Lazard Sees Danger, Recovery Troubles, N.Z.’s Big Call: Eco Day

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

• Lazard Ltd. executive Peter Orszag sees another wave of restructurings on the horizon as the pandemic continues to pressure sovereign and corporate balance sheets
• The overall global picture remains troubling, writes Tom Orlik. China and Europe managed to control the virus early and get back to work -- but now face a slowing recovery and fears of a renewed rise in cases. The U.S. and some major emerging markets continue to wrestle with an uncontained outbreak
• New Zealand’s central bank may hold fire on delivering further stimulus as the economy performs much better than expected
• China said it will sanction 11 Americans in retaliation for similar measures imposed by the U.S. on Friday, but the list doesn’t include any members of the Trump administration
• The pandemic-induced downturn initially had hints of being the sharpest but shortest U.S. recession on record. Now there are increasing signs of economic scarring that resemble past slumps. Meantime, the latest high-frequency data suggest America’s economic recovery may finally be getting moving again
• Compared with the global market turmoil China’s currency devaluation in 2015 triggered, the more gentle but steady depreciation since is spurring less concern
• This week, America’s top trade official, Robert Lighthizer, is considering fresh tariffs that could increase prices on a range of European goods like British gin and German beer
• Mark Carney, the only person to run two major nations’ central banks, is helping Justin Trudeau craft next steps in a plan to pull Canada out of a deep recession sparked by the coronavirus
• Average inflation targeting may be an effective tool in the current economic environment, where sluggish price increases have forced central banks to keep interest rates low, constraining the tools at their disposal in times of crisis, according to the San Francisco Fed
• China will resume issuing tourist visas for visitors to Macau, paving the way for the mass return of Chinese punters to the world’s largest gaming hub after months of losses
• India’s economic activity monitors are beginning to flatline just months after showing signs of returning to life
• Lebanon’s prime minister confirmed his government’s resignation as an outraged public demanded accountability for Beirut’s port blast, the biggest peacetime catastrophe in the nation’s history

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