Five Things You Need to Know to Start Your Day: Europe

Good morning. Investors fret over tax plans in the UK and France. Wall Street traders face a unique challenge as growth continues while interest rates fall. And China announces more moves to prop up its sagging economy. Here’s what people are talking about.

In Mayfair’s financial enclave and the sleek offices of advisers to the ultra-rich, the talk is getting louder: everyone knows someone who's thinking about their exit strategy — or already gone. Moves that were once confined to whispers have burst into the open since the Labour Party came into power with promises to clamp down even further on preferential tax treatment for well-heeled foreign residents, as well as private equity investments and private school fees. Some are simply cashing in UK investments, but others — from scions of mega-rich families to City of London bosses — have mapped out or already executed departure plans. While the impact and likelihood of such departures are up for debate, the hazard lights are flashing. Meanwhile, in France, investors are cautiously eyeing Prime Minister Michel Barnier’s plan to open the door to taxing wealthy individuals and large companies in a bid to repair the nation’s massive budget.