统一通胀率的涨幅超过预期。

The French 10-year OAT yield climbed towards the 3.2% mark, reaching new six-month highs, following Eurozone inflation figures that exceeded expectations. The headline inflation rate increased to 2.6%, and the core rate to 2.9%, both slightly above the forecasted 2.5% and 2.8%, respectively. Despite these figures, the ECB is still expected to cut key interest rates at its meeting next week. However, traders have revised their expectations for further rate cuts beyond June, now anticipating only two more reductions for the year. Additionally, some ECB policymakers have stressed the importance of maintaining a restrictive monetary policy for a longer period. Meanwhile, preliminary inflation figures for France were mixed, with national inflation coming in below forecasts, while the harmonized rate rose more than anticipated.

周五，CAC 40指数小幅下跌至7960点左右，追随普遍的谨慎情绪，投资者消化了欧元区高于预期的通胀数据。5月份的数据显示，总体通胀和核心通胀今年都出现了首次回升，强调了欧洲央行决策者在努力实现将通胀率降至2%的目标时面临的挑战。尽管如此，预计央行下周仍将降息。现在焦点转向即将公布的美国PCE数据，该数据受到美联储的密切监控。

The CAC 40 edged down to around 7,960 on Friday, tracking a general cautious mood, as investors digested a hotter-than-expected inflation print for the Eurozone. The May data revealed the first upturn in both overall and core inflation this year, emphasizing the challenges facing policymakers at the ECB as they try to meet their target of reducing inflation to 2%. Still, the central bank is expected to cut rates next week. The focus now turns to the upcoming US PCE data, which is closely monitored by the Federal Reserve.