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Fastest Recovery, Yuan Reserve, Fed-Climate Collision: Eco Day

Fastest Recovery, Yuan Reserve, Fed-Climate Collision: Eco Day

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

  • The global economy is expected to undergo its fastest recovery in almost five decades this year, but deepening inequities threaten to undermine this, the UN said
  • The yuan’s path to overtaking the yen as the world’s third-largest reserve currency looks more assured
  • The fight over who should lead the Fed for the next four years has intensified questions about whether the central bank is doing enough to help combat climate change
  • When investors started calling early Wednesday morning after China moved to tighten its grip on the world’s biggest gambling hub, the junket operator had just one thing to say: sell
  • A new Japanese prime minister due to be installed later this month is unlikely to change fiscal or other policies sufficiently to force the central bank to amend its monetary settings, a survey showed
  • The biggest set of U.S. tax increases in a generation took a major step forward with approval by the House Ways and Means Committee of $2.1 trillion in new levies mainly on corporations and the wealthy
  • ECB Chief Economist Philip Lane said investors should look beyond the sheer volume of asset purchases in assessing monetary policy
  • Inflation in Canada accelerated to the fastest pace since 2003, a political headache for Prime Minister Justin Trudeau only five days before an election. U.K. inflation also surged more than expected to the strongest pace in more than nine years
  • TD’s top U.S. executive said the American economic recovery has hit some speed bumps over the past month and a half
  • Australia is joining a new Indo-Pacific security partnership with the U.S. and U.K. that will allow it to acquire nuclear-powered submarines, likely signaling the end of its deal with France

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