Fed Urges Fiscal, Long Slump Down Under, Advanced Stall: Eco Day

(Bloomberg) -- Welcome to Tuesday, Asia. Here's the latest news and analysis from Bloomberg Economics to help you start the day:

• Fed officials warned that another round of fiscal relief would be critical for the U.S. economy as lawmakers continued to negotiate the contours of additional aid
• Australia's spiraling Covid-19 outbreak and the closure of large tracts of the southeastern state's economy is likely to prolong the first recession in almost three decades
• Alternative data is showing a stalling recovery in advanced economies, writes Bjorn van Roye
• Amit Shah, the man leading India's fight against Covid-19 and Prime Minister Narendra Modi's top lieutenant, has been among leaders touting the country's low death rate as a success story
• New Zealand may see the largest impact of the Covid-19 pandemic on the labor market after September's election thanks to government intervention and a shorter-than-expected time spent in lockdown
• South Korea's consumer prices advanced in July, adding to signs that the downturn from the coronavirus pandemic is bottoming out
• Tracking Japan recession, Yuki Masujima parses high-frequency data
• Indian Prime Minister Narendra Modi's government is banking on a recovery in rural demand to slow the economy's first contraction in four decades. But capricious rainfall may play spoilsport
• The Bank of England is effectively subsidizing polluting industries in its pandemic rescue program despite claims by Governor Andrew Bailey that tackling climate change is a priority, a think tank said
• A South Korean court is set to start liquidating assets of a Japanese company to compensate Koreans conscripted to work during colonial occupation, straining ties between two key U.S. partners just as the Trump administration needs their help in countering China

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