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Welcome to Monday, Europe. Here's the latest news and analysis from Bloomberg Economics to help start the week:
- Europe braced for more fallout from the coronavirus, as infections in Italy jumped 50% in a day, a dozen new cases were reported in the U.K. and the first infections broke out in Germany's financial capital
- The U.K. outlined its negotiating objectives for trade talks with the U.S., seeking a deal it hopes will deliver a 3.4 billion-pound ($4.4 billion) boost to the British economy. Meanwhile, British and EU officials will start trying to hash out a trade deal today
- After spending three decades aligning with the EU's rules and processes, British manufacturers now face rising costs and upheaval as Boris Johnson's government breaks with the bloc
- China's economy could be heading for a worse-than-expected first-quarter contraction after the country's manufacturing sector reported activity at a record low in February due to the coronavirus outbreak
- The Fed is now prepared to reduce interest rates this month -- with Goldman Sachs seeing a 50 basis-point cut -- even though it recognizes monetary policy cannot completely shelter the U.S. economy from the coronavirus. Globally, central banks are on alert
- Bank of Japan Governor Haruhiko Kuroda issued an emergency statement following a week of turmoil in markets over the economic implications of coronavirus
- Australia now is expected to cut rates Tuesday, according to market pricing that has undergone a rapid turnaround. New Zealand also may be forced to cut soon too as the virus threatens to tip the economy into recession
- Global monetary officials have just been given a list of things to think about before they start issuing digital currencies to the public
To contact the reporter on this story: Anirban Nag in Mumbai at anag8@bloomberg.net
To contact the editors responsible for this story: Nasreen Seria at nseria@bloomberg.net, Michael S. Arnold
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