FT News Briefing France’s bond market sell-off
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Nov 29, 2024 French bond markets are facing significant turmoil, with yields now exceeding those of Greece, signaling deep political concerns. Meanwhile, Russia escalates tensions by threatening missile strikes on Kyiv, complicating the geopolitical landscape. In Ireland, upcoming elections feature a notorious criminal candidate shaking up traditional politics. Hong Kong is making waves with plans for crypto tax breaks aimed at attracting the wealthy. These intertwining narratives highlight a mix of economic anxiety and shifting political dynamics across Europe.
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France and Greece Bond Yields Converge
- France's 10-year bond yields briefly surpassed Greece's, a remarkable event given France's typically low borrowing costs and Greece's history with the eurozone debt crisis.
- This convergence reflects Greece's economic recovery and France's potential fiscal deterioration.
French Bond Market Sell-off
- France's bond market is struggling, with 10-year borrowing costs briefly reaching highs unseen since the 2012 eurozone crisis.
- Investors are worried about the unstable political situation and Prime Minister Elisabeth Borne's ability to pass a significant budget.
Unconventional Candidates in Irish Election
- Ireland's Dublin Central constituency election features diverse candidates, including Sinn Féin leader Mary Lou McDonald, a former crime boss, and a top EU financial policymaker.
- This race highlights key issues like housing, cost of living, and immigration.