France is replacing Italy as the focal point for market concerns about European debt sustainability, say investors, as Paris faces tricky budget negotiations next month and ahead of a presidential election next year where support for far-left and far-right parties is rising.
The yield on Italy’s benchmark 10-year government bond, which for years traded well above that of France, has been below it for most of this summer, as bondholders demand extra compensation to buy French debt. Yields fall as prices rise.
Investors say this reversal of the historical trend signifies a major shift in how the market views the relative risks of the two countries.
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