BUDGET DEFICIT IN FRANCE
French government collapse: France President Emmanuel Macron to name new Prime Minister, replacing Francois Bayrou who resigns. Snap elections to be declared?
France Prime Minister Francois Bayrou is all set to submit resignation even as French President Emmanuel Macron will make big announcement soon.
France government collapse: All about Francois Bayrou, the third Prime Minister ousted in a year
In a political shakeup, Prime Minister Francois Bayrou was ousted in a confidence vote, plunging France into a fresh crisis. President Macron, who appointed Bayrou last December, faces the task of naming a new prime minister. Bayrou's tenure was marked by resistance from both the left and right wings.
France PM François Bayrou axed after losing confidence vote; third ousting in 12 months
France's political landscape is once again turbulent as Prime Minister Francois Bayrou's government was ousted in a confidence vote, highlighting deep divisions over budget priorities. President Emmanuel Macron now faces the challenge of appointing a fourth prime minister in just a year amidst pressing economic issues and international crises.
France cannot 'erase reality' of fiscal risks, Bayrou says with govt on brink
Prime Minister Francois Bayrou warned France faces a financial crisis due to over-indebtedness, ahead of a likely confidence vote loss. He cautioned that any future government would confront the same fiscal realities, with high debt and rising expenses. The looming government collapse threatens France's stability amid European challenges and could lead to credit downgrades.
France political crisis: Is country about to go bankrupt due to Donald Trump tariffs? Factors that have impacted Europe's 2nd largest economy
France's economy, the second largest in Europe after Germany's, appears strong at first glance. Before President Donald Trump's tariff war, growth was slow but steady and employment was picking up.
What you need to know about France's political crisis
French Prime Minister Francois Bayrou is poised to lose a confidence vote, deepening France's political turmoil amid ballooning debt and a fragmented parliament. Bayrou's austerity budget triggered opposition, leading to the vote. President Macron faces pressure to appoint a new prime minister, potentially from the center-left, as France braces for protests and a credit rating review.
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France faces more turmoil with government on brink ahead of confidence vote
France's political scene is shaky. Prime Minister Francois Bayrou is likely to lose a confidence vote. This deepens the nation's problems amid European challenges. France struggles with debt and budget issues. Opposition parties plan to oust Bayrou. President Macron may need to find a new leader. The country is in crisis after snap elections.
5 world market themes for the week ahead
Global markets brace for a week of pivotal economic data from the U.S., China, and Japan, alongside key central bank meetings. Investors are keenly awaiting the U.S. inflation report, influencing potential Federal Reserve rate cuts. Political uncertainties in France and Norway add to the market's cautious sentiment.
Japan 30-year auction tests a jittery bond market as global yields surge
Global debt markets are uneasy due to increasing fiscal deficits. Japan's super-long government bond auction is the latest test. Thirty-year bonds are a pain point for Japan, the US, and Europe. Investors demand higher yields for holding longer debt. Japan's Ministry of Finance aims to sell 30-year paper. Political uncertainty and global yield increases affect the JGB market.
Euro zone bond yields lower at end of volatile day
Euro zone bond yields were set to finish a volatile day lower on Wednesday, as the recent global selloff eased with help from U.S. labour market data that supported bets on a Federal Reserve rate cut this month.
Bond rout cools but mood cautious with long-term borrowing costs near highs
Long-dated government borrowing costs from Japan to Britain touched fresh multi-year highs on Wednesday on nagging concerns over the fiscal health of some of the world's biggest economies, although a degree of calm was returning after a sharp selloff.
Euro zone bonds steady but fiscal jitters persist for long-end
Euro zone bond yields remained steady near multi-year highs. Investors are worried about government debt. Germany's 30-year yield was close to a 14-year high. French bonds showed little reaction to political news. Heavy bond supply is expected from Germany, Japan, and the US. Japan's 30-year government bond yield hit a record high. Societe Generale anticipates significant European bond issuance.
Sterling, yen dragged by fiscal and political worries
The British pound and yen faced pressure amid global fiscal concerns and Japanese political uncertainty. UK's borrowing costs surged, impacting sterling, while Japan's yen weakened following a ruling party official's resignation announcement. This boosted the dollar against other currencies. Investors are also closely monitoring upcoming U.S.
Treasury chaos: 30-year yield soars past 4.97% as US faces tariff refund threat
Treasury yields moved higher as investors worried about the future of U.S. tariffs after a key court ruling. The 30-year yield crossed 4.97%, its highest in weeks, while global bond markets also saw a sharp rise. The case over Trump tariffs has now created fresh questions for Wall Street, government revenue, and market stability.
