* Turkey has extended the central bank's 3% support payment system for companies that convert FX r...
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The French year-to-date budget deficit widened to E94bln in May, a step up from E69.3bln last month but comfortably below the E113.5bln seen in May 2024 and E107.2bln in May 2023. Although fiscal consolidation appears to be progressing from this perspective, last week the French government said it needs to find an extra E5bln of spending cuts to achieve its 5.4% deficit to GDP target. That's on top of the E40bln in savings required to meet its 4.6% 2026 target, with proposals set to be announced this month before a vote in the autumn.
Gilts follow peers lower at the open, with questions surrounding U.S. & UK fiscal fragility remaining evident.
A bull cycle in Silver remains in play. The metal has recently traded through resistance at $34.903, the Oct 23 ‘24 high and a key bull trigger. The break of it marks an important medium-term bullish development. Sights are on the $38.00 handle next. On the downside, initial support to watch lies at $35.821, the 20-day EMA. It has been pierced, a clear break of it would open $34.711, the 50-day EMA.