FRANCE'S BOND YIELD TOPS 5% SINCE 2002

France's 10-year bond yield broke back above 5% this week, a level unseen since 2002, as investors lose confidence that Paris can pass a credible budget. The risk premium over German Bunds widened to 160 basis points, the widest gap since the 2009-2011 euro crisis, with French debt near 119% of GDP. Political gridlock in the National Assembly keeps blocking the fiscal plan the market is waiting for, pressure that shows up directly in $EWQ.