Hybrid Work, London Dating, South Korea’s Rate Hike: Eco Day
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Welcome to Thursday, Europe. Here’s the latest news and analysis from Bloomberg Economics to help you start the day:
- White-collar staff are living through a radical transformation of professional life that’s already beginning to jump-start economic productivity and accelerate innovation
- London’s younger workers appear to be returning to offices and seeking nights out, according to data from a mobile-phone dating app that matches 10,000 people a week
- Britain’s consumer-facing companies including bars and restaurants turned pessimistic about the outlook in August as a shortage of workers post-lockdown adds to costs and operational difficulties
- A return to normal that was promised by September continues to elude the U.S.
- South Korea raised interest rates Thursday, becoming the first major Asian economy to start exiting record-low borrowing costs as financial risks pose a bigger threat to the economy than the virus
- If the Fed surprises with a taper when conditions aren’t right, U.S. GDP at the end of 2022 would be about 0.7% lower, and 10-year yields around 30 basis points higher, Bloomberg Economics’ Björn van Roye says
- U.K. car production plummeted in July to levels last seen 65 years ago as shortages of semiconductors and staff wreak havoc on the auto industry
- China’s campaign to clamp down on industries ranging from steel to education has roiled markets and curbed the growth outlook. Meanwhile, President Xi Jinping said China will strive to achieve key economic and social development targets this year, while maintaining strict virus controls
- As the delta variant upends factory production in Asia, a supply chain crunch that was meant to be temporary now looks set to last well into next year
- India’s economy held steady in July as waning Covid-19 cases paved the way for a gradual improvement in manufacturing and services activity
- Brazil’s consumer prices rose more than expected as the central bank readies its fifth straight interest-rate hike to counter above-target inflation
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