French stock futures, bonds tumble as government faces likely collapse
LONDON, Aug 26 (Reuters) - French stocks were set to open sharply lower and its bonds tumbled on Tuesday as France's minority government looked increasingly likely to be ousted next month.
Three main opposition parties said they would not back a confidence vote which Prime Minister Francois Bayrou announced for September 8 over his plans for sweeping budget cuts.
Futures on France's blue chip CAC40 index were down 0.9%, having fallen 1.6% late on Monday. FCEc1
Its 10-year bond yield rose around 2 basis points in early trade to around 3.51%, its highest since March FR10YT=RR. This left the gap between French and German 10-year yields, a gauge of the premium investors require to hold French debt, wider at around 79 bps -- its largest since April. FR10DE10=RR
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