Economies Changed Forever, China Factories, RBA’s Tools: Eco Day

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

• Modern economies will change forever after the coronavirus pandemic passes if some radical thinkers get their way
• A gauge of China’s manufacturing activity slipped in May, underlining the slow pace of a rebound. The economy has a long road to recovery -- and requires increased policy support, writes Chang Shu
• Australia’s central bank will keep the stimulus flowing when it meets Tuesday, a day before data that will reveal whether a record recession-free run is drawing to a close
• New York City’s finance industry won’t recover from the devastation wrought by Covid-19 until 2026, according to an analysis by ThinkIQ
• Tracking the global recovery with Bloomberg Economics’ high frequency data dashboard
• Japanese Economy Minister Yasutoshi Nishimura said friction between the U.S. and China over Hong Kong poses a risk to the global economy. Meantime, the city’s government said actions threatened by President Donald Trump are “unjustified”
• Macau’s economy posted a 48.7% contraction in the first quarter as lockdown measures hit revenue from gambling, hotels and tourism
• Thailand’s parliament approved a 1.9 trillion baht ($60 billion) stimulus package to counter a recession
• The devastation of the coronavirus pandemic on the U.S. labor market will be on display this week, with Friday’s jobs report likely to show unemployment soared to nearly 20%
• Europe’s fiscal fragmentation may be inflicting an extra fee for euro membership onto indebted southern countries, underscoring the case for the region’s new recovery fund. The continent’s most virus-stricken countries are preparing to further ease lockdown measures, even as scientists warned against moving too quickly
• President Donald Trump said he’s planning an expanded Group of Seven leaders meeting in the autumn, potentially after the November election, postponing efforts to hold the event in June at Camp David
• The Palestinians will need outside help to overcome a poor economic outlook and widening budget deficit, the World Bank says
• The coronavirus pandemic is giving Philippine President Rodrigo Duterte a reason to reduce overcrowding in Manila, which has swelled into one of the most heavily populated areas on Earth

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