French Banks Accelerate Digital Restructuring as Thousands of Jobs Come Under Threat

Economic

Summary:

France’s major banks are undergoing an aggressive digital and cost driven restructuring, with large scale job reductions and labor unrest revealing deeper tensions between profitability goals and the social role of the banking system....

A Banking Sector Entering A Structural Turning Point

The French banking industry is entering one of its most profound restructuring phases in decades. Rising competitive pressure, shrinking margins, and the rapid shift toward digital banking models are forcing traditional institutions to overhaul their operating structures. Recent announcements from Société Générale and Crédit Agricole illustrate how this transformation is unfolding simultaneously through cost cutting, workforce reductions, and internal reorganization.

Rather than isolated corporate decisions, these moves reflect a broader redefinition of how banks operate, how value is created, and how human labor fits into increasingly automated financial systems.

Société Générale And The Logic Of Cost Compression

Société Générale has officially confirmed plans to eliminate 1,800 positions in France by 2027, following the removal of 900 jobs at its headquarters earlier in 2024. Unlike previous restructuring cycles, management has ruled out voluntary departure schemes or early retirement programs. Instead, the bank has adopted a strategy of natural attrition, allowing positions to disappear as employees leave, combined with internal redeployment.

Chief executive Slawomir Krupa has framed this approach as necessary to reduce operating costs and raise profitability to levels comparable with other European banks. From a financial perspective, the relationship is clear: lower fixed labor costs are associated with improved return on equity. From a workforce perspective, however, trade unions argue that this strategy imposes unilateral outcomes on employees while shielding management from negotiation, intensifying concerns over workload concentration and organizational stress. The cuts are concentrated in headquarters functions and regional structures, signaling a deep reconfiguration of the bank’s operational backbone.

Crédit Agricole And An Unprecedented Labor Conflict

At the same time, Crédit Agricole is facing the first system wide strike in its history, involving 78,000 employees. The immediate trigger was a proposed salary increase capped at 0.5 percent, set against a backdrop of strong financial performance. Between January and September 2025, the group’s regional banks generated 3.2 billion euros, equivalent to 3.76 billion US dollars, in net profit.

Unions accuse management of using an internal Efficiency plan as a mechanism for gradual workforce reduction. Support functions are being centralized, processes increasingly automated, and the role of local units steadily diminished. In several regions, hundreds of jobs are reportedly at risk. While wage negotiations sparked the strike, union representatives emphasize that the dispute reflects a deeper confrontation over the future banking model, particularly the balance between local presence and centralized digital platforms.

The Rapid Retreat Of Physical Banking Networks

These labor tensions are unfolding against the backdrop of a rapid contraction in France’s physical banking network. Over the past five years, more than 3,000 branches have closed nationwide. Société Générale alone has eliminated nearly 20 percent of its points of sale, while Crédit Agricole continues to accelerate network rationalization.

Branch closures are closely linked to the consolidation of back office and customer support functions into centralized hubs. The intended effects include cost reduction, service standardization, and faster digital deployment. The associated trade off is the gradual erosion of local expertise and rising pressure on employees working in high volume operational centers, where efficiency metrics increasingly dominate performance evaluation.

Limited Political Response And A Growing Social Question

Despite the scale of job losses, political reaction has been relatively muted. While industrial employment is frequently framed as a strategic priority, the disappearance of thousands of banking jobs is often treated as a technical adjustment rather than a social issue. This distinction overlooks the unique role banks play in credit allocation, especially for small businesses and rural communities.

The substitution of human advisers with centralized platforms and algorithms raises fundamental questions about service accessibility, advisory quality, and the social responsibility of financial institutions. These are not merely correlated outcomes of digitalization but interconnected consequences of strategic choices about cost structures and operational design.

Shareholders Gain While Workforce Pressure Intensifies

So far, the primary beneficiaries of cost cutting efforts appear to be shareholders and capital strengthening objectives. Savings generated from workforce reductions are largely reinvested in technology and digital infrastructure, which banks view as essential competitive tools against fintech firms and online only banks.

For employees, the adjustment path looks markedly different. Career progression is narrowing, work intensity is rising, and participation in strategic decision making feels increasingly distant. The strikes and tensions now emerging suggest that the industrialization of French banking has moved beyond internal management debates and into the realm of broader economic and social concern, with implications that extend well beyond balance sheets.

