France’s 10-year bond yield holds above 4.5% as budget fight threatens Lecornu’s government

France’s 10-year OAT yield topped 4.5% on Friday for the first time since 2008 and traded at 4.53% on Wednesday, more than one percentage point above Germany’s for the first time since 2012. Prime Minister Sébastien Lecornu’s minority government will submit a 2027 budget draft in early October, with debate through the month and a Nov. 17 vote, targeting €54 billion ($61.8 billion) in spending cuts after Fitch downgraded France last year.