EU Carmakers Hail Deal on Emissions That Opens Door to the UK
Europe’s auto industry welcomed a deal between France and Germany that provides relief for manufacturers grappling with high costs and intense Chinese competition.
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Europe’s auto industry welcomed a deal between France and Germany that provides relief for manufacturers grappling with high costs and intense Chinese competition.
UBS Chief Economist Arend Kapteyn discusses the Fed’s rate outlook following hotter inflation data, the impact of AI investment and borrowing on bond yields, and why he believes AI fundamentals remain strong despite the recent market selloff. Kapteyn also weighs in on Europe’s economic challenges, competition with China and France’s fiscal outlook. He spoke on Bloomberg Brief. (Source: Bloomberg)
A conversation with Shahin Vallée.
France and Germany have backed looser EU emissions rules for carmakers and agreed to include Britain in a “made in Europe” scheme, in a provisional deal reached Thursday that could reshape the bloc’s automotive and climate policies.
Charles Pellegrin is pleased to welcome Nicolas Vercken, Director of Advocacy for Oxfam France. France’s tax inequality is under scrutiny and Oxfam is challenging the state over its constitutional obligations. “It’s not so much about how much the percentage of tax and the burden of our tax system, it’s who you tax and for what,” explains Vercken. As France confronts mounting fiscal pressures and contentious budget negotiations, Oxfam France is challenging the constitutional foundations of the country's tax system, arguing that successive fiscal reforms have disproportionately benefited the wealthiest while exacerbating economic inequality. Their legal initiative seeks to establish whether the French state has failed in its constitutional obligations, potentially placing fiscal inequality under judicial scrutiny for years to come.
The shock from turmoil in French debt has yet to show up in the country’s market for short-term funding, signaling a broad credit crisis is off the cards for now.
The exposure of France’s banking sector to the nation’s public debt remains limited and doesn’t pose stability risks even as yields on government bonds surge, the country’s top financial watchdog said Tuesday.
TotalEnergies SE will continue to bear down on pump prices in France through the current oil crisis, as it participates in a government-led release of strategic diesel reserves to further ease consumer costs, Chief Executive Officer Patrick Pouyanne said.
Nobel Prize-winning economist Paul Krugman warned that France’s deteriorating public finances are on an “unsustainble path” and at risk of unleashing a debt crisis across the euro area.
Bloomberg's Ronan Martin joins Scarlet Fu on "Bloomberg Real Yield." Nearly €215 billion ($241 billion) of France’s corporate bonds now trade as if they were safer than the government’s, an almost 18-fold increase since the start of 2026, after a punishing sovereign debt selloff. Some 38% of France’s total pool of high-grade company debt was indicated at lower yields than government securities of similar maturity on Wednesday. (Source: Bloomberg)
French Prime Minister Sebastien Lecornu announced Wednesday that France will release 10 million barrels of diesel from its strategic reserves to help ease pressure on the fuel market.
France’s bond selloff may be approaching a turning point, as the surge in yields tempts some investors to wade back into the market.
The French agriculture ministry on Wednesday forecast a historic low wine output this year after a summer of record high temperatures and a reduction in cultivated areas. The total harvest plunged 14 percent below the 2021–2025 average, with the Champagne region hit hardest due to an early harvest after the heat increased a sugar buildup.
Even before the latest bout of political and economic turmoil, by one measure France had become Europe’s most distressed corporate market.
The euro dropped to its lowest against the pound since June last year, weighed down by concerns over France’s deepening fiscal crisis and fresh political risks in the region.
After decades of budget deficits and steadily rising debt, markets are putting a new price on French risk. Investors are charging much more to hold government bonds, the stock market is under pressure and the cost of insuring bank bonds against default has jumped. The euro fell to its weakest level since May 2025 on Monday, reflecting fears that upheaval will spill beyond France’s border. Ozan Tarman, Vice Chair: Global Macro at Deutsche Bank, discusses the growing debt pressures across Europe and contagion risks. (Source: Bloomberg)
Bond yields are rising from the US to Japan — but the pressure is especially acute in France. How central banks could respond. (Source: Bloomberg)
The euro has stumbled to a 17-month low against the US dollar on concern about France's ability to bring its public finances in order. The currency has fallen nearly 7% from its peak in late January. Meanwhile, global oil prices fell despite ongoing tensions around the Arabian Peninsula, after the G7 agreed to release up to 100 million barrels from strategic reserves and oil flows from the Persian Gulf have returned to pre-war levels.
France and Germany proposed a new legal tool to enable the EU to respond rapidly to trade wars or measures, such as dumping, that could economically harm the bloc. While French President Emmanuel Macron and German Chancellor Friedrich Merz said the proposal was not a direct response to the actions of any particular country, it came days before EU Chief Ursula von der Leyen visits China to tackle trade fictions.
Jonathan Ferro, Lisa Abramowicz and Annmarie Hordern speak daily with leaders and decision makers from Wall Street to Washington and beyond. No other program better positions investors and executives for the trading day than "Bloomberg Surveillance." (Source: Bloomberg)
Schneider Electric SE said it is acquiring US-based engineering software developer PTC Inc. for an implied enterprise value of $23.7 billion.
Michael Haigh, global head of FIC and commodities research at Societe Generale, discusses levels of crude and diesel product in Europe’s strategic petroleum reserve. France has proposed that developed nations release reserves to ease surging prices at the pump. He speaks on “Bloomberg Surveillance.” (Source: Bloomberg)
France’s bond market is heading into a period of heightened volatility as political uncertainty collides with deteriorating public finances, according to Nicolas Forest, chief investment officer at Candriam.
A selloff in global debt has fueled a rout that’s hitting harder and faster in France than anyone expected, with nerves fraying about missed deficit targets and policy gridlock. The US jobs report is set be a macro highlight at a time when resilient data are supporting riskier assets while giving the Federal Reserve room to tighten policy to fight inflation. Economists estimate the reading will show nonfarm payrolls rose 90,000 last month after climbing in August by the most since March. The Opening Trade has everything you need to know as markets open across Europe. With analysis you won't find anywhere else, we break down the biggest stories of the day and speak to top guests who have skin in the game. Hosted by Anna Edwards, Guy Johnson and Tom Mackenzie. (Source: Bloomberg)
France proposed that European countries and member nations of the International Energy Agency release 100 million barrels of diesel and crude oil, a step that’s aimed at placating the Trump administration as it pushes Brussels to do more to cut fuel prices.
As global government bonds wrapped up their worst quarter since 2024 due to higher oil prices and the threat of sticky inflation for the world economy, France is facing a particularly tricky trajectory. OAT-Bund spreads widened sharply as an increasingly fragmented government unveiled plans to narrow the nation's budget deficit, stoking investor concern over the country’s debts. The Opening Trade spoke to guests about the economic outlook and investment landscape for France as the nation grapples with growing global and domestic pressures on it's finances. (Source: Bloomberg)
Worries are mounting and bonds, stocks and the euro are taking the hit.
Hedge funds are loading up on options that will profit if the euro weakens against the dollar as political and fiscal risks mount in France.
As the political stakes rise in France, the country’s equities are looking vulnerable. They are under-performing, under-owned and worst of all perhaps, Europe’s most unloved.