According to Jin10, Capital Economics' Andrew Kenningham said the French government bond selloff would only turn if there were a credible commitment to cut the deficit over several years and put debt on a sustainable path. He said in a report that yields may edge lower over the next few weeks, but the firm remains pessimistic about the longer-term outlook because France's debt-to-GDP ratio is expected to keep rising in the foreseeable future. Kenningham also said Thursday's budget draft could still be weakened, and that while it would cut next year's deficit to 5.0%, that would not be enough to stabilize the debt ratio. He added that a larger fiscal crisis is increasingly likely to be needed to push French politicians toward agreement on a lasting fiscal consolidation plan.