Race to Recovery, China Stimulus Exit, Swedish Surprise: Eco Day

(Bloomberg) -- Happy Friday, Asia. Here’s the latest news and analysis from Bloomberg Economics to help take you through to the weekend.

• Emerging economies’ downturns and recoveries have taken different paths: China is setting the pace, Turkey’s rebound was strong but unsustainable; Brazil and South Africa will remain below pre-virus peaks through 2021, writes Ziad Daoud
• China is very likely to exit some of its stimulus measures as the economy improves, but there won’t be any interest rate hike soon
• Sweden’s central bank surprised markets with a bigger-than-expected expansion of its asset purchase program, and said there’s room to deliver more stimulus between scheduled meetings
• Plans to extend the world’s biggest carbon market into shipping drew criticism from the industry and Asian nations, highlighting growing conflict over Europe’s unprecedented climate protection moves
• China’s imports of U.S. goods under the phase-one trade deal slowed last month, leaving the full-year target well out of reach
• Concern about the depth of India’s recession is slowly being replaced by optimism that a recovery is taking hold
• Thailand must check the runaway gain in its currency as it makes it harder for exporters to drive an economic recovery, industry says
• The euro-area economy is seeing initial signs of strained financing conditions, ECB chief economist Philip Lane warned, as Hungary and Poland dived into a major confrontation with their EU partners
• Brazil surprised analysts with stronger-than-expected employment and budget numbers for October
• Stephanie Flanders and Lucy Meakin discuss an intergenerational contract for the pandemic age in their weekly podcast
• Christmas is usually when Ajr Gie de Guzman gives the children in her family the traditional cash gift in the Philippines known as “aguinaldo.” But after taking a buyout from her job amid the coronavirus crisis, there won’t be such cheer this season
• North Korea has greeted the last two U.S. presidents with tests of missiles or nuclear bombs. Experts see the same happening with Joe Biden. Meantime, border closures to safeguard it from the pandemic is dealing a bigger blow to trade than international sanctions

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