U.K. Construction, Biden’s Agenda, Afghan Minerals: Eco Day

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Welcome to Wednesday, Europe. Here’s the latest news and analysis from Bloomberg Economics.

• Britain’s construction, manufacturing and food preparation industries are pushing wages higher across the economy due to a shortage of workers to fill available jobs
• The U.S. House of Representatives adopted a $3.5 trillion budget resolution Tuesday after a White House pressure campaign and assurances from Speaker Nancy Pelosi helped unite fractious Democrats to move ahead on the core of President Joe Biden’s economic agenda
• The Meishan terminal at China’s second-busiest port reopened Wednesday following a two-week shutdown that further snarled already stressed shipping routes in Asia
• As Federal Reserve officials gear up for the Jackson Hole symposium, their response to the pandemic is being criticized as risky by counterparts in Beijing who are trying to decouple China’s monetary policy from the U.S
• A contingent of Wall Street veterans and high-level Chinese government officials are seeking to open up talks again, as business leaders work outside of the Biden administration for greater access to the world’s most populous country
• The World Bank has paused disbursements to its projects in Afghanistan, citing concern about the Taliban government’s impact on development prospects, particularly for women
• South Korea could become the first major economy in Asia to raise interest rates this week as its central bank wrestles with taming asset bubbles while keeping an economic recovery on track
• President Jair Bolsonaro is growing uneasy about Brazil’s inflation in the run-up to general elections next year, but his complaints about rising prices don’t mean he plans to interfere with the central bank
• Afghanistan is sitting on mineral deposits estimated to be worth $1 trillion or more, including what may be the world’s largest lithium reserves -- if anyone can get them out of the ground

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