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Gerik

Economic

Forex

A Sharp Shift In The Euro Dollar Balance

The global foreign exchange market has entered a phase marked by elevated volatility as the euro recently surpassed the 1.20 USD per euro threshold, its highest level since June 2021. This movement signals more than a short term fluctuation. It highlights a relative strengthening of the European common currency alongside a visible erosion of confidence in the US dollar as a stable anchor in international finance.

Market observers note that exchange rate movements of this magnitude rarely occur in isolation. The euro’s advance reflects changes in investor expectations regarding macroeconomic stability, policy consistency, and institutional credibility on both sides of the Atlantic.

Monetary Policy Considerations Inside The Euro Area

The European Central Bank has been closely monitoring the appreciation of the euro. French central bank governor François Villeroy de Galhau has reiterated that the ECB does not target exchange rates directly. Even so, a stronger euro exerts downward pressure on imported prices, which tends to soften inflation dynamics within the eurozone.

This relationship matters for interest rate decisions. Lower inflation creates additional room for accommodative monetary policy, potentially allowing the ECB to continue reducing interest rates to support consumption and investment. In this context, the euro’s strength functions as a correlated variable that influences, rather than dictates, policy outcomes.

Political Signals And The Loss Of Dollar Safe Haven Status

Since Donald Trump returned to the White House, the US dollar has lost more than 15 percent of its value against the euro. This decline coincides with renewed trade tensions, unpredictable public statements, and increasing political pressure on the Federal Reserve.

These developments have unsettled investors who traditionally viewed the dollar as a safe haven. Uncertainty surrounding US economic governance has encouraged a reduction in exposure to American assets. Paradoxically, repeated political assurances regarding the strength of the dollar have tended to amplify currency swings rather than stabilize expectations.

Winners And Losers From A Stronger Euro

Within the euro area, currency appreciation produces divergent effects across sectors. On one side, a stronger euro raises the foreign currency price of European exports, placing pressure on industries such as automobiles, machinery, industrial equipment, and luxury goods. Germany, with its export driven economic model, is widely regarded as particularly exposed, especially as European firms also face US tariff measures.

On the other side, euro strength reduces the cost of imports, especially energy and raw materials priced in US dollars. This dynamic supports household purchasing power and benefits sectors that rely heavily on imported inputs, including chemicals, construction, aviation, and heavy industry. The effect is a redistribution of economic advantage rather than a uniformly positive or negative outcome.

Inflation Dynamics And Interest Rate Space

The appreciation of the euro contributes to restraining inflation across the eurozone by lowering import costs. This interaction broadens the scope for further interest rate reductions by the ECB. While lower rates can stimulate borrowing, spending, and capital investment, the relationship remains one of correlation shaped by multiple variables rather than a single determining factor.

Beyond short term market impacts, the weakening of the US dollar is reinforcing a broader trend toward diversification in global reserves and investment portfolios. The euro is gradually becoming more attractive to international investors, even as European policymakers remain cautious about any suggestion that it could replace the dollar’s dominant global role.

At the same time, political instability and fiscal risks across several Western economies continue to drive capital toward tangible assets such as gold and silver. This sustained demand helps explain why precious metal prices have repeatedly reached record highs in recent months.

Taken together, these developments suggest that global exchange rates are entering a structurally uncertain phase, where confidence, policy credibility, and geopolitical signals play an increasingly central role in shaping currency movements.

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Owen Li

Economic

Data Interpretation

China’s manufacturing sector showed unexpected signs of life in January, according to a private survey, offering a rare piece of good news for an economy facing considerable headwinds.

Private Survey Signals Unexpected Growth

The RatingDog China manufacturing purchasing managers index (PMI) climbed to 50.3 in January, up from 50.1 in December. This reading surpassed the median forecast from a Bloomberg survey of economists, who had anticipated the gauge would fall to the 50.0 mark.

A PMI figure above 50 indicates expansion in the manufacturing sector, while a reading below 50 signals contraction.

Divergence from Official Government Data

The positive results from the private survey stand in contrast to the official government data released over the weekend. The official poll revealed that China's factory activity had unexpectedly worsened last month, following a brief recovery in December.

This divergence can often be explained by the different compositions of the surveys. The private RatingDog poll tends to focus more on smaller, export-oriented firms. In recent months, these results have generally been stronger than the official data, reflecting the resilience of China's export market.

