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Nobel Prize-winning economist Paul Krugman warned that France’s deteriorating public finances are on an “unsustainble path” and at risk of unleashing a debt crisis across the euro area.
Bloomberg's Ronan Martin joins Scarlet Fu on "Bloomberg Real Yield." Nearly €215 billion ($241 billion) of France’s corporate bonds now trade as if they were safer than the government’s, an almost 18-fold increase since the start of 2026, after a punishing sovereign debt selloff. Some 38% of France’s total pool of high-grade company debt was indicated at lower yields than government securities of similar maturity on Wednesday. (Source: Bloomberg)
French Prime Minister Sebastien Lecornu announced Wednesday that France will release 10 million barrels of diesel from its strategic reserves to help ease pressure on the fuel market.
France’s bond selloff may be approaching a turning point, as the surge in yields tempts some investors to wade back into the market.
The French agriculture ministry on Wednesday forecast a historic low wine output this year after a summer of record high temperatures and a reduction in cultivated areas. The total harvest plunged 14 percent below the 2021–2025 average, with the Champagne region hit hardest due to an early harvest after the heat increased a sugar buildup.
Even before the latest bout of political and economic turmoil, by one measure France had become Europe’s most distressed corporate market.
The euro dropped to its lowest against the pound since June last year, weighed down by concerns over France’s deepening fiscal crisis and fresh political risks in the region.
After decades of budget deficits and steadily rising debt, markets are putting a new price on French risk. Investors are charging much more to hold government bonds, the stock market is under pressure and the cost of insuring bank bonds against default has jumped. The euro fell to its weakest level since May 2025 on Monday, reflecting fears that upheaval will spill beyond France’s border. Ozan Tarman, Vice Chair: Global Macro at Deutsche Bank, discusses the growing debt pressures across Europe and contagion risks. (Source: Bloomberg)
Bond yields are rising from the US to Japan — but the pressure is especially acute in France. How central banks could respond. (Source: Bloomberg)
The euro has stumbled to a 17-month low against the US dollar on concern about France's ability to bring its public finances in order. The currency has fallen nearly 7% from its peak in late January. Meanwhile, global oil prices fell despite ongoing tensions around the Arabian Peninsula, after the G7 agreed to release up to 100 million barrels from strategic reserves and oil flows from the Persian Gulf have returned to pre-war levels.
France and Germany proposed a new legal tool to enable the EU to respond rapidly to trade wars or measures, such as dumping, that could economically harm the bloc. While French President Emmanuel Macron and German Chancellor Friedrich Merz said the proposal was not a direct response to the actions of any particular country, it came days before EU Chief Ursula von der Leyen visits China to tackle trade fictions.
Jonathan Ferro, Lisa Abramowicz and Annmarie Hordern speak daily with leaders and decision makers from Wall Street to Washington and beyond. No other program better positions investors and executives for the trading day than "Bloomberg Surveillance." (Source: Bloomberg)
Schneider Electric SE said it is acquiring US-based engineering software developer PTC Inc. for an implied enterprise value of $23.7 billion.
Michael Haigh, global head of FIC and commodities research at Societe Generale, discusses levels of crude and diesel product in Europe’s strategic petroleum reserve. France has proposed that developed nations release reserves to ease surging prices at the pump. He speaks on “Bloomberg Surveillance.” (Source: Bloomberg)
France’s bond market is heading into a period of heightened volatility as political uncertainty collides with deteriorating public finances, according to Nicolas Forest, chief investment officer at Candriam.
A selloff in global debt has fueled a rout that’s hitting harder and faster in France than anyone expected, with nerves fraying about missed deficit targets and policy gridlock. The US jobs report is set be a macro highlight at a time when resilient data are supporting riskier assets while giving the Federal Reserve room to tighten policy to fight inflation. Economists estimate the reading will show nonfarm payrolls rose 90,000 last month after climbing in August by the most since March. The Opening Trade has everything you need to know as markets open across Europe. With analysis you won't find anywhere else, we break down the biggest stories of the day and speak to top guests who have skin in the game. Hosted by Anna Edwards, Guy Johnson and Tom Mackenzie. (Source: Bloomberg)
France proposed that European countries and member nations of the International Energy Agency release 100 million barrels of diesel and crude oil, a step that’s aimed at placating the Trump administration as it pushes Brussels to do more to cut fuel prices.
As global government bonds wrapped up their worst quarter since 2024 due to higher oil prices and the threat of sticky inflation for the world economy, France is facing a particularly tricky trajectory. OAT-Bund spreads widened sharply as an increasingly fragmented government unveiled plans to narrow the nation's budget deficit, stoking investor concern over the country’s debts. The Opening Trade spoke to guests about the economic outlook and investment landscape for France as the nation grapples with growing global and domestic pressures on it's finances. (Source: Bloomberg)
Worries are mounting and bonds, stocks and the euro are taking the hit.
Hedge funds are loading up on options that will profit if the euro weakens against the dollar as political and fiscal risks mount in France.
As the political stakes rise in France, the country’s equities are looking vulnerable. They are under-performing, under-owned and worst of all perhaps, Europe’s most unloved.
Inflation in France quickened to the fastest pace in more than two years as surging oil and natural gas costs continue to weigh on Europe’s economy. Inflation in the euro area’s second-biggest economy stood at 3.4% in September, up from 2.6% in August, statistics agency Insee said. The reading keeps pressure on the European Central Bank to continue raising interest rates. Bloomberg's Oliver Crook has the details. (Source: Bloomberg)
The French government will sell a record amount of bonds to investors next year as it faces a surge in Covid-era debt due for redemption and needing to be refinanced, the public debt management office said on Tuesday amid mounting concern about France's surging public deficit and borrowing rates.
Under pressure to help businesses and workers cope with soaring fuel prices, the French government has announced it will expand targeted energy relief for those most affected. The new measures will cost €450 million, bringing the total so far to €1.4 billion. Meanwhile, as French president Emmanuel Macron calls for allowing more biofuels to be added to diesel, we speak with an expert on the potential environmental impact of a rapid ramp-up in biofuel use.
French President Emmanuel Macron and Canadian Prime Minister Mark Carney have announced plans to deepen economic ties between their countries following a meeting at the weekend. Macron welcomed Carney in Saint-Pierre-et-Miquelon, a French territory off the coast of Canada’s Newfoundland. The two leaders discussed opportunities to share infrastructure in the space and defence sectors, as Canada’s trade relationship with the US deteriorates and Europe looks to diversify its energy supplies. Bryan Quinn has more.
The French government is holding urgent meetings today as it looks for ways to tackle rapidly rising fuel prices. Drivers are paying record-high prices for diesel, as the war in Iran disrupts crude oil shipments from the Middle East. But with public discontent growing, the government has limited options, as France’s finances are already under pressure. This report is from Bryan Quinn and our colleagues at France Télévisions.
With the prices of fuel continuously escalating, more and more drivers have been switching to bioethanol in France. It's cheaper to produce and currently costs around 95 cents per liter. Details by Shirli Sitbon.
Prime Minister Sébastien Lecornu said on Thursday that France will cut public spending by €54 billion next year to reduce the country's deficit. The announcement comes seven months ahead of the country's presidential election, and the government is wary of a new wave of demonstrations with a jump in global oil prices sparking concerns over the rising cost of living.