France is experiencing a week of mobilisation against the cost of living, with high-school students blocking their schools from 2 November ahead of the trade-union mobilisation on 5 November. The spread between French and German 10-year borrowing rates reached 159.9 basis points on 2 November, compared with 102 points on 22 September and 174.6 points on 22 October. The State’s interest burden is projected at 91.2 billion euros in 2027, 12 billion euros more than in 2026, while the Agence France Trésor is expected to borrow around 310 billion euros in 2026. For households, the average 20-year mortgage rate rose to 3.76% in November from 3.66% in October, while annual inflation was estimated at 3.4%. The 2027 budget has been postponed for a second time, leaving the tax on stablecoin conversions unresolved.
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