French Markets Tumble as Riots Add to Political Crisis: 10-Year Yield Hits 4.9%

Paris — French markets tumbled on October 19 after a weekend of widespread protests and rioting, Reuters reported. France's 10-year bond yield rose 13 basis points to 4.9%, its largest one-day rise since late September, while Germany's 10-year yield rose 4 basis points to 3.45%, pushing the spread between them to 146 basis points, the highest in two weeks. In early October the French 10-year yield had hit 4.99%, its highest since 2002.

The CAC 40 index fell 1.5%, underperforming a 1% drop in the broader European STOXX index. Shares in BNP Paribas and Societe Generale each fell 3%, and Carrefour fell 1.8% after its chief executive said protest damage would cost the retailer tens of millions of euros. The cost of insuring French sovereign debt rose 5 basis points to about 82 basis points, and the euro fell 0.2% to 0.3% against the dollar, pound and yen. Italy's 10-year yield rose 11 basis points to 4.58%.

The French government asked some local authorities to impose curfews on Monday night, and Prime Minister Sebastien Lecornu did not rule out declaring a state of emergency. Moody's is due to review France's credit rating on Friday. (GSM, via Reuters)

Source: GSM · USA (original Chinese edition)

Photo: 图：巴黎布隆尼亚宫（Palais Brongniart），巴黎证券交易所旧址（资料图）。维基共享资源，CC BY-SA 4.0。Photo: The Palais Brongniart in Paris, the historic home of the Paris stock exchange (file photo). Via Wikimedia Commons, CC BY-SA 4.0.

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