UBS On-Air: Market Moves UBS On-Air: Paul Donovan Daily Audio 'Fiscal largesse for no progress'
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Nov 24, 2025 Discover the surprise rejection of France's revenue plan and its implications for the Senate's next moves. Learn why market impacts from this budget process are expected to be minimal. Dive into the G20 summit criticism, focusing on the high travel costs and questioning its real value. Explore the tensions between multilateralism and rising economic nationalism. Finally, get insights into upcoming data releases from Germany and the U.S., including key economic surveys and speeches.
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French Budget Rejection Has Limited Market Impact
- The French National Assembly rejected the revenue part of the budget, sending the plan to the Senate unchanged.
- Paul Donovan expects minimal market impact and a drawn-out political process due to no clear majority.
G20 Summits: Symbolic Cost With Little Change
- The G20 summit is largely a taxpayer-funded exercise with limited practical outcomes beyond statements.
- Donovan argues such summits add to government deficits and often amount to expensive symbolic gestures.
Self-Interest Trumps Moral Rhetoric In Cooperation
- Rising economic nationalism and prejudice politics make multilateral statements easy to endorse but hard to implement.
- Donovan says economic self-interest, not moral appeals, is likelier to counter prejudice and support cooperation.