Same‑maturity France‑Germany sovereign yield spread widened to 86bps, nearing
post‑2012 highs, as global bond yields rise to multi‑decade levels. Parliament
is deadlocked over a contentious fiscal bill, increasing the risk attached to
Macron’s final budget in his ten‑year presidency and adding election‑year policy
uncertainty as challengers prepare to reverse his economic framework. FITCH will
lead a forthcoming review of France’s credit rating; FITCH, S&P Global Ratings
and DBRS Morningstar downgraded France during last autumn’s budget dispute.