Broader Economic Headwinds Persist

This flicker of manufacturing strength comes as China's broader economy continues to lose momentum. Policymakers have shown little inclination to introduce major stimulus, as they remain focused on managing risks associated with local government debt.

There are also indications that Beijing may be recalibrating its growth expectations. President Xi Jinping has signaled a greater tolerance for slower growth in certain regions, and the government may lower its national economic growth target for the first time in four years.

In the previous year, China's gross domestic product grew by 5%, a figure largely propped up by record exports that helped offset cooling private consumption and a significant drop in investment.

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Cryptocurrency

A Political Nomination Amid A Fragile Crypto Market

The potential appointment of Kevin Warsh as Chair of the Federal Reserve comes at a sensitive moment for global financial markets, particularly digital assets. On January 30, U.S. President Donald Trump publicly announced his decision to nominate Warsh to succeed Jerome Powell, a move that also signals the end of prolonged public friction between the White House and the Fed. This leadership transition coincides with a period in which investors are reassessing interest rate trajectories while risk assets, including cryptocurrencies, show signs of fatigue.

At the time of the nomination, Bitcoin was already under notable pressure. According to CoinGecko, Bitcoin fell from nearly 90,400 USD to around 82,800 USD within a week, representing a decline of about 7 percent. This downturn reflects a broader contraction across the digital asset market as capital rotates away from risk-sensitive assets. The relationship here is largely correlational rather than deterministic, as weakening crypto prices tend to coincide with shifts in interest rate expectations rather than being driven by a single policy signal.

Monetary Policy Expectations And Risk Assets

Federal Reserve policy plays a crucial role in shaping crypto market sentiment because digital assets are widely categorized as high-risk investments. When interest rates remain elevated, U.S. Treasury bonds and other low-risk instruments become relatively more attractive, drawing liquidity away from cryptocurrencies. Conversely, lower rates typically improve market liquidity and encourage capital flows into risk assets. A stronger U.S. dollar, often associated with tighter monetary conditions, has historically coincided with downward pressure on Bitcoin prices. However, this relationship is not strictly causal and has shown significant variation across different market cycles.

Historical data suggests that Bitcoin’s reaction to Fed announcements often follows a “sell the news” pattern. CoinGecko data indicates that in 2025, Bitcoin posted gains after only one out of eight meetings of the Federal Open Market Committee, even though the Fed was in a rate-cutting cycle typically viewed as supportive for risk assets. This highlights that investor behavior around monetary policy announcements may be driven more by positioning and expectations than by the policy outcome itself.

Warsh’s Policy Stance And A More Hawkish Reputation

Warsh is widely regarded as having a firmer stance than Powell, particularly due to his past criticism of quantitative easing and the expansion of the Fed’s balance sheet. According to Shady El Damaty, CEO and co-founder of Holonym, Warsh’s historical views raise concerns that he could favor more aggressive interest rate policies if inflation pressures re-emerge. This introduces uncertainty for crypto markets, as tighter financial conditions tend to suppress speculative investment in the short term. The connection here reflects a plausible causal channel through liquidity conditions rather than a guaranteed policy outcome.

From an investor perspective, uncertainty itself has become the most influential factor. El Damaty notes that it remains unclear whether Warsh would act decisively on his prior views, especially during an election year when maintaining financial stability and liquidity carries political weight. In such an environment, venture capital flows into crypto could slow temporarily. Yet, over a longer horizon, a more disciplined Fed could paradoxically strengthen Bitcoin’s narrative as a hedge against centralized monetary tightening and institutional control.

Kevin Warsh’s Complex Relationship With Digital Assets

Warsh’s views on digital assets are nuanced rather than uniformly hostile. A former Fed Governor from 2006 to 2011 and later an advisor to the Bank of England, he has criticized many private crypto projects as fraudulent or lacking intrinsic value, arguing that the term “cryptocurrency” is misleading because these assets function as software rather than money. At the same time, he has strongly supported the development of central bank digital currencies, viewing them as a strategic response to China’s digital yuan and a tool to protect the U.S.-led financial system.

Warsh has consistently favored CBDCs over private stablecoins, previously criticizing the Biden administration for encouraging privately issued digital currencies. This stance contrasts with recent developments tied to Trump’s circle, including the launch of the USD1 stablecoin via World Liberty Financial. Warsh has expressed skepticism that private digital currencies could reliably replace the U.S. dollar or remain stable during crises without government backing, highlighting structural risks rather than short-term volatility.

