Black Monday! France Suffers a "Triple Whammy" in Stocks, Bonds, and Currency

Hit by a combination of social unrest, political instability and persistently rising national debt, French financial assets came under broad selling pressure on Monday, with French government bonds and equities particularly hard hit. Market data showed that the yield on France's 10-year government bond surged more than 10 basis points on Monday to 4.94%, approaching its highest level in decades. Rising yields mean higher borrowing costs for the government in the bond market. Yields on the country's 2-year and 30-year government bonds also rose by 6 basis points and 8 basis points, respectively.