(Bloomberg) -- Welcome to Tuesday, Americas. Here's the latest news and analysis from Bloomberg Economics to help you start the day:
- California's second round of coronavirus-related shutdowns, among the nation's strictest measures, are causing pain for the most populous state's labor market and portend a deterioration in the overall U.S. employment picture for July
- House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin head into another round of negotiations on a new virus relief package after talks on Monday yielded “a little bit” of progress despite the wide gap that still remains between Republicans and Democrats
- The rebound in the U.S. economy remains fragile, with further progress in peril after lawmakers failed to extend supplemental jobless benefits that have propped up incomes and spending
- Joe Biden, who's spent decades warning about the dangers of budget deficits, will inherit one of the biggest in U.S. history if he becomes president -- and he'll be in no rush to pare it back. That's the signal he's sending after his campaign rolled out a $3.5 trillion economic program over the past month
- Argentina moved closer to ending a months-long standoff with investors, announcing a deal backed by its largest creditor groups to restructure $65 billion of debt. An agreement may open the way for one of the world's most notorious borrowers to climb out of its third default in two decades
- The Bank of England is facing pressure from green campaigners to revise its pandemic rescue program after research showed it's effectively subsidizing polluting industries while claiming tackling climate change is a priority
- European Central Bank chief economist Philip Lane cautioned against reading too much into recent economic data and warned that a global resurgence of coronavirus cases will weigh on consumers and businesses for some time
- Once known as the pharmacy to the world, Germany now has its work cut out to supply enough medicines to its own citizens. Ensuring a supply of so-called generics in the wake of the coronavirus crisis is now being prioritized by Germany in its current presidency of the European Union
- Australia's central bank kept its interest rate and yield target unchanged, while announcing it will end a three-month hiatus in bond buying, as Victoria state's tighter and longer lockdown adds to headwinds. Strategists were surprised by the decision to resume buying securities and the timing of the move
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