‘Common Prosperity,’ Fed’s Ugly Fight, ECB Stimulus Row: Eco Day

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

  • Scores of listed Chinese companies have name-checked President Xi Jinping’s “common prosperity” drive in earnings reports, seeking to align themselves with the campaign to reduce wealth inequality
  • Fed officials are moving on to their next big policy debate: defining their “broad and inclusive” maximum-employment goal
  • The euro-area rebound and a dramatic inflation surge has reignited the sparring among ECB policy makers about when to shift away from its crisis mode. The bank is telling lenders to prepare for stress tests that will show just how vulnerable they are to climate change
  • Hurricane Ida wrecked transmission lines and left New Orleans in darkness, but infrastructure advocates see an opportunity
  • Australia’s slow reopening is set to weigh on 4Q growth, according to Bloomberg Economics. The economy is set to contract sharply this quarter as the nation’s two largest cities remain shuttered
  • China’s economy is barely responding to to the nation’s containment of coronavirus, says Bloomberg Economics
  • South Korea’s inflation was faster than expected in August, adding support to views that the central bank may raise its key rate again
  • U.S. manufacturing expanded at a stronger-than-expected pace in August, reflecting faster orders and production growth
  • The Bank of England named Huw Pill, a former Goldman Sachs Group Inc. analyst who now works at Harvard Business School, to succeed Andy Haldane as its next chief economist
  • China should launch a digital services tax to expand its tax base
  • Sri Lanka’s Finance Ministry called for proposals from banks and institutional investors for a foreign currency term-loan
  • Conjured out of nothing and lived in by seemingly no one, China’s so-called ghost cities became the subject of Western media fascination a decade ago. Now that’s beginning to change

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