U.K. Racial Wealth Gap, WEF Canceled, Canada’s Dilemma: Eco Day

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Welcome to Tuesday, Europe. Here’s the latest news and analysis from Bloomberg Economics to help you start the day:

  • Buying a place to live is the single most important way of achieving prosperity in the U.K. -- yet Black people risk falling further behind as urban gentrification exposes gaping racial wealth disparities
  • The decline of Spain’s rural population has vexed lawmakers and citizens for more than half a century, but Covid-19 now is changing the pattern
  • The broad rally in raw materials is a bonanza for Canada’s economy and a major challenge for policy makers. Elsewhere, it’s failing to trigger some of the traditional responses in bonds and currencies
  • The World Economic Forum canceled the annual meeting planned for August in Singapore as the city-state’s daily tally of Covid cases reached double digits
  • China is pushing to join a major trade pact, which originally aimed to exclude Beijing and cement U.S. economic power in the Asia-Pacific
  • The Covid-19 pandemic hurt American financial well-being, but the impact differed widely by education, income and race, a Federal Reserve survey showed. Meanwhile, Fed Vice Chair Richard Clarida said the recent jobs report showed the U.S. economy hasn’t reached the threshold to scale back massive bond purchases
  • Central banks increasingly are interested in environmentally sound and socially responsible investment
  • International Monetary Fund resources should be used to buy out holders of African bonds and avert a crisis as a global push for debt relief runs aground, the head of the continent’s biggest multilateral lender said
  • U.S. inflation may not be accelerating quite so sharply as recent government reports suggest
  • Japan’s economy shrank more than expected last quarter, raising the risk of a double-dip recession if the country can’t bring its virus emergency to a swift end
  • Republican senators are expected to deliver a counter-offer Tuesday to the Biden administration on the biggest infrastructure package in recent decades
  • Chilean copper mining is facing its biggest regulatory threat since the industry took off more than three decades ago. Elsewhere in Latin America, Argentina is limiting exports of beef, the latest unorthodox move to try to contain inflation approaching 50% annually

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