French sovereign bonds and stocks fell on Wednesday as concerns intensified among investors that a dispute over a belt-tightening draft budget could bring down Prime Minister Michel Barnier’s government.
The sell-off pushed the gap between 10-year French borrowing costs and those of Germany to as high as 0.9 percentage points, a level not reached since the Eurozone crisis in 2012. It later fell back to 0.86 points.
The benchmark Cac 40 stock index was down 1.2 per cent, the worst performer among major European markets.
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