European bond yields ease as Le Pen pledges fiscal savings

European sovereign yields fell sharply this morning, with the French 10-year dropping 13bp to 4.72% and the Belgian 10-year down 8.5bp, after Marine Le Pen promised €140bn in net savings over five years if elected in 2027. The move suggests markets are pricing reduced fiscal risk in France, though the pledge is preliminary and unverified. This marks a reversal from recent weeks of rising French yields amid political uncertainty.