US dollar hits lowest since end-July ahead of US jobs data
The dollar hit a five-week low on Monday as investors looked ahead to a raft of U.S. labour market data this week that could affect expectations for the Federal Reserve's easing path.
Charting the global economy: US consumers remain resilient, Indian exporters under pressure
American consumer spending saw a rise in July, driven by income growth despite high prices. Globally, economic landscapes are shifting. Germany faced rising inflation, while France grappled with political instability. China aimed for increased public welfare spending. South Korea's consumer confidence hit a seven-year high. Indian exporters sought government support amid US tariffs.
Fears of new political crisis grip France
France is facing a potential political crisis as Prime Minister Francois Bayrou's government faces a confidence vote amid opposition to his proposed debt-cutting measures. Opposition parties across the political spectrum have voiced their disapproval, increasing pressure on President Emmanuel Macron, with some even calling for his resignation. The political turmoil has impacted financial markets, raising concerns about France's economic stability.
The dollar still rules, but US policy is making it less special
Trump's policies are shaking the dollar's role as the world's reserve currency. Curbs on Russia and economic concerns have spurred diversification. Banks are seeing demand for alternatives. BRICS nations are pushing for a new payment system. While the dollar isn't disappearing, it faces competition. This shift could lead to higher interest rates and affect America's geopolitical power.
Trump is winning his trade war. What will that mean for the economy?
Donald Trump's trade policies are reshaping global trade. The US now uses its economy as leverage. Countries accept tariffs to do business with America. Higher tariffs aim to encourage US production. Economists predict higher prices and economic slowdown. Some see limited economic benefits. New tariffs on semiconductors and pharmaceuticals are expected. Analysts say US tariffs may trigger recession in Canada.
France’s new revolution: Work more, earn less in the land of the 35-hour work week
France grapples with a controversial proposal. Prime Minister Francois Bayrou suggests cutting public holidays. This aims to curb the nation's rising budget deficit. The move sparks widespread outrage. Unions and political opponents voice strong disapproval. Critics argue it burdens workers without fair compensation. Alternative solutions focus on boosting employment and productivity.
Moody's downgrades France credit rating to Aa3
Moody's downgraded France's credit rating to Aa3 due to political instability. The agency cited "political fragmentation" after parliament ousted Prime Minister Barnier over an austerity budget. Newly appointed Prime Minister Bayrou faces challenges forming a stable government and addressing large fiscal deficits.
French government felled in no-confidence vote, deepening political crisis
French Prime Minister Michel Barnier's government collapsed after just three months following a no-confidence vote. Far-right and left-wing lawmakers united against his use of special powers to pass an unpopular budget. President Macron now faces the challenge of forming a stable government amidst political turmoil and economic uncertainty.
Inside France's Deficit Dilemma: Why the budget plan has the nation divided
France's new government, led by Prime Minister Michel Barnier, has announced a 2025 budget plan with significant tax hikes and spending cuts to reduce its massive deficit. The budget, aimed at tackling high public spending and debt, faces strong opposition from various lawmakers and labor unions.
France plans 60 bln euro budget squeeze for next year
Prime Minister Michel Barnier told lawmakers on Tuesday he would reduce the budget deficit - which is set to reach 6.1% of GDP this year - to 5% by the end of 2025 but would have to push back the target date for reaching the euro zone's common 3% deficit goal to 2029 from 2027.
France asks European Commission to push deadline to present deficit plan
France asked for additional time to ensure consistency between the plan and its 2025 finance bill, a representative for the ministry told Bloomberg, without saying what the new proposed deadline would be. The plan had been due by Sept. 20.
French deficit worsens to 'very rare' level
France's budget deficit exceeded expectations in 2023, reaching 5.5% of GDP, prompting concerns about President Macron's fiscal goals. The deficit surge was attributed to global economic challenges and the conflict in Ukraine. France plans spending cuts to meet the 4.4% deficit target for the year.
Wolfgang Schaeuble says France, Italy on right path as borrowing falls
France and Italy are on the right path in reducing their net new borrowing, German Finance Minister Wolfgang Schaeuble said in a radio interview to be aired on Sunday, adding that net new borrowing had been cut sharply throughout the euro zone.
France could miss '09 budget deficit target
France may exceed its budget deficit target next year if economic conditions remain weak, but the country will meet its commitment to its European partners to keep the deficit under control, Prime Minister Francois Fillon said Wednesday.
EU keeps close eye on French deficit
The European Commission said Wednesday it was keeping a close eye on French public finances to avoid "slippage," after President Nicolas Sarkozy's government unveiled its first budget.
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