A Softer Tone Toward Bitcoin In Recent Years

Despite earlier criticism, Warsh’s more recent remarks suggest a shift in tone toward Bitcoin itself. In a 2024 interview at the Hoover Institution, he stated that Bitcoin does not concern him and described it as an important asset capable of acting as a form of oversight on policymakers. This evolving perspective has drawn attention from prominent Bitcoin advocates, including Michael Saylor, co-founder of MicroStrategy, who characterized Warsh as potentially the first Fed Chair to openly acknowledge Bitcoin as a transformative technology and a barometer of monetary policy credibility.

If Kevin Warsh assumes leadership of the Federal Reserve, Bitcoin is likely to face near-term headwinds tied to policy uncertainty and tighter financial expectations. Over the longer term, however, a more disciplined and assertive Fed could reinforce Bitcoin’s strategic appeal as an alternative asset that reflects confidence, or lack thereof, in centralized monetary systems.

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Gold and silver prices extended their sharp sell-off on Monday, deepening the losses from last Friday’s rout. The decline follows a period of intense rallying that sent both metals to record highs, but a strengthening U.S. dollar and widespread profit-taking have since reversed that momentum.

Spot gold fell approximately 5% to trade at $4,617.07 per ounce. This follows a dramatic crash of nearly 10% on Friday, which saw prices fall below the $5,000 mark.

Silver also remained under heavy pressure after nosediving 30% last Friday. The metal, which had climbed on safe-haven demand, saw spot prices drop more than 4% to $80.63 per ounce.

New Fed Chair Prospect Spooks Markets

According to analysts, the sudden reversal was triggered by a collision of market optimism over U.S. interest-rate cuts with a major leadership change at the Federal Reserve. President Donald Trump nominated former Fed Governor Kevin Warsh to succeed Jerome Powell as Chair when his term concludes in May.

Warsh is widely seen as an advocate for tighter monetary policy, and his nomination immediately bolstered the U.S. dollar.

"The 'Buy America' trade is back as a result, and the independence bid that drove gold and silver to nosebleed record heights right below $5,600 and $122 per ounce early Thursday morning is unraveling," noted José Torres, a senior economist at Interactive Brokers.

Adding to the pressure on precious metals, recent statements from Trump have suggested a potential deal with Iran, which has eased some geopolitical tensions in the market.

Just a Breather in a Bull Market?

Despite the sharp downturn, some analysts see it as a natural market correction rather than a fundamental shift in the long-term trend for precious metals.

Christopher Forbes, head of Asia and the Middle East at CMC Markets, described gold's retreat as a "classic air-pocket after an extraordinary run." He attributes the sell-off to a combination of factors. "Profit-taking, a firmer dollar, and fresh geopolitical headlines from Washington have knocked froth off a crowded trade," Forbes said.

How a Strong Dollar Hits Precious Metals

The U.S. dollar's performance is a critical driver for gold prices. The dollar index, which tracks the greenback against other major currencies, has gained about 0.8% since Thursday.

• Pricing Power: Since gold is priced in U.S. dollars, a stronger dollar makes it more expensive for buyers using other currencies, which can dampen demand.

• Opportunity Cost: Higher interest rates, often associated with a hawkish Fed and a strong dollar, make interest-bearing assets like U.S. Treasurys more attractive. This raises the opportunity cost of holding gold, which pays no interest.

What's Next for Gold and Silver Prices?

In the immediate future, Forbes expects gold prices to remain elevated but volatile as the market seeks more clarity on Warsh's potential policy direction at the Fed.

Even with the recent pullback, both metals are still showing strong year-to-date gains. Silver prices remain up around 15% since the start of the year, while gold is about 8% higher.

Looking ahead, the long-term bullish case for precious metals remains intact for some. "Renewed dollar weakness or confirmation of a dovish Warsh would bring dip-buyers back," said Forbes. He maintains a positive 12-month outlook, suggesting bullion could revisit its recent highs if the Federal Reserve continues its easing cycle amid uneven economic growth and inflation.

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Daily News

China–U.S. Trade War

Data Interpretation

China's manufacturing sector showed renewed signs of life to start 2026, with a key private survey indicating that factory activity expanded at a faster pace in January, beating analyst expectations.

