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IMF Urges Spending, Stimulus Hope Gone, G20 Debt Relief: Eco Day

IMF Urges Spending, Stimulus Hope Gone, G20 Debt Relief: Eco Day

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

  • The IMF said more public spending will be needed, joining central bankers and finance leaders who are urging governments to set aside fears about mounting debt for now
  • The chances of Congress passing a pre-election stimulus are all but gone, as Treasury Secretary Steven Mnuchin on Wednesday blamed politics for undermining the months-long negotiations
  • The world’s richest nations agreed to renew a debt-relief initiative for the poorest through at least the first half of 2021, falling short of a World Bank call for a full-year extension
  • Americans continue to create new businesses in surprising numbers, a potential tailwind for an economy that this spring saw its highest jobless rate since the Great Depression
  • Former Bank of England Governor Mark Carney said it’s imperative the market for carbon offsets be built into something much larger to help achieve net-zero global emission targets
  • Prime Minister Boris Johnson is digging in over his regional “whack-a-mole” strategy to tackle the coronavirus pandemic, rejecting calls for a national lockdown as cases surge
  • France will go ahead with plans to collect its contentious digital services tax mid-December, Finance Minister Bruno Le Maire said, keeping Europe on course for a trade battle with the U.S. over the taxation of tech giants
  • China lashed out at Canada after Justin Trudeau said the northern nation would stand up to Beijing’s “coercive diplomacy”
  • As the coronavirus pandemic derails economies worldwide, many of the newly poor will come from Southeast Asia, dealing a setback to a region that had been prospering from a surging middle class

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