Soaring U.S. Rents, China’s Catch-Up and an OPEC Crisis: Eco Day

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Happy Tuesday, Americas. Here's the latest news and analysis from Bloomberg Economics to help you start the day:

When will China overtake the U.S. to become the world's biggest economy? Stalled reforms, fraying global ties, a shrinking workforce and financial crisis could keep China indefinitely in second place
- China's exports have started to swing back to patterns that prevailed before the pandemic spurred a sea change in global demand
Oil jumped to the highest in more than six years after a bitter fight between Saudi Arabia and the United Arab Emirates plunged OPEC+ into crisis and blocked a supply increase
- What's Next for OPEC+? Five Scenarios for Oil
- The cost of renting a home is soaring in cities across the U.S., squeezing the finances of low-income households and posing a threat to the consensus that pandemic inflation will soon fade away
- New variants of the coronavirus and accelerating inflation are among the four biggest risks to the world economy as it rebounds from the pandemic, according to Berenberg
- The European Central Bank is entering the final stretch of its biggest strategy review in almost two decades, with officials looking to hammer out key differences over future monetary policy
- Canadian consumers and businesses are entering the second half of the year brimming with confidence about the nation's economic prospects
- A year after the pandemic forced Brazil to sell almost nothing but short-term debt to nervous investors, Treasury officials have been pushing hard to ratchet back up auctions of long bonds
- Investor confidence in Germany's economic recovery eased in July as supply bottlenecks weigh on manufacturing and spreading coronavirus variants threaten the revival in services
- The U.K.'s government budget watchdog says Britain faces three potentially catastrophic risks to its public finances