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vendredi 5 septembre 2025
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From Paris and London to Washington, fiscal jitters are back
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By Samy CHAAR, Chief Economist, CIO Switzerland, Dr. Luca BINDELLI, Head of Investment Strategy and Bill PAPADAKIS, Senior Macro Strategist, Lombard Odier
Global fiscal strains are slowly impacting capital markets, with French political gridlock and inefficient spending driving up sovereign spreads. The UK has a window to move closer towards fiscal balance and may take limited steps. But in developed markets including the US, rising debt costs and policy uncertainty may lift the premium demanded for long-term bonds, steepen the yield curve and increase market volatility.
France’s 8 September vote of confidence in the government is unlikely to produce immediate financial instability, but does highlight the impact of policy failure on long-term...
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