U.S. Strains Show, U.K. Double-Dip, Container Shortage: Eco Day

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

  • The U.S. economy is closing out 2020 on increasingly unsteady footing as more states tighten restrictions on businesses and travel
  • Britain is on the verge of its second recession in a year with the mutated coronavirus slamming the economy, and is also confronting threats of food insecurity and panicked shopping days before Christmas as European nations restricted trade and travel
  • Container shipping, the backbone of the global trading system, is showing signs of fatigue as the pandemic descends into its darkest days
  • The U.S. added over 100 Chinese and Russian companies to a new list of firms with links to their militaries as Attorney General William Barr said a massive cyber-attack was likely by Russia
  • Nine months after the Philippines stopped public transport, the tentative return of jeepneys to Manila’s streets reflects the economy’s halting and uneven road toward recovery
  • Consumer confidence in Canada climbed to the highest since lockdowns began after the country ramped up its vaccine program
  • The $900 billion stimulus package agreed to by U.S. lawmakers could keep the economy from contracting again, but pandemic-related risks remain if activity doesn’t start to bounce back next year
  • Young people are hit more than twice as hard as older generations by deep recessions, so governments should borrow as much as needed to save their jobs, according to a study published by the ECB
  • Japan’s cabinet approved a record budget that tops $1 trillion
  • President-elect Joe Biden added three new economic advisers to his White House team, two of whom have deep progressive ties
  • Australian household spending surged in November as the southeastern state of Victoria was released from lockdown and consumers took advantage of discounts during annual Black Friday sales
  • Fed Watch: a look at the interviews, comments and emergency actions from the central bank and its officials
  • Despite a pandemic-related lull in travel, the air pollution picture in many cities was surprisingly mixed. Research from Wuhan, China, showed that ozone pollution increased more than 100% after its lockdowns began in January 2020. Cities like Rome, London, New York and Los Angeles all saw unexpectedly high ozone levels

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