U.K. Jobs, Macron Turns to Ex-Cabbie, China Exports: Eco Day

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

• U.K. employment took a hit even after the government started to lift restrictions to control the coronavirus as companies stepped up job cuts

  • U.K. retail sales rose in September at their fastest annual pace since 2009 but tighter restrictions to control the surge in coronavirus could deliver a serious setback, an industry body warned
  • Barnoldswick was the birthplace of the jet engine. Now it’s a microcosm of the crisis confronting Britain
  • Chancellor of the Exchequer Rishi Sunak probably won’t make good on his pledge to “balance the books” as the fallout from coronavirus pandemic drags on, according to a leading think tank
• Ireland’s government is set to boost spending to counter the dual threats of Brexit and the pandemic, as new restrictions threaten to derail a nascent economic recovery
• When a crisis forced Emmanuel Macron to rethink his economic philosophy, he recruited a former cabbie
• European Union leaders will discuss preparations for the potential collapse of trade talks with the U.K. when they hold a summit later this week after France dug in, questioning whether it could hold Boris Johnson’s government to any agreement
• China’s exports rose for the fourth straight month in September while imports surged, pointing to further recovery in the month for global trade and a robust domestic rebound
• Bridgewater Associates founder Ray Dalio said China has an advantage over the U.S. “Time is on China’s side and it’s not on the United States’ side, for various developments,” he said
• Singapore’s central bank is likely to keep monetary policy unchanged Wednesday as it allows fiscal measures to do the heavy lifting in getting the city-state’s economy back on track
• The Covid-19 pandemic will exact a $16 trillion toll on the U.S. when adding the costs of lost lives and health to the direct economic impact, according to former U.S. Treasury Secretary Lawrence Summers and fellow Harvard University economist David Cutler
• After a rapid rebound in the third quarter, the U.S. economy is settling into a more moderate pace of improvement as hiring, spending and travel remain constrained by Covid-19

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