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U.S. Economic Plan, Australia Cliffhanger, Omicron Hit: Eco Day
U.S. Economic Plan, Australia Cliffhanger, Omicron Hit: Eco Day
22 Dec 2021, 03:03 PM IST
(Bloomberg) -- Welcome to Wednesday, Asia. Here’s the latest news and analysis from Bloomberg Economics to help you start the day.
- President Joe Biden said there’s still a chance he can strike a deal with Senator Joe Manchin to get his Build Back Better economic plan through Congress, despite the West Virginia Democrat’s rejection of the measure
- Biden’s promise to reduce income and wealth disparities in the U.S. has suffered a major setback with the collapse of his social-spending bill
- The Reserve Bank of Australia’s first meeting of 2022 shapes up as a cliffhanger with economists split over the fate of the central bank’s bond-buying program, while the omicron variant only adds to the uncertainty
- Omicron is dealing a blow to the world economy just as the pandemic enters its third year as a drag on growth and driver of inflation
- Bloomberg Economics’ base case for the global economy in 2022 is a robust recovery with cooling prices and a shift away from emergency monetary-policy settings
- It’s too early for a definite verdict on the omicron variant of Covid-19. Apparently more contagious than its predecessors, it may prove less deadly too. That would help the world get back to something like pre-pandemic normal
- Iron ore’s heady days are fading. China is pushing ahead with cutting carbon emissions, steel output is expected to contract for a second year, while a debt-laden property sector is weighing on steel consumption and broader growth
- Thailand’s central bank will likely keep its benchmark interest rate unchanged Wednesday to support a nascent economic recovery as omicron threatens the outlook
- Thailand halted its quarantine-free entry program after less than two months, citing concerns about the potential spread of the variant by arriving tourists
- Japan’s government raised its monthly view of the economy for the first time since the summer of 2020, in a sign of confidence in the recovery even amid risks from omicron
- Turkey’s emergency measures to bolster the volatile lira are in effect an interest rate hike in disguise, steps that leave the government budget more vulnerable to future currency shocks
- Mexico’s central bank isn’t committed to a pace of half-point increases to its benchmark interest rate after delivering a hike of that magnitude in December, according to outgoing Governor Alejandro Diaz de Leon
©2021 Bloomberg L.P.
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