The yield on French 10-year government bonds briefly rose above 5% on Wednesday, the first time it has reached that level since 2002, before easing to 4.9794%. The increase comes amid violent protests, riots and looting, with damages estimated at hundreds of millions of euros. The government is negotiating the 2027 budget and is targeting 54 billion euros in spending cuts, while France is subject to the EU’s excessive deficit procedure and must bring its deficit down from 5.1% of GDP to close to 3%. Finance Minister Roland Lescure said the government was prepared to bypass Parliament again if necessary, including through Article 49.3 of the constitution, adding to uncertainty in the bond market.
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