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Demand for mortgages in the euro zone fell sharply in three months to September as interest rates rose and credit became harder to get, a European Central Bank poll showed on Tuesday.
As a selloff in French government bonds deepens, the region's debt-laden economies risk a surge in borrowing costs while also grappling with increasing social unrest.
The US orders some diplomats and their families to leave Saudi Arabia as Houthi attacks intensify. Three people are killed in separate incidents at an Aramco oil field and a Saudi airport, while Brent moves above $110 as the security risks lift oil prices.
France faces a severe fiscal, debt, and political crisis, with its 10Y bond yield surging to ~5%, the highest since 2002. The deficit/GDP ratio remains far above the EU's 3% threshold, with public debt projected to reach 118% of GDP by 2026.
IMF expects at least one more 25 bps ECB rate hike in 2026
The iShares MSCI Poland ETF (EPOL) has delivered a 25% YTD return, sharply outperforming European and US benchmarks. EPOL remains on a hold rating as valuation is now fair, despite strong technical momentum and robust historical outperformance. Financials dominate EPOL's portfolio at over 46%, making upcoming bank earnings and Poland's 3.5% GDP growth critical drivers.
What's happening in France is staying in France bond-wise for now. That's a good thing.
Amin Nasser says ‘system is already straining' and ‘replenishing inventories could take up to two years'