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

(Bloomberg) -- Discover what’s driving the global economy and what it means for policy makers, businesses, investors and you with The New Economy Daily. Sign up here

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

©2021 Bloomberg L.P.