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Global Recovery Risk, Surprise Rate Cuts, Hardest Hit: Eco Day

Michael Heath
·2 min read

(Bloomberg) -- Happy Friday, Asia. Here’s the latest news and analysis from Bloomberg Economics to help take you through to the weekend.

Leaders of the global economy are warning that the recovery from recession is at risk and could be derailed by Covid-19’s resurgenceThe two countries grappling with Southeast Asia’s worst coronavirus outbreaks unleashed more monetary easing in unexpected movesIndia will be worst-affected among the world’s major economies even after the pandemic wanes, with output 12% below pre-virus levels through the middle of the decade, Oxford Economics saysAmerican hospitals are reeling as another spike in cases threatens to overwhelm capacity and drive up deathsChina’s central bank remains on course to taper its emergency support even as a string of defaults by government-linked companies sends tremors through credit marketsVietnam’s fledgling local bond market is picking up steam, fueling investment in Southeast Asia’s only economy to avoid a recessionTurkey’s biggest interest-rate hike in more than two years is being hailed as the first step in restoring the central bank’s credibilityEuropean small businesses that survived the first coronavirus lockdowns are getting creative to weather the second wavePresident-elect Joe Biden said he has chosen a Treasury secretary, promising an announcement either next week or the week afterCongress is inching toward a deal on a $1.4 trillion spending bill that would avert a Dec. 11 government shutdownTreasury Secretary Steven Mnuchin said he had asked the Fed to return unused coronavirus stimulus money, rejecting the central bank’s request for a 90-day extension for four emergency programsTwo voting members of the Fed’s policy-setting body declined to endorse boosting monetary stimulus even as they voiced concerns the U.S. economy will suffer from the surging pandemicThe U.S. will soon issue the results of probes into Austria, Italy and India’s decisions to tax local revenue of Internet companies such as Facebook Inc., which could pave the way for retaliatory tariffsStephanie Flanders brings together former Fed Chair Janet Yellen, ex-BOE chief Mervyn King, former RBI Governor Raghuram Rajan and ex-U.S. Treasury Secretary Lawrence Summers to analyze the unprecedented economic response to Covid-19 (PODCAST)Prince Andrew helped a secretive bank woo sketchy clients

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