Black Friday, Sideways Activity, U.S. Trade Relations: Eco Day

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

• It’s Black Friday -- and holiday shopping is moving to the couch (mostly)
• The latest readings of alternative, high-frequency data show that economic activity in the U.S. and Canada continued to move sideways during the last week of November, according to Bloomberg Economics. While that’s better than the situation in Europe, which saw activity slow again, it still leaves activity in North American economies severely below pre-crisis levels
• Focus on Russia is likely to fade under U.S. President-elect Joe Biden, making the prospect of harsh sanctions less likely, according to the biggest American trade group in Moscow
• France and Germany are leading efforts in Europe to make early contact with President-elect Joe Biden’s team, with the aim of accelerating talks to normalize trade relations between the U.S. and the European Union
• An informal U.S.-led alliance to provide an alternative to China’s Belt and Road Initiative will provide greater transparency to countries seeking funding to develop their infrastructure, Taiwan’s finance minister said
• China’s imports of U.S. goods under the phase-one trade deal slowed last month, leaving the full-year target well out of reach
• Emerging economies’ downturns and recoveries have taken different paths: China is setting the pace, Turkey’s rebound was strong but unsustainable; Brazil and South Africa will remain below pre-virus peaks through 2021, writes Bloomberg Economics’ Ziad Daoud

©2020 Bloomberg L.P.