Climate Change Economy Hit, Fed Holding, Japan’s Slump: Eco Day

(Bloomberg) --

Welcome to Thursday, Europe. Here’s the latest news and analysis from Bloomberg Economics to help get your day started:

• Romania’s new finance minister has to find a way to defuse the EU’s biggest budget time bomb
• Sooner, bigger. Economic effects from climate change could arrive sooner and with a heavier impact than previously assumed, Oxford Economics writes in a report
• Standing pat. Federal Reserve chief Jerome Powell is sticking to his call that the Fed’s probably on hold after three straight interest-rate cuts, while flagging downside risks; the policy makers are still struggling to balance the benchmark and other rates
• Housing discount. An unexpected inflation slowdown in the U.S. can partly be traced back to cheaper rent in New York and Boston
• Russian rebound. Economic growth accelerated to the fastest pace of 2019 in Russia after four consecutive central bank rate cuts
• Less fortunate. An export slump in Japan prompted the economy’s sharp slowdown in the third quarter
• New depths. China’s economy slowed further in October, signaling that policy makers’ piecemeal stimulus is failing to boost output and investment amid ongoing trade tensions. But the news isn’t as bad as it appears, write Bloomberg Economics’ Chang Shu and David Qu
• Lunchtime listen. Behind the day-to-day tariff battles, China’s drawing a “Silicon curtain” in the technology race. The weekly Stephanomics podcast also explores the best and worst cities for drivers

To contact the reporter on this story: Michelle Jamrisko in Singapore at mjamrisko@bloomberg.net

To contact the editors responsible for this story: Nasreen Seria at nseria@bloomberg.net, Karthikeyan Sundaram, Tuhin Kar

©2019 Bloomberg L.P.