Winding Up is 9fin's weekly newsletter, incorporating summaries and commentary from our European distressed coverage for the past week. Find out more about what we do for distressed here.

This week’s news has been dominated by daunting budget predictions and economic announcements from the largest European economies, impacting investor sentiment.

In the UK, as the first Labour government’s budget approaches on 30 October, rumours that chancellor Rachel Reeves will press ahead with plans to borrow billions of pounds have spread concerns among bondholders.

The country’s long-term borrowing costs have climbed sharply, pushing the spread between UK and German benchmark 10-year bond yields to 1.95 percentage points, the widest in more than a year.