England’s ‘Freedom Day,’ ECB Teamwork, OPEC+ Truce: Eco Day

(Bloomberg) -- Welcome to Monday, Europe. Here’s the latest news and analysis from Bloomberg Economics to help you start the week.

• Pandemic restrictions are ending in England today, even with Covid-19 cases rising the most in the world; if you do venture into central London on so-called Freedom Day, here are five things to watch for
• Support from Bundesbank for ECB President Christine Lagarde’s new monetary policy strategy underscores how the hawkish and conservative German institution is committed to exerting influence through engagement rather than confrontation
• U.K. homeowners made wealth gains of more than 21,000 pounds ($29,000) on average over the last six months after a buying frenzy triggered by a temporary tax cut and rising consumer confidence
• OPEC and its allies struck a deal to inject more oil into the recovering global economy, overcoming an internal split that threatened the cartel’s control of the market; Russia expects to return to pre-crisis levels of output by May 2022
• U.S. Treasury Secretary Janet Yellen expressed doubts about last year’s trade deal with China under the Trump administration, the first clear statement from the Biden administration detailing its thinking about the future of the agreement between the world’s two largest economies
• The Fed may be downplaying the risk of lingering inflation, but those with arguably the best vantage point -- the companies themselves -- are taking a less optimistic view of rising prices
• The consensus for a robust global growth boom may be overlooking downside risks that may cause momentum to fade sooner than expected, warned Ruchir Sharma, head of emerging markets and chief global strategist at Morgan Stanley Investment Management
• China’s benchmark loan rate will be in the spotlight on Tuesday, with market participants divided over the need for more easing to support growth

©2021 Bloomberg L.P.