Italian Discussions, U.K. Budget, Slowdown in China: Eco Day

(Bloomberg) -- Welcome to Monday, Europe. Here’s the latest news from Bloomberg Economics:

• Italy’s ruling leaders met on Sunday to discuss the economy, budget and the country’s banks. Prime Minister Giuseppe Conte is attempting to mediate between the ruling coalition and the EU on the budget.
• Brexit budget: Chancellor Philip Hammond on the eve of his budget speech, says Britain may need another emergency budget and prolonged austerity in the event of a no-deal Brexit
• Poll setback: Germany’s governing parties had their worst showing in decades in a vote in Frankfurt’s home state of Hesse, delivering another blow to Chancellor Angela Merkel
• Growth pangs: Growth in China continued to slow in October, a period in which the trade conflict with the U.S. intensified. China’s state-sponsored push to dominate technologies of the future is looming as one of the biggest stumbling blocks to prospects for a resolution with the Americans
• Slowdown ahead: The global economy is forecast to expand at an annual rate of 3.7 percent through 2020, before decelerating to 3.6 percent in 2021-2023, and should pass the $100 trillion mark around 2022. Here’s a breakdown of where growth is expected to come from
• Right turn: Brazil looks set to pivot sharply to the right with the election of a former Army captain who wants to privatize state companies in an ailing economy, liberalize gun ownership and mine the rain forest
• Independence or not: The week just gone wasn’t a good one for the Fed. Tom Orlik surveys the ebbs and flows of its independence. Financial market volatility and labor market themes will vie for dominance this week, says Carl Riccadonna
• Stand pat: The Bank of Japan will maintain its policy settings this week, according to a Bloomberg survey, amid a growing view that it will eventually use greater flexibility in yield movements as a tightening measure

To contact the reporter on this story: Anirban Nag in Mumbai at anag8@bloomberg.net

To contact the editors responsible for this story: Nasreen Seria at nseria@bloomberg.net, Karthikeyan Sundaram, Tuhin Kar

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