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Permanent Closures, Recovery Foundations, China Urgency: Eco Day

Permanent Closures, Recovery Foundations, China Urgency: Eco Day

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

  • More than half of the business closures that were temporary when the Covid-19 outbreak began are now considered permanent, according to Yelp Inc.
  • China vowed retaliation after the U.S. forced the closure of its Houston consulate, prompting stocks to fall in one of the biggest blows to diplomatic ties between the two countries in decades
  • As fast and furiously as the world’s central banks are purchasing debt, there’s still about $1 trillion of sovereign bonds coming to market in the months ahead that will be looking for buyers
  • Just days before the depth of Europe’s virus-induced economic plunge will be revealed, the region’s leaders may have cemented the foundations of a recovery
  • Bank of England Governor Andrew Bailey has appointed a woman to be in charge of his office for the first time in the central bank’s history
  • U.K. Chancellor of the Exchequer Rishi Sunak is facing pressure to cut the cost of employment to encourage firms not to axe jobs over the next few months
  • Romania will step up its record pace of investment to help the economy rebound from what’s expected to be its worst ever slump due to the coronavirus crisis
  • Xi Jinping called on companies to step up innovation and help stabilize employment, reflecting an urgency to bolster China’s economy in the face of the coronavirus outbreak and U.S. efforts to restrict access to key technologies
  • Torrential rains in much of China will hurt economic output and drive up consumer prices in the near term, but the impact will be short-lived, according to economists
  • A growing number of African activists and policymakers are questioning the deluge of Chinese credit

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