JPMorgan, Citi See Grind, China’s World, 60% Price Rise: Eco Day

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

• Two of the biggest U.S. banks are gaining confidence that the pandemic won’t send the economy into a calamitous slide, even if they see a long path back to growth
• China is cementing its status as the world’s dominant trading nation, confounding warnings that a once in a century pandemic combined with simmering tensions with the U.S. would derail that status
• The cost of unchecked monetary financing is a 60% price rise, Bloomberg Economics estimates
• India opened dozens of new bridges -- many of them providing all-weather access along its disputed border with China -- in a move that could provoke a fresh round of tensions
• The IMF warned that the world economy still faces an uneven recovery until the coronavirus is tamed even as it offered a less-dire view of this year’s recession
• The G-20 is poised to renew a debt-relief initiative for the world’s poorest countries struggling with Covid-19 through at least the first half of 2021
• The EU won WTO won permission to hit $4 billion of American goods with tariffs but will likely hold fire until after the U.S. election
• ECB officials revealed differences in opinion about the next steps they should take to support the economy and boost inflation
• A $23-million program offering a digital health ID to every citizen could bolster India’s economic growth amid the coronavirus pandemic, according to the head of the country’s health authority
• Prospects for U.S. fiscal stimulus before Election Day dimmed on Tuesday, with House Speaker Nancy Pelosi demanding the White House revamp its latest offer and Senate leader Mitch McConnell pushing a smaller-scale strategy that Pelosi quickly rejected
• Ireland’s government unleashed a record package of budget measures to counter the dual threats of Brexit and the pandemic, as new restrictions threaten to derail a nascent economic recovery
• Used-car prices surged in September by the greatest amount in a half-century, accounting for most of the increase in the government’s latest monthly consumer-price index
• When a crisis forced Emmanuel Macron to rethink his economic philosophy, he recruited a former cabbie

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