France’s 10-year government bond yield slipped further below 3.5% as bond markets stabilized and disappointing US labor data reinforced expectations that the Federal Reserve will resume rate cuts this month. The latest ADP survey showed private businesses added just 54,000 jobs in August, sharply down from July and well below forecasts of 65,000. Job openings in July fell to their lowest since September 2024, while jobless claims rose to a two-month high. Investors now turn to Friday’s August nonfarm payrolls report for further guidance. In Europe, political and fiscal risks remain in focus. Prime Minister Francois Bayrou has called a confidence vote in the National Assembly for September 8 ahead of the 2026 budget debates, with his prospects appearing uncertain.