Stimulus Stalemate, Europe’s Job Losses, GDP Tracker: Eco Day

Good morning Americas. Here’s the latest news and analysis from Bloomberg Economics to help take you through to the weekend.

  • There’s little chance of agreement on a new federal coronavirus relief plan without a compromise on the roughly $1 trillion in aid to beleaguered state and local government that Democrats demand and the White House opposes.
  • The euro area reported its steepest drop in employment on record in the second quarter, another sign of the enormous damage the coronavirus has done to the economy, and the risks to the recovery
    • Meanwhile, Europe’s east can find some consolation despite the unprecedented economic damage wrought by Covid-19
  • The U.K. government’s plan to get people back to work to fuel the economic recovery is under threat from a rising childcare problem
  • The World Economic Forum still hasn’t decided whether to hold its high-profile gathering of global business and financial leaders in Davos, Switzerland, in 2021
  • Bloomberg Economics’ GDP tracker suggests global growth picked up further in July. Most economies appear to have gained from the relaxation of containment measures, says Dan Hanson
  • China’s economic recovery continued in July with industrial growth remaining steady, even as weak retail sales undercut the rebound
  • Japan’s pandemic-hit economy shrank last quarter by the most in records going back to 1955, official data is set to show, with a resurgence of the virus threatening to slow a fragile recovery
  • The Hong Kong government has revised its 2020 forecast for the city’s economy to a record low range of -6% to -8% amid the global coronavirus pandemic and rising trade tensions
  • Finally, here’s how hotels are trying to reinvent themselves in the birthplace of mass tourism

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