The View Beyond: Will the French fallout spread?

Unrest in France has escalated from student protests to broader concerns about public finances and long-term growth, putting French assets under pressure and raising questions about potential contagion across Europe. Investors are now assessing which sectors and asset classes are most exposed and whether the turmoil could trigger wider instability.

In this episode, Bernadette Anderko is joined by David Kohl, Chief Economist at Julius Baer, and Nenad Dinic, European Equity Strategist at Julius Baer, to analyse the drivers behind the French protests, the implications for French government bonds and equities, and the likelihood of spillover into other European markets. The discussion covers sector-specific risks, the impact of fiscal policy and political uncertainty, and what it would take for sentiment to improve. The episode concludes with reflections on the latest European Central Bank meeting and Christine Lagarde’s resignation.

• (01:08) - What’s driving the French protests and why markets are reacting
• (02:24) - Investor concerns: French government bonds and equities
• (04:40) - Risk of contagion to other European assets
• (06:07) - What rising French bond yields signal for investors
• (07:32) - Which sectors and companies are most exposed?
• (10:06) - Why have French equities underperformed?
• (11:10) - Are there opportunities after the French equity sell-off?
• (12:56) - What needs to change to improve France’s fiscal situation
• (15:37) - ECB meeting takeaways and Christine Lagarde’s resignation
• (17:35) - Closing remarks
• (18:02) - Legal information

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