The RatingDog China General Manufacturing Purchasing Managers' Index (PMI), compiled by S&P Global, climbed to 50.3 from 50.1 in December. This marks the index's highest reading since October and holds it above the 50-point threshold that separates growth from contraction.

A Split View on China's Manufacturing Health

The upbeat private survey presents a conflicting picture of China's industrial economy. An official PMI released on Saturday suggested that factory activity had actually faltered, weighed down by deteriorating orders both at home and abroad. Analysts suggest that differences in survey scope and respondent profiles likely account for the divergent results.

The data follows a year in which China's economy grew by 5.0%, meeting the government's official target. This performance was largely supported by capturing a record share of global demand for goods, which helped compensate for weaker domestic consumption. Beijing has also ramped up trade diplomacy, securing deals with Britain and Canada as U.S. President Donald Trump's administration disrupts traditional trade relationships.

Export Orders and Production Drive Expansion

The January expansion was fueled by a rebound in foreign demand and a pickup in production, according to the RatingDog survey.

• Output Growth: The rate of production accelerated to a three-month high.

• New Business: Overall new orders rose for the eighth consecutive month.

• Export Orders: After contracting in December, new export orders swung back into expansionary territory, with firms noting particularly strong demand from Southeast Asia.

Factories also appeared to be front-loading work ahead of the Chinese New Year holiday. The nine-day festival, which falls in mid-February this year, typically encourages manufacturers to accelerate overseas shipments and boost production in advance.

Hiring Improves as Order Books Fill

The increase in orders and production needs led manufacturers to expand their workforce for the first time in three months, lifting hiring to its highest level since October. This boost in staffing, combined with efficiency gains, allowed companies to reduce their backlogs of work for the first time in eight months.

Inflationary Pressures Mount for Producers

On the cost side, inflationary pressures are building. Average input costs for manufacturers rose to their highest level since September, primarily driven by price hikes for metals.

In response, producers raised their factory gate charges for the first time since November 2024. Prices for exported goods also saw a notable increase, rising at the fastest pace in a year and a half. These price hikes could offer some relief to producer margins, which have been squeezed by price cuts aimed at defending market share amid soft domestic demand.

"If cost pressures persist while demand recovery is limited, profit margins will remain under pressure," warned Yao Yu, founder of RatingDog.

Business Confidence Positive but Waning

Looking ahead, business sentiment among manufacturers remained positive at the start of the year. Companies expressed hope that new product launches and expansion plans would support sales and output over the next 12 months.

However, broader concerns about the economic growth outlook and rising costs weighed on confidence. As a result, overall optimism fell to its lowest level in nine months, signaling a more cautious outlook for the year ahead.

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Bond

The Indian rupee and government bonds are bracing for continued pressure this week, as a record government borrowing plan and weak capital flows weigh heavily on market sentiment.

The rupee tumbled to an all-time low of 91.9875 per dollar last Friday, ending the session just shy of the 92 mark. The currency has fallen by more than 2% in January alone and is expected to weaken further.

Budget Unveils Record Borrowing Plan

India's federal budget for the fiscal year starting April 1, announced on Sunday, failed to inspire confidence. The absence of major reforms, coupled with an unexpected tax hike on equity derivative transactions, put a damper on local stocks.

The government's new fiscal policy framework shifts focus to the debt-to-GDP ratio, with a target of 55.6% for the next fiscal year. This is alongside a projected fiscal deficit of 4.3% of GDP.

Figure 1: India's 2026-27 budget outlines key fiscal targets, including a 4.3% fiscal deficit and a 55.6% debt-to-GDP ratio, funded by a substantial increase in gross borrowing.

To fund its plans, the government intends to borrow a record 17.20 trillion rupees ($187.63 billion) in fiscal year 2027. This figure is higher than market expectations, which ranged from 16 trillion to 17.50 trillion rupees, with a median forecast of 16.3 trillion rupees in a Reuters poll.

"The government's borrowing number is slightly higher than what the market expected, so the supply-demand imbalance issues for government bonds are likely to persist," noted Vivek Rajpal, Asia macro strategist at JB Drax Honore.

The gross borrowing figure represents a 17% increase from the current year's 14.61 trillion rupees. Net borrowing is also set to rise, climbing to 11.73 trillion rupees from 11.33 trillion this year.

