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France is facing a critical juncture amid growing uncertainty regarding its budget and the future of the government. Finance Minister Antoine Armand highlighted these concerns on Tuesday, signaling potential challenges ahead for the nation's fiscal stability.
Asian stocks rose following gains in US shares, with South Korea and Australia leading the way. The euro weakened amid political tensions in France, where Marine Le Pen signaled a potential no-confidence vote against the government over budget issues. Finance Minister Antoine Armand rejected Le Pen's demands for budget adjustments by Monday.
French Finance Minister Antoine Armand indicated that the 2025 budget has room for improvement. However, he did not yield in the ongoing standoff with the far right regarding new concessions.
European stocks rebounded, led by technology shares, as concerns eased over US semiconductor sales restrictions to China. However, political turmoil in France caused its stocks and bonds to underperform, with yields on French bonds nearing those of Greece for the first time. Meanwhile, the Brazilian real hit a record low amid disappointing government spending cuts, and US equity futures rose slightly ahead of the Thanksgiving holiday.
France's political turmoil has driven its borrowing costs to match those of Greece for the first time, with 10-year government bond yields nearly equal at 3.0010% and 3.030%, respectively. Prime Minister Michel Barnier faces a potential no-confidence vote from the left-wing New Popular Front alliance, which threatens to destabilize his minority government as it struggles to pass a budget aimed at reducing a significant deficit. Despite reassurances from officials about France's economic strength compared to Greece, concerns persist over the country's fiscal health, with a projected budget deficit of 6.1% in 2024 and public debt exceeding 110% of GDP.
France's government, facing unpopularity and rising opposition to next year's budget, is prepared to make concessions, according to Finance Minister Antoine Armand. Concerns are mounting that the opposition could lead to the downfall of Prime Minister Michel Barnier's administration.
French Finance Minister Antoine Armand is considering concessions on the 2025 budget bill to prevent opposition parties from destabilizing the government. He emphasized the importance of having a budget, even if it differs from their original plans, to avoid uncertainty.
France is reviewing its corporate assets and considering investments in strategic companies, as stated by the finance minister in an interview. This initiative follows the government's proposal to acquire Atos SE's advanced computing division and involves collaboration with the Defense Ministry and Prime Minister Michel Barnier.
Moody's has affirmed France's credit rating at Aa2 but downgraded its outlook to negative, citing unexpected fiscal deterioration compared to similarly rated countries. The agency highlighted challenges in the political environment that hinder effective policy measures for budget improvement. In response, French Economy Minister Antoine Armand acknowledged the need for reforms to stabilize public finances.
On a rainy September afternoon, Antoine Armand, France's youngest finance minister at 33, received a symbolic Basque walking cane from his predecessor, Bruno Le Maire. The gesture highlighted that age does not determine worth, while the cane serves as a metaphor for navigating challenges ahead.
Antoine Armand
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