French Consumer Confidence Falls to 13-Year Low on Bond Selloff, Unrest

The five-point miss against consensus matters more than the headline level: it suggests households are reacting to the bond selloff and unrest faster than forecasters expected, which is a demand-side signal rather than a market one. France's budget and political turbulence is now showing up in the real economy through confidence, not just in spreads. Whether the index stabilizes once the immediate unrest fades, or the personal-finances and unemployment components keep deteriorating, is the open question.