France's upcoming bond issuance is shaping up as a critical litmus test for investor confidence. The wrinkle? Lawmakers still haven't hammered out a budget for the current year, creating uncertainty around fiscal policy. This kind of political gridlock typically rattles markets—when governments can't agree on spending, it sends mixed signals about economic direction and debt management. For investors tracking macro trends, France's borrowing costs and demand at the auction will tell you a lot about how risk appetite is holding up in Europe. If demand stays strong despite the budget chaos, that's one signal. If it weakens? That might hint at deeper concerns about European stability. Either way, it's worth watching how this plays out, especially if you're thinking about broader portfolio positioning.