Brexit Bill Rewrite, China Recovery, Stimulus Deadline: Eco Day

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

  • British officials are prepared to water down Boris Johnson’s controversial lawbreaking Brexit legislation in a move that could revive failing talks with the European Union, according to people familiar with the matter
  • China’s economic recovery from the depths plunged during the Covid-19 pandemic continued, providing support for a world economy suffering its deepest recession since the Great Depression
    • China’s recovery remains intact, even with a slower-than-anticipated pickup in 3Q GDP growth, Bloomberg Economics’ Chang Shu writes
  • The U.K., beset by growing coronavirus concerns and struggling to bridge the gap with the European Union over a post-Brexit trade deal, has had its credit rating cut by Moody’s Investors Service
  • Nancy Pelosi set a Tuesday deadline for more progress with the White House on a fiscal stimulus deal before the Nov. 3 election, while President Donald Trump renewed his offer to go beyond the dollar amounts now on the table
  • New restrictions being rolled out across the euro area to curb the surge of infections will increase uncertainty for companies and families, European Central Bank President Christine Lagarde said.
  • The Federal Reserve and other central banks will eventually discover that breaking up isn’t easy after partnering with their governments and the financial markets to avert a pandemic-driven depression
  • Italy’s government approved next year’s draft budget, which seeks to extend measures to support the economy amid a resurgence in coronavirus cases
  • The Bank of Japan will keep policy steady at its meeting next week and extend the duration of its Covid response measures by January at the latest, according to surveyed economists

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