Global Economy’s ‘Great Sag,’ Fiscal Lethargy, Brexit: Eco Day

(Bloomberg) -- Welcome to Friday, Asia. Here’s the latest news and analysis from Bloomberg Economics to help get your day started:

  • Billionaire hedge-fund founder Ray Dalio says the global economy is in a “great sag” marked by political extremes that recall the 1930s
  • Governments are failing to heed the pleas of their central bankers for more spending to support a slowing world economy
  • The German government cut its 2020 growth forecast as Europe’s biggest economy expects the pinch from waning global demand, Brexit and lingering trade disputes to carry over into next year
  • After his brief moment of glory in Brussels, Boris Johnson is flying back to London to face a hard political reality: he still needs to sell his Brexit deal to Parliament
  • Australia’s jobless rate edged lower in September as the economy added full-time roles, sending the currency higher and potentially giving the Reserve Bank some breathing space in its easing cycle.
  • A tightening labor market with U.S. unemployment at a 50-year low is starting to result in higher wages for full-time workers, including younger people and minorities whose pay has lagged
  • And Canada’s economy has been a bright spot in the dimming global economy -- but perhaps not for much longer

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