European equities are keeping to a rather subdued start on Wednesday, with major indices showing little appetite to build on the recovery in Wall Street overnight. The opening changes:Eurostoxx +0.1%Germany DAX -0.1%France CAC 40 +0.1%UK FTSE -0.2%Spain IBEX -0.3%Italy FTSE MIB -0.1%There's not much to get excited about from the early moves but I would argue that the bigger story in Europe right now isn't what we're seeing in the equities space. It's what is happening in the bond market.The France-Germany 10-year yield spread has widened to around 154 bps today, pushing above the 150 bps mark and keeping near its widest levels since the Eurozone debt crisis in 2012.After a relentless climb since September, the spread is now pushing past the 150 bps resistance area that had capped several attempts to move higher earlier this month. In simpler terms, what the chart tells us is that investors are demanding a much bigger premium to hold French government debt over German bonds. And with France's fiscal troubles and political uncertainty showing little sign of easing, it's difficult to see what might turn that sentiment around anytime soon.The major worry right now isn't just about higher borrowing costs. It's also about confidence in Europe's second-largest economy and how persistent pressure in French bonds might eventually weigh more heavily on the euro and broader regional assets.And mind you, we don't need a full-blown debt crisis for that to happen either.As such, I wouldn't be comfortable in reading too much into the lack of selling pressures at the open. Stocks may be holding steadier and keeping somewhat cautious, but the bond market is already starting to act up. This article was written by Justin Low at investinglive.com.