Schwarzman Sees ‘Big V,’ China in Recession, Surge Jolt: Eco Day

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

• Steve Schwarzman, chief executive officer of Blackstone Group Inc., said the economy is likely to benefit from a V-type recovery
• China’s economy contracted in the three months to June from a year earlier, signaling the start of a recession
• The global economy’s fragile recovery is facing a fresh hurdle as a surge in coronavirus cases threatens to keep businesses closed and consumers on edge
• Hopes for a “V-shaped” recovery from the virus recession required a number of conditions to be met, says Tom Orlik
• People walking through the Lan Kwai Fong area of Hong Kong over the weekend might have been surprised to see a truly uncommon sight for 2020: a busy restaurant
• Japanese economic activity appears to have bottomed out, supported by a relaxation of the restrictions and forceful fiscal and monetary measures, says Yuki Masujima
• Thailand is searching for a new central bank governor to steer the economy through one of its biggest crises in decades as traditional policy options run out
• Chancellor of the Exchequer Rishi Sunak is receiving advice from his predecessors: follow us if you want to power up the British economy
• World Bank President David Malpass expects private creditors to work out a methodology to join the G-20 in providing debt relief
• President Donald Trump signed an order Monday temporarily halting access to several employment-based visas, affecting hundreds of thousands of people seeking to work in the U.S.
• Just as Beijing looked poised to claim victory over the coronavirus, a 52-year-old man with fever and chills showed how the pandemic can come roaring back. The number of new cases around the globe surpassed 9 million, fueled by a surge in Latin America, the WHO said

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