(Bloomberg) — A renewed wave of anxiety gripped global markets as concern over a political crisis in France deepened, driving stocks down while spurring a flight to haven assets — from bonds to gold and the US dollar.
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Traders took some risk off the table, with French shares this week losing roughly $210 billion in value — about the size of Greece’s economy — after President Emmanuel Macron called a snap election. France’s bonds were at the heart of the rout in the span, with the premium investors demand to own 10-year debt over German peers jumping by a record this week.
ECB Officials See No Cause for Alarm Over French Market Turmoil
“The situation in Europe is starting to get a little dicey,” said Matt Maley at Miller Tabak + Co. “The move is still a long way from developing into another sovereign-debt crisis, but with concerns about sky-high sovereign debt levels and bloated budgets, the…
