Cobre Panamá copper mine: post-earthquake, site facilities and infrastructure stable; personnel safe.

Fitch warned France’s draft budget, which contains €43bn of fiscal adjustments to cut the deficit and ease market concern over public finances, could heighten sovereign bond-market volatility if it fails to win approval. Federico Bariga-Salazar, Fitch’s head of Western Europe sovereign ratings, called Finance Minister Roland Lescure’s plan to reduce the deficit to 5% of GDP by 2027 “substantive” and said its large scale means failure to implement it could produce a pronounced shock.

BofA strategist Michael Hartnett says investors are shifting into money-market funds at the fastest pace since the COVID pandemic and that trend is unlikely to reverse near term unless the Fed implements large-scale monetary easing and sustained rate cuts. Week to Oct. 7: money-market funds net inflows $166.4bln, bond funds $33.8bln, equity funds $12.4bln — both far smaller than MMF flows. Hartnett: If the Fed does not cut, investors will not reduce cash holdings. He sees the US midterm elections as the most likely catalyst for outsized equity volatility in 2027 and, given the current tightening cycle and ongoing tightening of financial conditions, favors a defensive reduction in risk exposure ahead of the midterms.