France 10-Year Bond Spread Over Germany Tops 100bps First Time Since 2012

France's 10-year yield spread versus Germany has breached 100 basis points for the first time in 14 years, with yields near 4.5% (18-year highs). The 2026 deficit forecast rose to 5.4% of GDP, missing the 5% target; Paris pledges 3% by 2029. Bond markets are signaling skepticism of fiscal commitments alone, pressuring EUR as eurozone demand-side weakness (Italy jobless rate 5.6%) compounds credibility concerns.