Congress Deal, Dover Shuts on Virus, Dollar Pressure: Eco Day

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

• Britain’s biggest port stopped all traffic heading to Europe, triggering delays to food supplies after the discovery of a new variant of the virus led some countries to ban travel from the U.K. Meanwhile, the emergency lockdown is heaping last-minute pressure on negotiators as they race to reach a post-Brexit trade deal
• Congressional leaders reached a deal on a roughly $900 billion spending package to bolster the U.S. economy amid the continued coronavirus pandemic. Another $900 billion of fiscal support would “absolutely” make a significant difference to the U.S. economy’s ability to endure Covid-19, but “challenging months” lie ahead, a top Fed official said
• Janet Yellen once touted the benefits of a weaker greenback for exports, but as the incoming Treasury secretary, she faces pressure to return the U.S. to a “strong-dollar” policy
• If you worry about all the waste generated by the annual rush of holiday shopping and gift giving, know that it’s nothing compared to the mountains of discarded packaging from a single event in China
• Investors positioning for a post-pandemic recovery have South Korean sovereign bonds in their crosshairs. Meanwhile, early trade data showed Korean exports continuing to rise in December, a positive indicator for Asian trade
• Sydney’s 5 million residents are being encouraged to forgo end-of-year celebrations and anything else that might fan a coronavirus outbreak that’s closed state borders. Meantime, Thailand reported a record number of new cases and locked down a seaside province
• A compromise during pandemic relief talks over restrictions on the Fed doesn’t resolve differences on its emergency lending authority
• Migrants are struggling over housing in Shenzhen, China’s answer to Silicon Valley

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With assistance from Bloomberg