U.K. Hiring Spree, Stagflationary Forces, Uneven Growth: Eco Day

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

• U.K. businesses kept up a hiring spree in late August, showing little anxiety around supply-chain disruptions, Recruitment and Employment Confederation survey data show
• Surging energy and other commodity prices are complicating the global economic outlook, raising worry of stagflationary forces and threats to pandemic recovery. Russia’s near-record wheat prices may not be enough to curb a drop in plantings that exacerbates a global shortfall of the grain
• A freezing winter in China could make the power crisis there much worse
• Federal Reserve Chair Jerome Powell faces opposition to his potential renomination from a high-profile Democrat who says he’s acted to make the banking system less safe
• China’s central bank governor warned global peers on long-term damage from quantitative easing, pledging to keep his own country’s monetary policy normal for as long as possible
• Vietnam posted a record growth slump in the third quarter as virus curbs punished the economy. Argentina, meanwhile, saw a better-than-expected GDP performance in July amid reopening
• Brazil’s government is considering extending Covid cash handouts through April as President Jair Bolsonaro looks to boost record-low popularity ahead of 2022 elections

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