Vincent Deluard: French Bond Crisis, Bitcoin Outlook, and Market Risks
StoneX strategist Vincent Deluard warns of rising Treasury yields, bullish on Bitcoin and gold post-midterms.
France's final manufacturing PMI for August came in at 51.1, below the flash estimate but above July's 49.8, indicating a mild rebound in activity.
The data confirms a modest improvement in French manufacturing activity during August, supported by stronger output growth. However, new orders continued to decline, highlighting subdued demand conditions.
Adding some positive news, inflationary pressures eased further over the month, even as suppliers' delivery times increased more sharply. Both input costs and output prices rose at their slowest pace since February, though they remained above levels recorded before the US-Iran conflict.
S&P Global commented:
"On the surface, it's a much better PMI report for France's manufacturing sector, but it's difficult to draw much optimism from these figures as the data reveal still-weak demand, falling business confidence and more aggressive destocking. This makes August's renewed output expansion an unconvincing one."
"Falling inflationary pressures are a positive outcome considering the step-up in oil prices over the summer. The disinflationary trend seen in factory gate prices could provide a much-needed tailwind for order books."
Share to
Disclaimer: this article comes from third-party media and is provided for reference only. It does not constitute investment advice. Crypto and other financial products carry significant price volatility risk, so please make your own decisions carefully.
StoneX strategist Vincent Deluard warns of rising Treasury yields, bullish on Bitcoin and gold post-midterms.
In 2026, USDT traffic has split by purpose: Tron moves funds fast and cheap, Ethereum powers DeFi. Cost and speed decide which network gets used.
Bailey said monetary policy must stay unwaveringly committed to getting inflation back to target, and that core market resilience needs strengthening.
US initial jobless claims totaled 197K last week versus a forecast 200K, with continuing claims at 1716K against a 1708K estimate.