


This article will discuss the characteristics of their risk exposure and explain their differences.
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Expanded U.S. Treasury long-bond buybacks helped pull yields lower and supported a modest rebound in risk appetite, with the major indexes closing slightly higher. At the same time, Bitcoin briefly rose above $70,000 and lifted crypto-linked equities, while positive Phase 3 vaccine data from Merck and Moderna pushed healthcare and biotech stocks higher. SK Hynix’s large-scale buyback also kept attention on the storage cycle and AI-related demand. Markets are continuing to digest the relatively hawkish Fed minutes while positioning ahead of earnings from Alibaba and Walmart.
Bercy caps the increase in 2027 spending to 0.4% for civilian ministries, excluding Defense. A constrained budget reignites the debate on French debt.