法兴银行：法国国债未来几个月料将获得良好支撑

Core Viewpoint - French government bonds (OAT) have shown strong performance following the approval of the 2026 budget, with Société Générale's rate strategists maintaining a "tactically optimistic" outlook [1] Group 1: Market Sentiment - The strategists have shifted their stance on French government bonds from defensive to tactically bullish, triggered by the budget approval [1] - They believe that the yield spread is attractive and that volatility will remain moderate in the coming months [1] Group 2: Political and Economic Context - The constructive view reflects a reduction in political pressure, at least until the presidential election in 2027 [1] - The strategists note that the fundamentals are not driving recent market movements, and the medium-term fundamentals remain challenging [1] Group 3: Market Reactions - The market is expected to react significantly only in the event of a series of rapid rating downgrades; otherwise, French government bonds are seen as relatively attractive at current levels [1] - There is no expectation for yields to quickly converge with those of Italian government bonds [1]