China v U.S., India’s Bright Spot, Job Growth Optimism: Eco Day

(Bloomberg) -- Happy Friday, Asia. Here’s the latest news and analysis from Bloomberg Economics to help get you through to the weekend:

• The U.S. Senate gave final approval to legislation that would impose sanctions on Chinese officials cracking down on dissent in Hong Kong. The bill heads to President Donald Trump for his signature or veto
• India has accumulated the world’s fifth-largest foreign exchange reserves at more than $500 billion, making it a bright spot in an otherwise dismal economy
• The U.S. labor market made great progress last month digging out of a deep hole, yet optimism was tempered by stubbornly high layoffs and a resurgent outbreak across the country
• The past two weeks saw some improvement in Hong Kong’s economy, even as the number of new cases of Covid-19 rose, writes Chang Shu
• Boris Johnson’s government refused to back down after China warned of “consequences” if it presses ahead with the offer a home in the U.K. for millions of Hong Kong residents
• Here’s why it’s hard for Europe to break China’s supply chains, Stephanie Flanders and Lucy Meakin discuss in Stephanie’s weekly podcast
• Japanese Prime Minister Shinzo Abe will fall short of his pledge for women to hold 30% of the nation’s leadership positions this year as the pandemic highlights the fragility of women’s employment gains
• Thailand’s plan to target high-spending foreigners to kick-start its travel sector has a green light after winning Cabinet approval and additional support from the nation’s aviation regulator
• An average of 178,000 workers have been exiting Spain’s furlough program every week to return to their jobs in a sign that the recovery is slowly gathering pace, where the recession is expected to be one of Europe’s deepest
• The gulf between generations in the U.K. is yawning as the pandemic exposes inequalities and damages younger people’s work prospects
• The Indian military has been discussing a two-front war with Pakistan and China for decades to keep politicians focused on defense spending. Now that scenario is looking ever more realistic
• Nathan Tankus, 28, hasn’t yet finished his bachelor’s degree. He has, however, mastered enough knowledge of economics and finance to become a widely followed commentator on the Fed

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