Georgia Races, Slower Recovery, U.S. Factory Rebound: Eco Day

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

  • The outcome of Georgia Senate runoff elections will shape Joe Biden’s presidency even before it officially begins, setting the scope of his agenda and the pace of his nominees’ confirmations
  • This year’s global economic rebound from the deepest recession since World War II will be slightly slower than previously expected amid a resurgence in virus cases across advanced economies, the World Bank said
  • A measure of U.S. manufacturing expanded in December at the fastest pace in more than two years, bolstered by a pickup in new orders and the strongest growth in production since 2011
  • A senior U.S. diplomat has criticized Indian Prime Minister Narendra Modi’s trade policies, saying growing restrictions on market access and limits on the free flow of data are standing in the way of India becoming an alternative to Chinese supply lines
  • Office vacancies in Manhattan jumped to a record as the Covid-19 pandemic froze new rental deals and sublease openings soared
  • Chancellor of the Exchequer Rishi Sunak announced 4.6 billion pounds ($6.2 billion) of emergency support to help U.K. businesses survive a third lockdown that threatens to plunge the economy into a sharp double-dip recession
  • Chancellor Angela Merkel extended Germany’s lockdown and tightened restrictions as pressure mounts on her government to contain the coronavirus spread and speed up vaccinations
  • Saudi Arabia and three other Arab states agreed to fully restore ties with neighboring Qatar on Tuesday after a sustained U.S. push for the countries to unite against Iran
  • The world economy will be exiting the pandemic weighed down by much bigger debts and increased inequality that could hobble growth in the longer term

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