U.K. Insolvencies, Italy Deficit Plan, China Rebound: Eco Day

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

• Britain faces an insolvency surge unless the government extends measures designed to shield firms amid the pandemic, a business lobby warned
  • U.K. house prices posted their biggest annual gain since 2016 in September as a tax cut fueled a post-lockdown demand to move
  • Britons saved almost a third of their income during the lockdown as the coronavirus pandemic shuttered stores and sent the economy into its deepest slump for centuries
• Italy plans to bring its budget deficit back in line with European Union rules in 2023, after a dramatic pandemic-era run-up in spending
• China’s official gauge of manufacturing activity gained in September and suggests the recovery momentum remained solid, while activity in the services sector also strengthened
  • Such solid readings on China’s purchasing managers’ indexes highlight the strength of the economic recovery, writes Chang Shu
• Growing up under communism taught Kristalina Georgieva to value free markets and competition. Now, confronting the global economy’s worst downturn since the Great Depression, the IMF chief sees an opportunity for reform
• U.S. consumer confidence posted its biggest gain in 17 years on economy and job prospects while remaining below pre-pandemic levels
• President Donald Trump is on track to be the first U.S. leader since World War II to oversee a net loss of jobs during a four-year term. Meantime, Trump and Democratic nominee Joe Biden hurled insults and repeatedly interrupted each other in their first debate
• Speaker Nancy Pelosi moved the House closer to a vote on a Democrats-only stimulus plan even as she and Treasury Secretary Steven Mnuchin continue talks to find a bipartisan deal
• The Bank of Japan’s expanded bond-buying sees firms curbing long-term debt issuance
• The Reserve Bank of India’s latest delay in policymaking has added to the long list of woes for Indian bankers

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