UBS On-Air: Paul Donovan Daily Audio 'Cutting rates'
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German September producer prices are expected to stay in deflation (this is not a surprise, they have been in deflation for over a year). While other factors will add noise to consumer price data, producer prices are a better reflection of corporate pricing power. The deflation s
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UBS On-Air: Paul Donovan Daily Audio 'Competitiveness considerations'
German December producer price inflation, due today, gains significance as trade taxes and manufacturing competitiveness become central market themes. Per the full note [source], German PPI exited deflation in November, and further improvement could reinforce the narrative of a cyclical recovery in exports. The contrast with strong US industrial production and less-weak Japanese IP suggests goods demand is global, but tariff risk skews relative competitiveness. No consensus target or firm forecasts are available for this commentary's currency pair, leaving the desk's argument as a standalone call to watch the print.
UBS On-Air: Paul Donovan Daily Audio 'Real real rates'
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