Blog: EU Double-Dip, U.K’s Brexit Woes, Taper Pushback: Eco Day – Bloomberg

Photographs: Bloomberg

Photographs: Bloomberg

Welcome to Wednesday, Europe. Here’s the latest news and analysis from Bloomberg Economics to help you start the day:

  • The euro-area economy is poised to shrink again at the start of this year as the resurgent pandemic plunges the region into a double-dip recession
  • Scottish fisherman Peter Bruce hoped Brexit would allow him to catch more cod, one of Britain’s favorite fish dishes. Instead, he’s worried he’ll end up with less. Elsewhere, London financiers are keeping the faith that their industry can win back access to the European Union in the next round of talks
  • The U.K. government urgently called on the public to follow lockdown rules as a continuing surge in coronavirus infections pushed the number of patients on ventilators to its highest level since April
  • Poland will probably refrain from cutting interest rates closer to zero after switching its focus to the national currency to support the economy during the latest wave of the Covid-19 pandemic
  • Janet Yellen’s confirmation hearing as Treasury secretary is scheduled for Jan. 19 in front of the Senate Finance Committee, the day before President-elect Joe Biden is sworn into office
  • World Bank Chief Economist Carmen Reinhart is worried that the protracted nature of the Covid-19 pandemic may overwhelm household and business balance sheets and develop into a financial crisis
  • Don’t discuss reducing the amount of monetary-policy support for the U.S. while the pandemic is still raging, said two Fed officials after some of their colleagues mooted a debate later this year
  • South Korea lost the most jobs in two decades and the unemployment rate hit a 10-year high as the country’s worst coronavirus outbreak yet forced businesses to slash hiring
  • China is expected to report an annual trade surplus for 2020 that was the second-highest on record, despite a year marred by collapsing global demand because of the coronavirus pandemic and a trade deal that required it to boost imports of U.S. goods: chart

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