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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) - [AI](https://blog.syzgroup.com/syz-the-moment/tag/ai) - [geopolitics](https://blog.syzgroup.com/syz-the-moment/tag/geopolitics) - [Asia](https://blog.syzgroup.com/syz-the-moment/tag/asia) - [europe](https://blog.syzgroup.com/syz-the-moment/tag/europe) - [gold](https://blog.syzgroup.com/syz-the-moment/tag/gold) - [Commodities](https://blog.syzgroup.com/syz-the-moment/tag/commodities) - [Technology](https://blog.syzgroup.com/syz-the-moment/tag/technology) - [investing](https://blog.syzgroup.com/syz-the-moment/tag/investing) - [Crypto](https://blog.syzgroup.com/syz-the-moment/tag/crypto) - [nvidia](https://blog.syzgroup.com/syz-the-moment/tag/nvidia) - [technical analysis](https://blog.syzgroup.com/syz-the-moment/tag/technical-analysis) - [oil](https://blog.syzgroup.com/syz-the-moment/tag/oil) - [china](https://blog.syzgroup.com/syz-the-moment/tag/china) - [earnings](https://blog.syzgroup.com/syz-the-moment/tag/earnings) - [ETF](https://blog.syzgroup.com/syz-the-moment/tag/etf) - [Forex](https://blog.syzgroup.com/syz-the-moment/tag/forex) - [energy](https://blog.syzgroup.com/syz-the-moment/tag/energy) - [banking](https://blog.syzgroup.com/syz-the-moment/tag/banking) - [magnificent-7](https://blog.syzgroup.com/syz-the-moment/tag/magnificent-7) - [Alternatives](https://blog.syzgroup.com/syz-the-moment/tag/alternatives) - [Volatility](https://blog.syzgroup.com/syz-the-moment/tag/volatility) - [Real Estate](https://blog.syzgroup.com/syz-the-moment/tag/real-estate) - [apple](https://blog.syzgroup.com/syz-the-moment/tag/apple) - [emerging-markets](https://blog.syzgroup.com/syz-the-moment/tag/emerging-markets) - [google](https://blog.syzgroup.com/syz-the-moment/tag/google) - [Middle East](https://blog.syzgroup.com/syz-the-moment/tag/middle-east) - [switzerland](https://blog.syzgroup.com/syz-the-moment/tag/switzerland) - [tesla](https://blog.syzgroup.com/syz-the-moment/tag/tesla) - [amazon](https://blog.syzgroup.com/syz-the-moment/tag/amazon) - [microsoft](https://blog.syzgroup.com/syz-the-moment/tag/microsoft) - [United Kingdom](https://blog.syzgroup.com/syz-the-moment/tag/united-kingdom) - [assetmanagement](https://blog.syzgroup.com/syz-the-moment/tag/assetmanagement) - [ethereum](https://blog.syzgroup.com/syz-the-moment/tag/ethereum) - [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) - [inflation](https://blog.syzgroup.com/syz-the-moment/tag/inflation) - [Global Markets Outlook](https://blog.syzgroup.com/syz-the-moment/tag/global-markets-outlook) - [Turkey](https://blog.syzgroup.com/syz-the-moment/tag/turkey) - [bankruptcy](https://blog.syzgroup.com/syz-the-moment/tag/bankruptcy) - [Market Outlook](https://blog.syzgroup.com/syz-the-moment/tag/market-outlook) - [brics](https://blog.syzgroup.com/syz-the-moment/tag/brics) - [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) - [Market News](https://blog.syzgroup.com/syz-the-moment/tag/market-news) - [Global](https://blog.syzgroup.com/syz-the-moment/tag/global) - [Weekly Equities](https://blog.syzgroup.com/syz-the-moment/tag/weekly-equities) Show more 21 Oct 2026 - - - #### France’s long-term borrowing costs have hit 5% This benchmark was last reached in 2002. Investors grow increasingly concerned about the stability of the country’s politics and the state of its public finances. Meanwhile, Deutsche CEO Sewing sounds the alarm on #France: Its fiscal & political instability is a “wake up call” for Europe. The bond mkt is flashing red: France’s 10y spread over Germany has surged to 156bps, highest since 2011. Not a debt crisis yet, Sewing says. Source. HolgerZ, FT [#Fixed Income|](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income) [#europe](https://blog.syzgroup.com/syz-the-moment/tag/europe) ![France’s long-term borrowing costs have hit 5%](https://blog.syzgroup.com/hubfs/1792578537215.jpg) ![France’s long-term borrowing costs have hit 5%](https://blog.syzgroup.com/hubfs/1792578537215.jpg) 20 Oct 2026 - - - #### The European sovereign problem is increasingly becoming a France problem The OAT-BTP spread continues marching higher, highlighting just how dramatically the market is redrawing Europe's traditional core/periphery divide. Source: TME [#Fixed Income|](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income) [#europe](https://blog.syzgroup.com/syz-the-moment/tag/europe) ![The European sovereign problem is increasingly becoming a France problem](https://blog.syzgroup.com/hubfs/1792475246655.jpg) ![The European sovereign problem is increasingly becoming a France problem](https://blog.syzgroup.com/hubfs/1792475246655.jpg) 19 Oct 2026 - - - #### European diesel prices are exploding, approaching $200/barrel... Meanwhile, today's Eurostat report shows eurozone industrial production contracted another 1.1% yoy. Europe’s energy shock is becoming an industrial competitiveness crisis. European diesel prices are approaching $200 per barrel, while eurozone industrial production has contracted by another 1.1% year on year. Germany’s industrial output is already almost 10% below its 2021 level. Another energy shock is hitting an industrial base with limited room to absorb it. The transmission mechanism is clear: → Higher transportation costs. → Higher production costs. → Renewed inflationary pressure. But pricing power has limits. When businesses can no longer pass higher costs on to customers, margins compress. Production is reduced. Investment is postponed. More factories become economically unviable. This is the risk of another stagflationary shock: weaker activity alongside higher prices. For the ECB, the dilemma is increasingly difficult. Raising rates could contain inflation, but would also weaken demand, increase sovereign financing pressures and accelerate industrial decline. Europe faces a growing risk that a temporary energy shock leaves permanent damage to its industrial capacity. Source: Lukas Ekwueme @ekwufinance Bloomberg [#europe|](https://blog.syzgroup.com/syz-the-moment/tag/europe) [#oil](https://blog.syzgroup.com/syz-the-moment/tag/oil) ![European diesel prices are exploding, approaching $200/barrel...](https://blog.syzgroup.com/hubfs/1792348900958.jpg) ![European diesel prices are exploding, approaching $200/barrel...](https://blog.syzgroup.com/hubfs/1792348900958.jpg) 19 Oct 2026 - - - #### France's 10-year bond yields are surging to new post-2012 highs relative to German 10-year yields. Source: Bloomberg, Lisa Abramowicz @lisaabramowicz1 on X [#Fixed Income|](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income) [#europe](https://blog.syzgroup.com/syz-the-moment/tag/europe) ![France's 10-year bond yields are surging to new post-2012 highs relative to German 10-year yields.](https://blog.syzgroup.com/hubfs/1792407403002.jpg) ![France's 10-year bond yields are surging to new post-2012 highs relative to German 10-year yields.](https://blog.syzgroup.com/hubfs/1792407403002.jpg) 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) [❮](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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