France’s financial markets have been under the cosh for much of 2025, as political gridlock in parliament has kept the door revolving at the Matignon. Equities have not gone unscathed, with the bond market weighing on the financial sector in particular. Although the valuation of that sector now looks relatively low, it could remain in a funk if, as we envisage, concerns about the public finances persist. And there are other reasons to doubt a comparatively strong rebound in France’s overall stock market.
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