U.S. Yield Spike, Xi’s Big Plan, Australia Turns Inward: Eco Day

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

  • U.S. Treasuries tumbled anew, driving long-maturity yields to their highest levels this week and pushing up inflation expectations. Tom Orlik looks at the causes and consequences of rising yields
  • China begins its biggest political meeting of the year, laying plans that could propel the economy into the world’s biggest this decade
  • A year of border closures and a successful economic recovery is causing Australia to reassess its embrace of globalization
  • Secretary of State Antony Blinken called the U.S.’s dealings with China the defining test of the century
  • There’s nothing like a supply shock to illuminate the tectonic shifts in an industry, which is now laying bare the market power of South Korea and Taiwan firms in the $400 billion semiconductor industry
  • ECB policy makers are downplaying concerns over rising bond yields, suggesting they can manage the risk with verbal interventions
  • The Fed says the U.S. economy expanded modestly in the first two months and sentiment among business owners is picking up as vaccinations bolstered the prospects for economic growth
  • Malaysia is likely to keep its key interest rate unchanged Thursday
  • British finance minister Rishi Sunak will keep spending big to help the economy through the pandemic crisis, but plans to hike taxes on businesses and more than 2 million people to begin to pay the bill
  • India’s record pump prices of gasoline and diesel are the newest threat to the economy’s nascent recovery
  • Even in the 64 countries with pollution falling, it would have to drop 10 times faster to prevent catastrophic, irreversible climate changes

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