For the first time in years, investors are demanding a bigger premium to lend to Paris than to Rome. The shift is rippling through French stocks, European banks and the euro. For most of the past two decades, Italy has been the euro area's byword for fiscal risk, and France has been treated as part of the safe "core" alongside Germany. That hierarchy has now flipped in the bond market. Investors are demanding a larger premium to hold French government debt than Italian debt, a reversal that analysts describe as one of the most important macro developments in Europe this autumn. The move has been fast.
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