Biden’s Eco Team, Asian Factories, World in 2021: Eco Day

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

  • President-elect Joe Biden rolled out the first set of nominations for his economic team, formally announcing his selection of Janet Yellen to be Treasury secretary, Neera Tanden to lead the Office of Management and Budget and Cecilia Rouse to head the Council of Economic Advisers
  • European Central Bank officials should consider all options, including cutting interest rates again, as part of their response to the worsening economic outlook, the International Monetary Fund said
  • The Bank of England is seeing old fault lines open up as officials lock horns on whether to take interest rates below zero for the first time
  • Here’s a collection of research from Bloomberg Economics on what you need to know about the world economy in 2021
  • German Chancellor Angela Merkel is setting the groundwork for a showdown with two eastern European Union countries that have threatened to veto a $2.2 trillion spending package in a dispute over democratic standards
  • Factory activity in some of North Asia’s biggest export-led economies rebounded in November as China’s recovery lifts the region, purchasing managers’ indexes show. In another positive sign, South Korea’s economy continued its rebound from a pandemic slump, with exports and manufacturing activity rising in November
  • Japanese businesses investment dropped by double digits for a second straight quarter, as firms continued to take a cautious view of the economy’s recovery
  • In its final meeting of the year on Tuesday, the Reserve Bank of Australia kept its key interest rate and three-year yield target at 0.10%

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