For most of the year, euro-area bonds had been sliding together, a byproduct of an energy shock that stoked inflation worries and pushed the European Central Bank to lift rates. Within that downward drift, France trailed others as fights over the budget and a heated election campaign added to worldwide strains. Then Thursday hit. French debt dropped again, joined by Italy, Belgium and Greece, with spreads posting some of their biggest jumps in years. Money moved toward safety, with Germany the standout among major economies. That flight to quality also gave a lift to U.S. Treasuries that had been under pressure. To be fair, spreads across much of the bloc are still relatively low, and by Friday the rout had calmed with long-dated bonds bouncing.
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