China Regional Deal, Cashed-Up Towns, Crypto Clampdown: Eco Day
Happy Friday, Asia. Here’s the latest news and analysis from Bloomberg Economics to take you through to the weekend:
- Beijing has applied to join an Asia-Pacific trade pact once pushed by the U.S. as a way to isolate China and solidify its regional dominance
- Philippine cities and towns are set to get more money from the government next year, but many likely won’t be able to spend it
- Treasury officials have identified what they believe are the most urgent risks posed by Tether and other stablecoins as they ready recommendations for stricter oversight of cryptocurrencies
- IMF chief Kristalina Georgieva was called out by the World Bank for applying pressure to boost China’s position in a ranking of economies
- Some property in parts of Australia exposed to climate change and wild weather could experience valuation declines that leave lenders with less protection in the event of a default, RBA research shows
- President Joe Biden’s economic agenda risks getting delayed in Congress with tax, health care and other issues still unresolved
- The Fed may hold off on its tapering announcement as the two political parties spar on raising the debt ceiling, sending Treasury yields further down, according to Guggenheim Investments
- Chair Jerome Powell has ordered a “fresh and comprehensive” examination of the Fed’s ethics rules around permissible financial holdings and activities. But it’s unlikely to stem pressure for more accountability
U.S. retail sales rose unexpectedly in August - A wrap of Bloomberg Economics’ latest reactions and analysis
- Supply chain hell is turning every shipping container into a fight
- ECB chief Christine Lagarde called for continued cooperation between monetary officials and governments in the euro area
- The ECB dismissed an FT report that the institution expects to reach its 2% inflation target by 2025
- Italy will require all workers to have a valid Covid passport as it moves to set the toughest vaccination requirements in Europe
- Stagflation emerged this week as a new bogeyman bearing down on the global recovery. Yet the bond market doesn’t look scared
- China slammed a move by the U.S. and U.K. to help Australia build nuclear submarines, saying it will stoke an “arms race”
