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Europe Bond Fears Revive
The divide in European bond markets has widened as the Iran war pushed up inflation and interest rates, while investors grew more concerned about the fiscal positions of France and Belgium compared with safer countries such as Germany. The yield on 10-year French bonds rose by 1.6 percentage points to more than 5%, while Belgium’s climbed by 1.2 points to 4.3%. The two countries’ budget deficits are nearing 6% of GDP, while their debt-to-GDP ratios stand at around 120% in France and 110% in Belgium. By contrast, solid growth and more restrained fiscal policies have limited the rise in borrowing costs in Spain and Ireland. France is seeking to cut spending in its 2027 budget by about €43 billion, while Belgium is negotiating austerity measures to save €10 billion by 2029.
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