France Q1 Trade Deficit Widens to €14.1B Following Sharp Services PMI Drop

France's trade balance deteriorated sharply in Q1 2026 to a €14.1B deficit, up €2.8B from Q4 2025, driven partly by a wider energy gap as imports rose 1.8% to €171.8B while exports edged up just 0.1% to €157.6B. This compounds the prior day's dismal services data, where the S&P Global Services PMI fell to 46.5—the lowest since February 2025—from March's 48.8, with new orders contracting at the fastest pace since November 2023 and input price inflation hitting a 29-month high. The composite PMI slipped to 47.6, signaling softening demand and margin pressures that bear on France 40 and European equities.