Bond Yields Climb on Supply Concerns

Worries over a demand-supply mismatch have already pushed bond yields higher. The 10-year benchmark 6.48% 2035 yield settled at 6.6963% on Friday, marking its fourth weekly rise in five.

Traders anticipate the yield will trade between 6.62% and 6.75% ahead of the central bank's monetary policy decision this Friday, where interest rates are expected to remain unchanged.

The heavy debt supply is likely to keep yields elevated, even after the Reserve Bank of India (RBI) has taken significant measures to ensure liquidity, including bond purchases and foreign-exchange swaps.

According to Rajpal, "The Reserve Bank of India (RBI) will have to continue to be the marginal buyer of government debt."

The upcoming policy meeting will focus on the transmission of last year's 125 basis points in rate cuts, a process that has been slowed by rising bond yields and liquidity pressures from market interventions aimed at supporting the rupee.

External Headwinds from the US

Indian markets also face pressure from a stronger U.S. dollar and rising U.S. bond yields. The dollar index rose 1% on Friday, while yields on 10-year and 30-year U.S. Treasuries also increased.

This shift follows the selection of former Federal Reserve Governor Kevin Warsh as the next Fed chair. Warsh is generally expected to favor lower interest rates but is seen as less aggressive in his easing preferences compared to other potential nominees.

Upcoming Economic Calendar

India

• Feb. 2 (Mon): January HSBC manufacturing PMI (10:30 a.m.)

• Feb. 4 (Wed): January HSBC services PMI (10:30 a.m.)

• Feb. 6 (Fri): RBI monetary policy decision (10:00 a.m.)

U.S.

• Feb. 2 (Mon): January S&P Global manufacturing PMI final (8:15 p.m. IST)

• Feb. 2 (Mon): January ISM manufacturing PMI (8:30 p.m. IST)

• Feb. 4 (Wed): January S&P Global composite & services PMI final (8:15 p.m. IST)

• Feb. 4 (Wed): January ISM non-manufacturing PMI (8:30 p.m. IST)

• Feb. 5 (Thurs): Initial weekly jobless claims (7:00 p.m. IST)

• Feb. 6 (Fri): January non-farm payroll and unemployment rate (7:00 p.m. IST)

($1 = 91.6710 Indian rupees)

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French Banks Accelerate Digital Restructuring as Thousands of Jobs Come Under Threat

A Banking Sector Entering A Structural Turning Point

Société Générale And The Logic Of Cost Compression

Crédit Agricole And An Unprecedented Labor Conflict

The Rapid Retreat Of Physical Banking Networks

Limited Political Response And A Growing Social Question

Shareholders Gain While Workforce Pressure Intensifies

Global Exchange Rates Enter a Period of Heightened Uncertainty

A Sharp Shift In The Euro Dollar Balance

Monetary Policy Considerations Inside The Euro Area

Political Signals And The Loss Of Dollar Safe Haven Status

Winners And Losers From A Stronger Euro

Inflation Dynamics And Interest Rate Space

China's Factory Activity Up in Jan, Defying Gloom

Private Survey Signals Unexpected Growth

Divergence from Official Government Data

Broader Economic Headwinds Persist

If Kevin Warsh Leads the Fed, What Lies Ahead for Bitcoin

A Political Nomination Amid A Fragile Crypto Market

Monetary Policy Expectations And Risk Assets

Warsh’s Policy Stance And A More Hawkish Reputation

Kevin Warsh’s Complex Relationship With Digital Assets

A Softer Tone Toward Bitcoin In Recent Years

Gold & Silver Plunge as Dollar Rallies on Fed Shakeup

New Fed Chair Prospect Spooks Markets

Just a Breather in a Bull Market?

What's Next for Gold and Silver Prices?

China Factory Activity Rebounds in Jan, Private Survey Shows

A Split View on China's Manufacturing Health

Export Orders and Production Drive Expansion

Hiring Improves as Order Books Fill

Inflationary Pressures Mount for Producers

Business Confidence Positive but Waning

Rupee & Bonds Under Strain After India's Budget

Budget Unveils Record Borrowing Plan

Figure 1: India's 2026-27 budget outlines key fiscal targets, including a 4.3% fiscal deficit and a 55.6% debt-to-GDP ratio, funded by a substantial increase in gross borrowing.

Bond Yields Climb on Supply Concerns

External Headwinds from the US

Upcoming Economic Calendar

Risk Disclosure