U.S. Jobs, Biden’s China Blacklist, Canada Stimulus: Eco Day

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

  • Economists, blindsided by a major miss in April’s U.S. employment report, are now ready for any number of surprises
  • President Joe Biden plans to amend a U.S. ban on investments in companies linked to China’s military this week, according to people familiar
    • Biden has made support for innovation a key part of his program, calling for increased funding to key industries like semiconductor manufacturing, cybersecurity and electric vehicles
    • The Biden administration has proposed requiring the collection of data on foreign cryptocurrency investors active in the U.S.
  • The Fed plans to begin gradually selling a portfolio of corporate debt purchased through an emergency lending facility launched last year
  • Global talks to revamp the international tax system and impose a worldwide minimum corporate rate have gotten fresh life in recent months, and this week’s Group of Seven finance ministers’ meeting may provide additional momentum toward a broader deal in July or October
  • Covax, which distributes Covid vaccines to mostly poor countries, has been saying for a year no one is safe until everyone is. Rich countries may finally be getting the message
  • Global food prices extended their rally to the highest in almost a decade, heightening concerns over bulging grocery bills as economies struggle to exit the Covid-19 crisis
  • Housing prices worldwide are rising the most since before the global financial crisis
    • Home listings are increasing in some New York City suburbs, though not enough to satisfy insatiable buyer demand
    • Toronto’s housing market recorded its second consecutive month of slowing sales in May, as reduced supply and a lingering lockdown to contain the coronavirus helped to cool off the market
  • Finally, check out this week’s Stephanomics podcast: Canadian Finance Minister Chrystia Freeland champions a robust fiscal response to the pandemic, but acknowledges her nation’s initial vaccine effort fell short

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