Dear Life, 160-point spread, November 5 mobilization: the week that is putting France on edge

French political and fiscal tensions intensified this week as cost-of-living protests escalated, with high school blockades and a nationwide strike called for November 5 putting pressure on the government amid a delayed budget process. The OAT-Bund spread widened to 160 basis points, a level signaling elevated perceived risk on French sovereign debt relative to German benchmarks and raising borrowing costs for the state. The budget impasse compounds fiscal uncertainty, with implications for household savings and state financing. Markets are watching whether the November 5 mobilization gains scale and whether Paris can advance the budget to narrow the spread.