World’s Grinding Rebound, Job-Cut Storm, Asia Factories: Eco Day

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

• The world economy’s rebound from the pandemic crisis has slowed from a bounce to a grind
• Germany is bracing for a surge in insolvencies starting Thursday when a moratorium to help companies survive the coronavirus outbreak comes to an end
• Tens of thousands of job cuts announced by blue-chip companies over one 24-hour period show how the economic pain from the pandemic is deepening
• Predicting the Hungarian central bank’s next move is more difficult after its recent interest-rate acrobatics confused markets
• Asia’s factories showed a mixed recovery in September, with India and Japan gaining; South Korean exports were up on the month for the first time since the pandemic hit
• President Donald Trump signed stopgap spending legislation to avert a U.S. government shutdown. Meanwhile, House of Representatives leaders postponed a vote on a Democrat-only stimulus bill to give Treasury Secretary Steven Mnuchin and House Speaker Nancy Pelosi more time to negotiate
• The Trump administration plans to announce a probe into Vietnam’s currency practices, according to three people familiar with the matter
• The U.S. labor market is slowing after an initial strong rebound from the downturn, Federal Reserve Bank of Richmond President Thomas Barkin said. His counterpart in St. Louis, James Bullard, said the economy should continue to recover even if Congress puts off consideration of additional fiscal stimulus until next year
• Australia will lay out its latest rescue plan for an economy pushed into its first recession in almost three decades amid the pandemic
• Mexico may have to pause its 13-month cycle of interest rate cuts due to fast inflation, deputy central bank Governor Javier Guzman told Bloomberg News
• It took four months for Canada’s economy to recover almost three-quarters of its pandemic losses. Repairing the remaining damage could take years

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