Stimulus Boost, Bailey’s Warning, Tokyo Emergency: Eco Day

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

  • Chances of another federal stimulus package in the U.S. got a boost as Democrats swept this week’s Senate runoff elections in Georgia
  • Bank of England Governor Andrew Bailey risked reigniting the politically charged debate over Brexit by predicting that the trade deal struck with the EU could end up costing the U.K. economy the equivalent of more than 80 billion pounds ($109 billion)
  • Meantime, Prime Minister Boris Johnson asked business leaders to help him decide which regulations should be ripped up now that the U.K has completed its divorce from the EU; Johnson also prepared the ground for lockdown rules to last for several more months as U.K. coronavirus deaths hit the highest daily total since April
  • The U.S. said decisions by India, Italy and Turkey to tax local revenue of Internet giants such as Facebook Inc. discriminates against American companies, but won’t be taking action against the countries for now
  • The ranks of America’s long-term unemployed are swelling as the pandemic nears a full year
  • Japanese Prime Minister Yoshihide Suga is set to declare a state of emergency Thursday for Tokyo and adjacent areas, trying to stem Covid-19 infections that hit a daily record in the capital
  • Japanese wages fell in November for an eighth straight month, dropping at more than double the pace expected by economists, as employers continued to be cautious about the profit outlook amid a global resurgence of the coronavirus

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