More China Stimulus, U.S. Wages Jump, Crisis-Level Debt: Eco Day

(Bloomberg) -- Welcome to Thursday, Asia. Here’s the latest news from Bloomberg Economics:

• China’s leadership signaled further stimulus measures are being planned as disappointing economic data signal the current piecemeal approach isn’t working. Satellite imagery shows Chinese manufacturing output contracted in October
• Meanwhile, President Xi Jinping has a long road ahead of him if his goal is to reduce his nation’s goods trade surplus
• U.S. employment costs rose by more than forecast as increases in private wages and salaries accelerated. Still, new research shows Americans are willing to give up “substantial” earnings in exchange for perks
• The U.S. Treasury Department said debt sales will surpass levels last seen when the country was digging out of the global financial crisis
• European Central Bank officials said a recent slew of disappointing economic indicators doesn’t fundamentally change their view on prospects for growth and inflation. Germany’s economy would have grown more slowly if it weren’t for migration
• The Bank of Japan tweaked its monthly bond-buying plan for a third time as it seeks to boost activity in the world’s second-largest debt market
• British and European officials hailed progress in Brexit negotiations, with the U.K.’s lead negotiator predicting a deal will be finalized by Nov. 21
• Bank of Canada Governor Stephen Poloz said interest rates will need to move back to a neutral setting because the economy has “solid momentum” and is near full output
• India is the latest country to see age-old tensions between governments and central banks flare up as the era of easy money draws to a close
• Turkey’s lira plunged and bonds fell after the government announced a wide range of tax cuts though year-end, fueling concern authorities are looking to stimulate growth at the expense of taming runaway inflation
• Brazil kept its key rate at an all-time low amid a recent currency appreciation and signaled a hike may be less imminent
• Don’t miss the next part of Stephanie Flanders’ New Economy podcast

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, Chris Bourke

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