Fed Expands Lending, ECB Steps Up, Antipodean Alliance: Eco Day

(Bloomberg) -- Welcome to Friday, Asia. Here’s the latest news and analysis from Bloomberg Economics to take you through to the weekend:

• The Fed is expanding its lending facility for small and medium-sized businesses to include more borrowers as it seeks to keep credit flowing to the U.S. economy
• The ECB stepped up its coronavirus response by cutting funding costs for banks, but refrained from boosting its bond-buying program and renewed its call on politicians to provide more fiscal support
• Australia and New Zealand’s prosperity is built on trading with the rest of the world. Borders are closed but, with coronavirus in the two nations’ coming under control, they’re turning to one another
• Millions more Americans filed for unemployment benefits last week, sending the six-week total above 30 million since the coronavirus pandemic began to shutter businesses
• The euro-area economy plunged into a record contraction, an outcome that will only add more urgency to controversial demands for joint-government fiscal support
• Nearly all business in Canada has ground to a temporary halt. It’s also threatening one of the main drivers of long-term growth: foreign students. Meanwhile, Bank of Canada Governor Stephen Poloz dismissed the possibility his emergency measures could trigger an inflationary spike
• Prime Minister Boris Johnson pledged a “comprehensive plan” to lift the lockdown that has crippled Britain’s economy, as he declared the U.K. has now passed the peak of the outbreak
• As states start lifting their lockdown orders, America’s burger joints, pizzerias, taquerias and diners find themselves on the reopening economy’s front line. Whether they’re ready or not
• Out of cash and desperate for help in propping up its oil industry, Venezuela is raiding its gold vaults and handing tons of bars to its long-time ally Iran

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