Global Recovery Risk, Surprise Rate Cuts, Hardest Hit: Eco Day

(Bloomberg) -- Happy Friday, Asia. Here’s the latest news and analysis from Bloomberg Economics to help take you through to the weekend.

• Leaders of the global economy are warning that the recovery from recession is at risk and could be derailed by Covid-19’s resurgence
• The two countries grappling with Southeast Asia’s worst coronavirus outbreaks unleashed more monetary easing in unexpected moves
• India will be worst-affected among the world’s major economies even after the pandemic wanes, with output 12% below pre-virus levels through the middle of the decade, Oxford Economics says
• American hospitals are reeling as another spike in cases threatens to overwhelm capacity and drive up deaths
• China’s central bank remains on course to taper its emergency support even as a string of defaults by government-linked companies sends tremors through credit markets
• Vietnam’s fledgling local bond market is picking up steam, fueling investment in Southeast Asia’s only economy to avoid a recession
• Turkey’s biggest interest-rate hike in more than two years is being hailed as the first step in restoring the central bank’s credibility
• European small businesses that survived the first coronavirus lockdowns are getting creative to weather the second wave
• President-elect Joe Biden said he has chosen a Treasury secretary, promising an announcement either next week or the week after
• Congress is inching toward a deal on a $1.4 trillion spending bill that would avert a Dec. 11 government shutdown
• Treasury Secretary Steven Mnuchin said he had asked the Fed to return unused coronavirus stimulus money, rejecting the central bank’s request for a 90-day extension for four emergency programs
• Two voting members of the Fed’s policy-setting body declined to endorse boosting monetary stimulus even as they voiced concerns the U.S. economy will suffer from the surging pandemic
• The U.S. will soon issue the results of probes into Austria, Italy and India’s decisions to tax local revenue of Internet companies such as Facebook Inc., which could pave the way for retaliatory tariffs
• Stephanie Flanders brings together former Fed Chair Janet Yellen, ex-BOE chief Mervyn King, former RBI Governor Raghuram Rajan and ex-U.S. Treasury Secretary Lawrence Summers to analyze the unprecedented economic response to Covid-19 (PODCAST)
• Prince Andrew helped a secretive bank woo sketchy clients

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