Great Accelerator, Woes Eclipse Vaccine, Housing Frenzy: Eco Day

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

  • The Covid-19 pandemic was supposed to put the final nail in the coffin of globalization and prompt a retreat into protectionism. Instead, some are now calling the crisis the Great Accelerator
  • The Fed is in no hurry to taper its massive bond buying program, Chair Jerome Powell said, though he didn’t signal a readiness to ramp it up either. The latest Beige Book pointed to waning optimism on growth as virus woes outweigh vaccine news, writes Eliza Winger
  • A housing frenzy at the bottom of the world is laying bare the perils of ultra-low interest rates
  • The U.S. House approved legislation that could lead to Chinese firms like Alibaba Group Holding Ltd. and Baidu Inc. getting kicked off U.S. exchanges if regulators can’t review their financial audits
  • India’s central bank will likely keep interest rates unchanged for a third straight meeting as inflation stays stubbornly high and signs appear of growth beginning to return to Asia’s third-largest economy
  • Jerome Powell indicated there was no rift with Treasury Secretary Steven Mnuchin over the sunsetting of emergency lending programs
  • ECB Chief Economist Philip Lane said he’ll continue calling banks and investors after policy decisions, defending his controversial approach
  • Australia said it won’t give ground on a list of Chinese grievances against the government as a growing diplomatic row hurts trade
  • In categories ranging from baby food and bottled water to sportswear and skin cream, Chinese brands are putting pressure on global rivals that depend on the country for much of their growth

©2020 Bloomberg L.P.

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