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 dow

Insurance costs for vessels in the Persian Gulf have returned to multi-decade highs amid rising concern over Iranian strikes, while Red Sea shipping insurance rates are also spiking. McGilland Partners' head of marine said war-risk premiums for Persian Gulf vessels now run about 3–6% of vessel value versus roughly 0.25% in peacetime. He added the market currently views risk as possibly at its peak for the conflict. Escalating Houthi attacks in the Red Sea are pushing premiums higher for ships linked to Israel or Saudi Arabia; Red Sea war-risk rates have risen to roughly 0.3–1% of vessel value from about 0.1% a month ago.

HKEX filing: Tencent Holdings (00700.HK) repurchased 682,000 shares on Aug 25 at a total cost of HK$300.4 mln.