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Bank Syz Ltd. accepts no liability for any loss arising from the use of this document. ## Straight from the Desk # **Syz** the moment Live feeds, charts, breaking stories, all day long. - [All](https://blog.syzgroup.com/syz-the-moment) - [equities](https://blog.syzgroup.com/syz-the-moment/tag/equities) - [United States](https://blog.syzgroup.com/syz-the-moment/tag/united-states) - [Macroeconomics](https://blog.syzgroup.com/syz-the-moment/tag/macroeconomics) - [Food for Thought](https://blog.syzgroup.com/syz-the-moment/tag/food-for-thought) - [markets](https://blog.syzgroup.com/syz-the-moment/tag/markets) - [Central banks](https://blog.syzgroup.com/syz-the-moment/tag/central-banks) - [bitcoin](https://blog.syzgroup.com/syz-the-moment/tag/bitcoin) - [Fixed Income](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income) - [geopolitics](https://blog.syzgroup.com/syz-the-moment/tag/geopolitics) - [AI](https://blog.syzgroup.com/syz-the-moment/tag/ai) - [europe](https://blog.syzgroup.com/syz-the-moment/tag/europe) - 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[meta](https://blog.syzgroup.com/syz-the-moment/tag/meta) - [russia](https://blog.syzgroup.com/syz-the-moment/tag/russia) - [Industrial-production](https://blog.syzgroup.com/syz-the-moment/tag/industrial-production) - [Healthcare](https://blog.syzgroup.com/syz-the-moment/tag/healthcare) - [ESG](https://blog.syzgroup.com/syz-the-moment/tag/esg) - [Global Markets Outlook](https://blog.syzgroup.com/syz-the-moment/tag/global-markets-outlook) - [Turkey](https://blog.syzgroup.com/syz-the-moment/tag/turkey) - [inflation](https://blog.syzgroup.com/syz-the-moment/tag/inflation) - [bankruptcy](https://blog.syzgroup.com/syz-the-moment/tag/bankruptcy) - [brics](https://blog.syzgroup.com/syz-the-moment/tag/brics) - [Market Outlook](https://blog.syzgroup.com/syz-the-moment/tag/market-outlook) - [performance](https://blog.syzgroup.com/syz-the-moment/tag/performance) - [africa](https://blog.syzgroup.com/syz-the-moment/tag/africa) - [LLM](https://blog.syzgroup.com/syz-the-moment/tag/llm) - [Global](https://blog.syzgroup.com/syz-the-moment/tag/global) - [Market News](https://blog.syzgroup.com/syz-the-moment/tag/market-news) - [Weekly Equities](https://blog.syzgroup.com/syz-the-moment/tag/weekly-equities) Show more 14 Oct 2026 - - - #### 56% of European Fund Managers are planning to reduce exposure to French stocks over the next 12 months, the most in history Source: BofA, Barchart [#equities|](https://blog.syzgroup.com/syz-the-moment/tag/equities) [#europe](https://blog.syzgroup.com/syz-the-moment/tag/europe) ![56% of European Fund Managers are planning to reduce exposure to French stocks over the next 12 months, the most in history](https://blog.syzgroup.com/hubfs/1791946981800.jpg) ![56% of European Fund Managers are planning to reduce exposure to French stocks over the next 12 months, the most in history](https://blog.syzgroup.com/hubfs/1791946981800.jpg) 9 Oct 2026 - - - #### French companies now borrow CHEAPER than the French state €215bn of corporate bonds trade with lower spreads than government bonds - 18x more than in January. That's 38% of the IG market now pricing the government as the risk, not the companies. Source: Nic @puckrin Bloomberg [#Fixed Income|](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income) [#europe](https://blog.syzgroup.com/syz-the-moment/tag/europe) ![French companies now borrow CHEAPER than the French state](https://blog.syzgroup.com/hubfs/1791524030570.jpg) ![French companies now borrow CHEAPER than the French state](https://blog.syzgroup.com/hubfs/1791524030570.jpg) 9 Oct 2026 - - - #### France's debt problem goes well beyond the public sector. While government debt is comparable to US levels, France's private-sector debt burden is considerably higher. With both public and private balance sheets stretched, there is no easy way out. The question is how much political pain it will take to force the adjustment. Source: TME, Dhaval Joshi [#Fixed Income|](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income) [#europe](https://blog.syzgroup.com/syz-the-moment/tag/europe) ![France's debt problem goes well beyond the public sector.](https://blog.syzgroup.com/hubfs/1791524494114.jpg) ![France's debt problem goes well beyond the public sector.](https://blog.syzgroup.com/hubfs/1791524494114.jpg) 8 Oct 2026 - - - #### The comparison between Germany and Switzerland offers a useful perspective on industrial competitiveness. Switzerland shows that high wages and a strong currency can coexist with a successful industrial sector. Productivity, innovation and a supportive business environment play a central role. Germany’s