Barnier Holds Bond Market at Bay With Urgent Plan for France

-- Prime Minister Michel Barnier’s first policy address on Tuesday bought his new government some much-needed time to fix France’s finances, while avoiding a major rebuke from investors.Climate Migrants Stand to Overwhelm World’s Megacities

French bond yields remained substantially lower on the day amid a broad market rally, despite trimming gains slightly after Barnier spoke. The 10-year yield spread over Germany — a gauge of French bond risk — tightened one basis point to 78 basis points, compared with a peak of 82 basis points in recent days. France is due to sell 10-year and other long-term bonds on Thursday, according to the country’s debt agency.

The government already warned last week that the deficit this year would be much wider than the 4.4% the previous administration initially planned, as tax receipts have disappointed and local authorities have ramped up spending. The slippage has rattled investors, who already started selling French assets when Macron dissolved parliament in early June.

The nationalist group “doesn’t plan to drag the country into chaos,” Le Pen said. “The National Rally has made a responsible choice of refusing to censure your government from the outset to give it a chance – as infinitesimal as it may be – to finally implement the necessary measures for repair.” “Confronted with our immense challenges we don’t have the choice: Our responsibility is to lessen the burden and get back room to maneuver with the budget,” Barnier said.

The government “won’t work miracles,” Barnier said. But it’s “ready to overcome the obstacles one by one and strive to answer the French people’s concerns.”Military Veterans Help Plug Worker Shortages at EV, Battery Plants Sprouting Up in the USAlcaraz and Sinner will face off for the title in Beijing in what is their first final in two years

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