Biogroup, Cerba, Clariane - comment

One of the sources of the turmoil in French politics is the 2026 Budget and the debt reduction plans used to narrow France’s deficit from its current 5.4% of GDP. There are many conflicting views on who the burden should fall on, but regardless, the reality will be that all spending will be under pressure. HY names that rely on French government spending, including Healthcare and nursing homes, are likely to remain under pressure regardless of who becomes the next Prime Minister.