China Virus Hit, Frauds in the U.K., Tough Fed Choice: Eco Day

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

• China’s broadest Covid-19 outbreak since the beginning of the pandemic in late 2019 is hampering tourism and spending during the peak summer holiday, prompting analysts to review their economic growth projections as risks escalate
• The number of U.K. fraud cases jumped this year as the coronavirus lockdowns created the perfect conditions for criminals to take advantage of a nation locked down
• President Joe Biden has a tough decision in choosing the next Fed chair: Play it safe by giving Jerome Powell a second term or take a chance on a liberal like Lael Brainard, who would please progressives in Congress yet potentially agitate Wall Street
• It took a pandemic for America’s army of gig workers to win access to some of the social protections that regular employees enjoy. Now they’re about to lose it again
• The U.K. told the United Nations Security Council that Iran was probably behind the deadly drone attack on an Israel-managed tanker off the coast of Oman last week
• A wrap of Bloomberg Economics’s coverage including China’s delta risk and the RBA pushing ahead with taper plans
• The technological level of China’s exports increased through the trade war with the U.S., a new ranking shows, predicting the Chinese economy will grow faster than India’s over the next decade
• Singapore Prime Minister Lee Hsien Loong again warned the U.S. and China to deescalate tensions, saying both powers presumed incorrectly they would win in any conflict

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With assistance from Bloomberg