French GDP, London Room-Rental Slump, U.S. Overhaul: Eco Day

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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:

  • The French economy returned to growth in the first quarter after the government delayed implementing strict Covid-19 lockdowns that have since clouded the outlook
    • GDP readings across the regions are due today
  • Young workers look to be drifting away from London as the labor market lags, with the city’s room rental data slumping since the start of the pandemic
  • European Central Bank chief economist Philip Lane warned that the euro-area economy will need time to achieve a full recovery despite finally reaching a turning point in the crisis
  • U.S. President Joe Biden is gaining early momentum in Congress for his tax-spend vision, arguing that higher taxes on the rich will fund cuts for many more Americans. Here’s a Bloomberg Government analysis of the prospects, while the U.S. economy charges ahead
  • China’s factory outlook eased in April as the recovery moderated. In Japan, factory output showed some resilience in March even amid a another state of emergency, and in Taiwan exports could propel the economy to its fastest growth in a decade
  • India’s economy was steadily on the recovery track just before the new virus wave hit, according to a dashboard of high-frequency indicators by Bloomberg
  • China accused Australia of economic coercion as ties between the two countries continue to deteriorate
  • Mexico’s president is pushing through a series of interventionist reforms, from the energy industry to labor contracts, in a flurry of rushed legislative votes that will affirm his power ahead of key midterm elections in June
  • Take a look at the week ahead, which includes a Bank of England decision and the U.S. jobs report as global economy highlights

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