ECB on Debt Front Lines, China’s Q1 Slump, Cautious Fed: Eco Day

(Bloomberg) -- Welcome to Friday, Europe. Here’s the latest news and analysis from Bloomberg Economics to help you start the day and send you into the weekend:

• Echoing debt sagas of old, the European Central Bank is back on the crisis front line
• Last time the Swiss National Bank surprised investors by slashing interest rates, the bond market provided a signal, and it’s now flashing again
• China’s economy shrank in the first quarter for the worst performance since at least 1992
• Federal Reserve officials are cautious on a recovery, flagging risks that include economic depression
• The U.S. Small Business Administration said it has stopped accepting applications for two programs meant to help small firms survive the coronavirus outbreak after funding ran out
• Singapore’s exports showed a surprising jump in March, though from a low base, while the Bloomberg Trade Tracker showed further pain at the world’s biggest ports
• After off-cycle moves by central bankers in the Philippines and Pakistan Thursday, the Reserve Bank of India announced a series of measures Friday to boost liquidity
• South Korea’s unemployment rate jumped in March as the labor market suffers despite government efforts to protect jobs with an extra budget and financial aid to businesses; the latest data could prompt a ramp-up in government aid

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