Belgian PM De Wever Resigns After Budget Talks Fail

The resignation turns a fiscal negotiation failure into a full political vacuum, and that distinction matters: markets can price a difficult budget, but they cannot price an absent government. The immediate exposure sits with Belgian sovereign risk and the domestic assets most sensitive to policy continuity, while the broader euro-area read-through depends on whether this is treated as a local episode or a signal about coalition fragility elsewhere. Whether a caretaker arrangement forms quickly, and whether a new budget path emerges at all, is the open question worth watching.