Capital Gains Tax, Russia Rates Meet, Xi’s Tech Target: Eco Day

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Happy Friday, Europe. Here’s the latest news and analysis from Bloomberg Economics to take you through to the weekend:

  • President Joe Biden will propose almost doubling the capital gains tax rate for wealthy individuals to help pay for a raft of social spending, according to people familiar
  • Western Europe is beginning to loosen restrictions to contain the coronavirus, offering relief for the pandemic-weary region as vaccination programs turn the corner
  • ECB President Christine Lagarde said the institution isn’t discussing phasing out its emergency bond buying, even as it sees signs the economy is starting to shake off the pandemic. Meanwhile, Bloomberg Economics views the outcome of Thursday’s ECB meeting as consistent with its forecast for the pace of bond buying to be scaled back in June
  • The Bank of Russia could take a page from the Biden administration: Go slow, but send a credible signal of more action to come, writes Bloomberg Economics’ Scott Johnson, who expects a quarter-point hike Friday
  • Applications for U.S. state unemployment insurance unexpectedly plunged to a fresh pandemic low as the job market recovery gathers steam
  • As President Xi Jinping targets China’s massive tech giants, the big question is how he’ll get them to share key data as part of a sweeping plan to transform the world’s second-biggest economy
  • The Bank of Canada sent a warning to investors this week that inflation still matters
  • Former Prime Minister David Cameron helped Lex Greensill lobby the Bank of England to make as much as 20 billion pounds ($28 billion) of funding available to companies as part of the financier’s campaign to access coronavirus-assistance programs, a document dump from U.K. government officials and the central bank showed

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