Bank of England Leak, Biden’s Plan, China Rebounds: Eco Day

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

• The Bank of England’s worst leak in almost a quarter-century of monetary policy independence has cast doubt on its ability to keep a secret
• UBS Group AG Chairman Axel Weber said major economies face a prolonged period of uncertainty that will require ongoing ultra-loose fiscal and monetary policies, resulting in deepening social divisions
• Chinese appetite for high-end cars is proving a boon for eastern European economies that had earlier fretted about an over-reliance on auto plants. China’s economic recovery strengthened in October, with consumer spending picking up steadily and industrial production and investment rising faster than expected
• Even after postingits sharpest-ever economic rebound in the third quarter, the U.K. is trailing the rest of the world’s industrialized nations in its recovery. Meanwhile, the abrupt departure of two Brexit architects won’t prompt the government to back down in talks with the European Union
• Japan’s biggest economic expansion in more than a half-century outpaced expectations as exports and consumption powered growth, though the recovery is likely to cool this quarter
• The world economy is on track for a synchronous rebound that will gain traction from March 2021 onward, according to Morgan Stanley economists led by Chetan Ahya
• Behind President-elect Joe Biden’s plans to drive the U.S. back to full employment after the coronavirus slump lies a long-lost idea: The unemployed need jobs, not skills. Biden and Vice President-elect Kamala Harris will speak Monday on their plans for a post-Covid recovery, with former Fed Chair Janet Yellen under consideration for Treasury secretary
• Bali, the hardest-hit economy among Indonesia’s provinces, is seeing a pick-up in activity as its governor continues debating when and how the island can reopen to international travelers
• Asia Pacific nations signed the world’s largest regional free-trade agreement, encompassing nearly a third of the world’s population and GDP. It’s likely to have significant long-term implications, writes Yuki Masujima

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