Fed Taper Distant, China Hidden Debt, Turkish Inflation: Eco Day

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

  • Turkey’s central bank chief will unveil his inflation projections on Thursday, giving him a chance to ease fears that he will prematurely relax rates like his predecessors
  • Kenya slid into a recession for the first time after the economy contracted for a second straight quarter as measures introduced by the East African state to slow the spread of the Covid-19 pandemic continued to hurt output
  • Store and office vacancies are surging across the U.K. as the pandemic hammers retailers and workers stay at home
    • Carmakers coming off their worst year in the U.K. since 1984 face uncertain prospects for recovery due to post-Brexit trade complications and measures to contain Covid-19
    • Boris Johnson highlighted the more than $11 billion given to the Scottish government and U.K. action to protect 930,000 jobs in the country as a fresh independence vote looms
  • The Federal Reserve delivered more dovish signals Wednesday, saying a tapering is still “some time” away and that they’re more concerned with a cool economy than hot markets
  • Democrats in Washington are preparing two options for a stimulus package amid debate on Covid recovery measures
  • China’s local governments face a record hidden debt pile due this year
  • Hong Kong activity is rising off a low even as lockdown measures have tightened, Bloomberg Economics analysis shows
  • Alternatively, Japan’s retail sales declined again as Covid-related restrictions curbed shopping
  • Chile held its record-low 0.5% interest rate with a quarter of its country in lockdown

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