industrial challenges deserve an equally thoughtful discussion. Rising costs, expensive energy, bureaucracy and weak productivity growth are putting pressure on a country whose engineering excellence has long been admired worldwide. The debate should focus on how to create better conditions for investment, entrepreneurship and productivity. Redistribution alone cannot restore competitiveness, and blaming immigration offers no credible economic solution either. Germany has considerable strengths: skilled workers, outstanding companies and a deep industrial tradition. Building on these assets through practical reforms would help secure its prosperity for the next generation. But the clock is ticking... NB: unit costs in local currency Source chart: Michel A.Arouet [#europe|](https://blog.syzgroup.com/syz-the-moment/tag/europe) [#Industrial-production](https://blog.syzgroup.com/syz-the-moment/tag/industrial-production) ![The comparison between Germany and Switzerland offers a useful perspective on industrial competitiveness.](https://blog.syzgroup.com/hubfs/1791383015691.jpg) ![The comparison between Germany and Switzerland offers a useful perspective on industrial competitiveness.](https://blog.syzgroup.com/hubfs/1791383015691.jpg) 8 Oct 2026 - - - #### France's debt crisis just hit its banks. Just 6 weeks ago, insuring SocGen against default cost the same as Deutsche. Today it costs €16.5K more a year for every €10M insured. The extra interest France pays vs Germany is at its HIGHEST since the euro debt crisis 16 years ago. Can a sovereign crisis translate to a banking crisis? Source: Barchart [#Fixed Income|](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income) [#europe](https://blog.syzgroup.com/syz-the-moment/tag/europe) ![France's debt crisis just hit its banks.](https://blog.syzgroup.com/hubfs/1791435846377.jpg) ![France's debt crisis just hit its banks.](https://blog.syzgroup.com/hubfs/1791435846377.jpg) 7 Oct 2026 - - - #### Nobody who lived through the PIGS debt crisis in the early 2010s would have predicted Greece to be a better credit than France in 2026. France 10 year bond yield = 4.79% Greece 10 year bond yield = 4.43% [#Fixed Income|](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income) [#europe](https://blog.syzgroup.com/syz-the-moment/tag/europe) ![Nobody who lived through the PIGS debt crisis in the early 2010s would have predicted Greece to be a better credit than France in 2026.](https://blog.syzgroup.com/hubfs/1791316292269.jpg) ![Nobody who lived through the PIGS debt crisis in the early 2010s would have predicted Greece to be a better credit than France in 2026.](https://blog.syzgroup.com/hubfs/1791316292269.jpg) 6 Oct 2026 - - - #### The shift from "PIIGS" to "FROGS" highlights a major reversal in European sovereign debt The shift from "PIIGS" to "FROGS" highlights a major reversal in European sovereign debt, where former crisis-hit peripheral economies have stabilized while France has emerged as the new center of fiscal anxiety Source: Bloomberg [#Fixed Income|](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income) [#europe](https://blog.syzgroup.com/syz-the-moment/tag/europe) ![The shift from ](https://blog.syzgroup.com/hubfs/1791227752037.jpg) ![The shift from ](https://blog.syzgroup.com/hubfs/1791227752037.jpg) 2 Oct 2026 - - - #### Given the relation between sovereign's rating and spreads to Germany, a spread of 135bp would be consistent with a BBB- rating. That's France this afternoon: just one notch away from "junk bond" territory. Source: Stephane Deo [#Fixed Income|](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income) [#europe](https://blog.syzgroup.com/syz-the-moment/tag/europe) ![Given the relation between sovereign's rating and spreads to Germany, a spread of 135bp would be consistent with a BBB- rating.](https://blog.syzgroup.com/hubfs/1790918776079.jpg) ![Given the relation between sovereign's rating and spreads to Germany, a spread of 135bp would be consistent with a BBB- rating.](https://blog.syzgroup.com/hubfs/1790918776079.jpg) [❮](https://blog.syzgroup.com/syz-the-moment/tag/europe/page/1) [1](https://blog.syzgroup.com/syz-the-moment/tag/europe/page/1) [2](https://blog.syzgroup.com/syz-the-moment/tag/europe/page/2) [3](https://blog.syzgroup.com/syz-the-moment/tag/europe/page/3) [4](https://blog.syzgroup.com/syz-the-moment/tag/europe/page/4) [5](https://blog.syzgroup.com/syz-the-moment/tag/europe/page/5) [❯](https://blog.syzgroup.com/syz-the-moment/tag/europe/page/3) [❯❯](https://blog.syzgroup.com/syz-the-moment/tag/europe/page/55?hsLang=en) ## **Thinking** out loud Sign up for our weekly email highlighting the most popular posts. 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