France Business Confidence Holds at 94, Tempering France 40 PMI Fallout

On 22 May 2026, France’s INSEE business confidence index printed exactly in line with expectations at 94, unchanged from April and providing a neutral counterpoint to the prior day’s sharp PMI downside surprise. The May 21 S&P Global flash data had shown services PMI collapsing to 42.9 versus 46.6 expected, manufacturing dropping to 48.9 and back into contraction after five months of growth, and the composite PMI falling to 43.5. While the weak readings heightened downside risks for French equities and the France 40 index, today’s steady confidence print suggests the deterioration may be stabilizing rather than accelerating, limiting immediate further pressure on regional growth expectations and ECB policy bets.