StoneX Strategist Sees Broader Market Risks, Stays Bullish on Bitcoin

StoneX global macro director Vincent Deluard said rising U.S. Treasury yields, oil prices and French bond-market stress are increasing market risks while he remains bullish on Bitcoin (BTC).

Deluard said equities may hold up through the U.S. midterm elections and Anthropic’s initial public offering. He plans to take a bearish view on stocks after November, arguing that artificial-intelligence capital spending cannot continue doubling indefinitely.

French government bond yields have climbed sharply. France’s 10-year yield has risen more than 100 basis points since the start of the year, while the gap between French and German 10-year yields reached 149.17 basis points, its widest level since 2012.

France’s 10-year yield also reached 4.989%, the highest level since 2002. Investors have questioned whether France can reduce its fiscal deficit to 5% of gross domestic product in 2027, adding to pressure on the country’s borrowing costs and bond-market financing outlook.

Deluard also discussed the risk that stress could spread across eurozone bond markets, along with pressure involving the euro, the yen carry trade and oil. He identified the yen carry trade, oil prices and U.S. Treasury yields as signals reaching a breaking point.

He maintained a bullish view on Bitcoin and gold in a broader discussion of currency debasement and a possible return of quantitative easing. The comments extend recent attention on the widening French-German bond spread.