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The CAC 40 fell about 1% to hover near 8,100 on Friday amid civil unrest as the government struggles to push a budget through parliament. National protest turnout hit new highs on Thursday. Investors have been selling French bonds in recent weeks, partly on deficit concerns and doubts over whether a minority government can push spending cuts through parliament. The spread between French and German 10-year government bond yields rose to levels not seen since the 2011 euro-area debt crisis. The government deficit is set to widen to 5.4% of economic output this year, while rising borrowing costs add pressure. France’s trade deficit widened to €7.3 billion in September, above expectations of a €5.8 billion shortfall. It was the second-largest gap since October 2024. Luxury stocks posted losses, with LVMH down nearly 3%, Hermes over 2% and Kering more than 2.5%. Industrials were also mostly lower. Elsewhere, TotalEnergies shed nearly 2% amid growing hopes of a US-Iran peace deal.

CAC 40 Slips Amid Fiscal Concerns and Civil Unrest

Brazil’s 10-year government bond yield rose to 15.25% in November amid fiscal-policy uncertainty and growing bets on a US Federal Reserve rate hike. Investors remain focused on fiscal policy, especially the government’s commitment to controlling spending and public debt, which has risen significantly in recent years. President Lula has faced market pressure to present a fiscal adjustment plan. Concern over the debt trajectory led Lula to meet with economic-team members and former advisers, but no plans have been announced yet. Meanwhile, US nonfarm payrolls increased by 165,000 last month, topping all forecasts, and the unemployment rate edged lower. The stronger figures reinforced expectations that the Fed will maintain a restrictive stance. Higher-for-longer rates in advanced economies could also pressure the BCB to keep policy restrictive. The BCB held the Selic rate at 13.75% at its latest meeting, pausing its easing cycle.

Brazil 10-Year Yield Rises Amid Fiscal Concerns

Canada’s Ivey PMI edged up to 58.3 in October 2026 from 58.2 in September, beating forecasts of 58 but remaining below August’s 64.3, its highest level since April 2022. The prices index slowed to 81.7 from 82.8, while the supplier deliveries index rose to 42.1 from 39.2 and the inventories index increased to 59.5 from 58.3. The employment index rose to 58.3 from 56.5. By comparison, the Ivey PMI stood at 52.4 in October 2025.

Canada Ivey PMI Edges Up in October

The S&P/TSX Composite Index hovered near 35,500 in a volatile session on Friday after weaker-than-expected jobs data. Canadian employment fell by 4,700 in October, improving from September’s 68,300 decline but missing forecasts of a 13,600 increase. Private-sector employment dropped by 53,000 (-0.4%), its first decline since February. The unemployment rate edged up to 6.7%, a six-month high. Losses were broad-based: major banks fell, with RBC down nearly 1% and BMO about 0.5%; retailers also declined, with ATD losing over 1%; and Enbridge shed 2%. On Thursday, the index suffered its steepest daily decline in five months, dragged down by sharp technology losses after a Wall Street rout. The sector rebounded on Friday, tracking US gains: Shopify rose over 2.5% and Celestica nearly 4% after slumping 12.7% in the prior session. Energy stocks gained despite slightly lower oil prices, while miners were mostly down amid lower gold prices.

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