The 10-year French OAT-German Bund yield spread closed at 147 bps on Monday, a new closing high since the eurozone sovereign debt crisis. The National Assembly votes Tuesday on the revenue section of the 2027 draft budget. Danske Bank warns spreads could remain under pressure unless unrest eases. Commerzbank notes PM Lecornu may invoke Article 49.3 to pass the budget without parliament by Dec. 17. Muzinich says political gridlock and 2027 elections hinder fiscal fixes. Separately, Morgan Stanley says US IG credit spreads resilient despite rates spike. Bank Indonesia expected to hold rate at 5.75% on Wednesday. BNP Paribas says China consumption recovery unlikely soon.
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