Global Tax Momentum, Swedish Housing, Dovish Powell: Eco Day

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

  • The drive to overhaul global taxes for companies gathered more steam after G-20 finance chiefs, encouraged by new U.S. proposals, pledged to reach a consensus on new rules by mid-year
  • The IMF will discuss ways to provide greater support for middle-income nations hit hard by the global pandemic, Managing Director Kristalina Georgieva said
  • Sweden’s housing market is hotter than ever, exposing weaknesses in the extreme policy mix pieced together by the world’s oldest central bank. Meanwhile, the U.K. housing market picked up last month as inquiries, sales and new listings climbed after a temporary tax break was extended
  • Fed Chair Jerome Powell’s dovish message on an incomplete economic recovery won the day when officials met last month, with minutes of the meeting showing a unanimous near-term policy outlook
  • Treasury Secretary Janet Yellen unveiled a detailed sales pitch for the Biden administration’s proposed new corporate-tax code, which she said would be fairer, remove incentives for companies to shift investment and profit abroad and raise more money for critical needs
  • U.S. consumer borrowing surged in February by the most since late 2017 as a broader re-opening of the economy helped spark an increase in credit-card balances
  • With borders closed for more than a year, golfers have flocked to Singapore’s 15 courses, making tee times almost impossible to get and driving prices for the private clubs to record highs
  • President Joko Widodo is backing a push to expand Bank Indonesia’s mandate to include bolstering the economy, throwing his public support behind a legislative move that some analysts see as a threat to the central bank’s independence
  • Japan’s record annual budget further ratchets up the developed world’s heaviest public debt load, underscoring the critical importance of central bank efforts to keep a lid on yields
  • As Crown Prince Mohammed bin Salman tries to remake Saudi Arabia’s economy, two stains on his record -- the war in Yemen and the 2018 murder of dissident columnist Jamal Khashoggi -- threaten to undermine his efforts

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