ECB Capital Relief, U.S. Inflation, China Consumers: Eco Day

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

  • Banks are lobbying the European Central Bank to extend temporary capital relief granted during the pandemic to keep credit flowing to fragile economies
  • U.S. consumer prices climbed in April by the most since 2009, fueling a political threat to President Joe Biden’s plans for vast new federal spending on infrastructure and social programs
  • When it comes to investing their own money to tackle climate-change or promote better corporate governance, European Central Bank officials keep nearly half of their private investments in assets that rank “average” or “laggard” on a sustainability scale devised by MSCI Inc.
  • China’s economic activity rotated to consumption from production over a string of holidays in early May, writes Chang Shu
  • U.S. trade chief Katherine Tai and the top senator overseeing trade policy voiced support for updating the nation’s tariff tools
  • Hong Kong is in talks with China to expand cross-border testing of the digital yuan after the first phase proceeded smoothly, another step toward wider adoption of the currency
  • France aims to delay access to the European single market for U.K. financial firms until it considers that the British government is honoring its post-Brexit commitments on fishing rights
  • The EU’s framework for controlling debt must be changed to help overcome Covid’s economic damage, Italy’s Mario Draghi said
  • Global remittances showed surprising strength in 2020 as heavy government stimulus spending put cash in immigrants’ pockets
  • South Korea’s central bank should continue to keep monetary policy loose as the economy’s recovery still isn’t solid, said a state-funded think tank

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