U.S.-China Trade, Heartbreaking Job Data, Growth Streak: Eco Day

(Bloomberg) -- Welcome to Friday, Asia. Here’s the latest news and analysis from Bloomberg Economics to take you through to the weekend:

• Top Chinese and U.S. trade negotiators will speak as soon as next week on progress in implementing a phase-one deal after President Donald Trump threatened to “terminate” the agreement
• In one word: heartbreaking. Friday’s U.S. jobs report is forecast to show employers slashed about 21.7 million jobs in April
• Australia’s record run without a technical recession has a slim chance of continuing in what would be another dramatic escape for the world’s longest economic growth streak
• The surge in U.S. jobless is going to provides clues on the depths of the U.S. recession, writes Carl Riccadonna
• The WTO is coming under fresh criticism from Washington, this time from a Midwestern lawmaker who sees the coronavirus pandemic as an opportunity to rebuild America’s standing in the global economy
• The IMF said that the global economic outlook has worsened since its latest forecast three weeks ago and the world can expect more waves of financial market turbulence
• Singapore expats are often envied for their generous pay packets but facing the prospect of salary cuts as the coronavirus batters businesses, some are tightening their belts and asking for lower rent
• Before the coronavirus registered on the radars of others, Taiwan was testing and quarantining travelers from Wuhan, China
• Is it enough? Tom Orlik tracks major economies’ stimulus measures
• Denmark will open much of its economy on Monday, after judging that the threat posed by Covid-19 is no longer serious enough to warrant keeping businesses shuttered
• ECB President Christine Lagarde said she has no choice but to go beyond conventional policies to combat the coronavirus crisis, in remarks delivered two days after a German court ruled that the institution’s bond-buying program may be illegal
• The central bank of Norway delved into uncharted territory on Thursday, cutting its main interest rate to zero and predicting the worst economic contraction since World War II
• Bank of England Governor Andrew Bailey made clear that policy makers could expand monetary stimulus as soon as next month as the U.K. faces potentially the worst economic slump in Europe
• Minorities in America seeing a decade’s job gains vanish
• Stephanie Flanders and Katia Dmitrieva discuss how those “last in” a boom jobs market are usually the “first out” in a downturn

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