French government risks are underpriced [Video]
French political chaos sat on the headlines at the start of the week. The spread between the 10-year French and German yields jumped to 87bp – the highest since the euro debt crisis of a decade ago, and could well spike above the 100bp mark if the French political crisis is not contained. The widening French-German yield spread hammered the single currency on Monday. The EURUSD sharply dropped to 1.0460. Meanwhile, Stellantis CEO quit yesterday on tumbling sales and profit causing the shares to drop more than 6%, and around 66’000 VW workers abandoned their posts on failure to agree how to slash costs to avoid factory closures. Selloff in VW shares remained curiously limited.
A completely different atmosphere in the US: The S&P500 printed this year’s 54th record high on Monday, as record Black Friday sales came as another proof that Americans continue to spend.
In the FX, the USD index rose ahead of US jobs data, crude oil tested the $70pb resistance ahead of the OPEC’s Dec5th decision.
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