Overview

• CAC 40 opened up 0.81% to 7,812 on Wednesday after a modest Tuesday rise, showing limited equity fallout from the government’s collapse.
• Sébastien Lecornu was appointed prime minister after François Bayrou lost a confidence vote and resigned, with the handover scheduled for midday at Matignon.
• French 10‑year yields hovered near 3.47%, keeping the spread over German Bunds above 80 basis points and roughly level with Italy’s benchmark rate.
• Wall Street closed at record highs as traders priced multiple Fed cuts this year following weak August jobs data and a Bureau of Labor Statistics revision showing 911,000 fewer jobs over April 2024–March 2025.
• Sector moves included sharp declines for meal‑voucher issuers Edenred and Pluxee on reform‑delay risk, while Alstom jumped after announcing a €1 billion NJ Transit order as markets also look to Fitch’s France review on Friday.