UBS On-Air: Market Moves UBS On-Air: Paul Donovan Daily Audio 'Paying for government'
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Sep 29, 2025 Discover France's bold fiscal plan, aiming at a 4.7% GDP deficit while avoiding a wealth tax but discussing tax justice. Explore how governments globally are strategizing to mobilize wealth amidst fiscal challenges. Get insights on Spain's inflation forecast and why it may not sway the ECB. Dive into the risks of a US government shutdown, often seen as mere political theatrics, and hear about the nuances of Dallas Fed manufacturing sentiment. Plus, catch up on the latest trends in consumer prices for durable goods and groceries.
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Governments Will Target Wealth Indirectly
- France aims for a 4.7% GDP deficit while avoiding a wealth tax and public holiday cuts.
- Paul Donovan warns governments will seek alternative ways to mobilise wealth amid large fiscal deficits.
Wealth Taxes Are Impractical
- General wealth taxes are costly and hard to administer in practice.
- Paul Donovan expects governments to prefer other, easier methods to tap private wealth.
Spanish CPI Unlikely To Move Markets
- Spanish September CPI data arrives but forecasts vary widely among economists.
- Paul Donovan says the result is unlikely to move markets or alter ECB decisions.