Common Prosperity, Fed Chair Choice, BOJ Will Roll On: Eco Day

(Bloomberg) -- Welcome to Wednesday, Asia. Here’s the latest news and analysis from Bloomberg Economics to help you start the day:

• To understand what President Xi Jinping envisions in his calls for “common prosperity,” look to the pilot program underway in the wealthy province of Zhejiang
• President Joe Biden’s choice of who will lead the Fed may come down to a debate about regulating Wall Street
• The BOJ will keep pumping out stimulus regardless of any shift in political leadership, an ex-senior executive says, as Prime Minister Yoshihide Suga is reportedly looking to hold an election on Oct. 17
• China’s ruling party will convene for the first time in more than a year in November, laying the ground for a twice-a-decade congress
• India’s central bank plans to conduct more operations to manage any surge in banking-system cash, Governor Shaktikanta Das said
• South Korea’s exports continued to rise in August, suggesting global demand is holding up
• U.S. consumer confidence dropped in August to a six-month low
• Japanese firms boosted investment for a second straight quarter. Meantime, activity fell after a state of emergency was expanded to 21 of Japan’s 47 prefectures, Bloomberg Economics says
• Australia’s housing market defied lockdowns in the nation’s two biggest cities to post a 1.5% rise in prices in August
• Canada’s rebound unexpectedly stalled through spring and early summer, raising questions about the resiliency of the economy. Meanwhile, a prominent bank economist hurled criticism at the country’s statistics agency after it revised its economic figures for April and May with little explanation, giving Prime Minister Justin Trudeau’s political opponents an opening to criticize his record.
• The ECB should start debating how it will phase out its pandemic-era stimulus, Governing Council member Robert Holzmann said. The ECB’s hopes of avoiding becoming a political football in Germany’s election took a hit as a possible future finance minister laid into the bank
• Chile’s central bank shocked economists with its biggest interest rate increase in 20 years
• Business travel as we’ve known it is a thing of the past

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