Stay on Home Soil, U.S. Monopolies Hit, Chinese Buy Up: Eco Day

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

• President Donald Trump said he’ll punish American companies that move jobs abroad and reward firms with tax breaks for shifting work from China to the U.S.
• The concentration of market power in a handful of companies lies behind several disturbing trends in the U.S. economy, like the deepening of inequality and financial instability, two Federal Reserve Board economists say in a new paper
• Chinese households are putting more of their savings into property but still holding back on discretionary spending, as a slow and fragile economic recovery keeps confidence in check
• House Speaker Nancy Pelosi suggested that Democrats might be willing to make more cuts to their stimulus proposal to seal a deal with Republicans and speed Covid-19 relief, then come back after the November elections with additional agenda items
• Indonesia and the Philippines are expected to leave interest rates unchanged this week, letting previous reductions work their way through coronavirus-battered economies
• U.K. and EU officials have the next seven weeks to find something that has eluded them since March: an agreement over their future relationship
• A tale of kissing frogs told in a Chinese supplier retreat plan, writes Jenny Leonard in Supply Lines
• Justin Trudeau named Chrystia Freeland as Canada’s new finance minister and becomes the first woman to hold the position
• From mask rules that are a hodgepodge to inconsistent social distancing, South America’s response to the coronavirus has been scattered. There are clear losers and a few early winners in a region that was already in bad shape
• Last summer Hong Kong’s protesters called for a revolution as they occupied the city’s international airport and marched in the millions. This year’s different

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