Shipping containers sit stacked at the Port of Oakland in Oakland, California. (Photographer: David Paul Morris/Bloomberg)

Global Economy Shaky, Tariff Deadline, China Beige Book: Eco Day

(Bloomberg) -- Welcome to Monday, Asia. Here’s the latest news from Bloomberg Economics:

  • The global economy is looking shaky and the Bank for International Settlements says central banks may be powerless if it all goes awry. The BIS is also sounding the alarm about surging high-risk lending
  • The U.S. and China are hours away from a new round of tariffs, with no improvement in relations between the two rivals in sight. China reached into the U.S. heartland on the dispute with a four-page newspaper advertisement
  • Producers in China are already under stress even ahead of implementation of U.S. tariffs, as indicated by an explosion in corporate borrowing, according to the China Beige Book
  • Hits and misses. India’s shock move to ban high-denomination currency notes almost two years ago caused much hardship, with limited benefits
  • Italian Deputy Prime Minister Matteo Salvini pushed back against a plea for fiscal caution from the head of the central bank. The European Central Bank should consider tightening its monetary policy sooner than originally planned, says Governing Council member Ewald Nowotny
  • Emmanuel Macron’s second budget as French president will hammer home an economic strategy that’s becoming increasingly unpopular: make work pay, whatever the cost
  • As Denmark comes to grips with its role in one of Europe’s worst dirty money sagas, its parliament is trying to stop the nation’s credit rating from being dragged down by the scandal
  • An unexpected pick up in New Zealand’s economic growth is unlikely to shift the policy ground for the central bank when it meets this week, writes Tamara Henderson

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