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Greenspan Backs Cut, Singapore Recession, Strong Dollar: Eco Day

Greenspan Backs Cut, Singapore Recession, Strong Dollar: Eco Day

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

  • Ex-Fed chief Alan Greenspan endorsed the idea of an insurance rate cut to counter risks to the economic outlook. Meantime, Americans switching jobs are getting bigger raises than employees staying put
  • The U.S.-China trade war is threatening to drag export-reliant Singapore into a recession and aggravating underlying risks
  • Treasury Secretary Steven Mnuchin said a strong dollar is good for the U.S. in the long term and that he wouldn’t advocate for a weakening in the near future. He also alleged Amazon.com Inc. has damaged the retail industry as a broad antitrust review is planned
  • The world’s central banks are in danger of storing up problems by taking action to ensure the economic expansion remains on track
  • South Korea’s economy returned to growth, rebounding from the worst contraction since 2008. Roughly a third of polled economists expect the BOJ to strengthen its pledge on future rates. Japan could soon gain a powerful new trade weapon in its feud with South Korea
  • Turkey is about to embark on one of the greatest central banking experiments in emerging markets with terrific timing
  • A key aspect that differentiates the People’s Bank of China from other banks is its use of a variety of tools to manage liquidity, as opposed to relying on policy rate adjustments, writes David Qu
  • Germany’s industrial crisis is worsening, the economy is at risk of recession and there are mounting troubles, underscoring why the ECB is set to signal that it is once again preparing to renew stimulus
  • Sajid Javid, the former U.K. home secretary and a onetime managing director of Deutsche Bank AG, was named chancellor of the exchequer and tasked with managing the economy through Brexit
  • India was until recently the fastest-growing major economy in the world, clocking annual rates of 7% or more; now it looks like that rapid pace may have been overstated
  • Margaret McConnell often tells Fed officials that they should be a lot more confused than they let on. That’s her job

To contact the reporter on this story: Michael Heath in Sydney at mheath1@bloomberg.net

To contact the editors responsible for this story: Nasreen Seria at nseria@bloomberg.net, Michelle Jamrisko

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