Tag: brexit trade deal

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Merry Brexmas! EU-UK Trade Deal Sees Light – Top 10 Global News

1. Stocks & Equity Futures Climb; Bonds Retreat

U.S. equity futures and global stocks pushed higher after President Donald Trump backed away from earlier threats and signed a coronavirus aid package. S&P 500 Index contracts climbed after Trump’s surprise approval of the combined $2.3 trillion Covid-19 relief and government funding package. Germany’s DAX Index rose to a record and the MSCI Asia Pacific Index was up 0.3%. Bonds retreated and the dollar ticked lower.

Futures on the S&P 500 Index rose 0.7% as of early morning in New York.

The Stoxx Europe 600 Index rose 0.8%.

The MSCI Asia Pacific Index gained 0.3%.

The MSCI Emerging Market Index was little changed.

2. EU-U.K. Trade Deal Gets Nod From Bloc’s Envoys in Brussels

European Union ambassadors gave the go-ahead to the bloc’s draft free-trade agreement with the U.K., paving the way for the deal to take effect on Jan. 1. “EU ambassadors have unanimously approved the provisional application of the EU-UK Trade and Cooperation Agreement as of January 1, 2021,” Sebastian Fischer, a Brussels-based spokesman for the German government, whose country currently holds the EU’s rotating presidency, said in a Twitter post on Monday. The thumbs-up by EU member-country envoys sets the stage for formal approval by the 27-nation bloc’s governments on Tuesday and for a vote by the U.K. House of Commons on Dec. 30.

3. Bitcoin on Longest Winning Run Since 2019 – Tops $28,000

Bitcoin is on track for its longest monthly winning streak in more than a year after touching a record above $28,000 over the weekend. The largest cryptocurrency reached an all-time high of $28,365 on Sunday before paring some of the advances. The run of outsized returns over October, November and December so far is the longest such stretch since mid-2019. “My sense is we’re very close to a top — we could hit $30,000 though,” said Vijay Ayyar, head of business development with crypto exchange Luno in Singapore. “We should definitely see a pullback, but the magnitude is probably lesser. We might only see 10% to 15% drops.” The cryptocurrency has advanced about 270% this year.

4. Europe Rushes to Boost Vaccine Output to Speed Pandemic Exit

Germany is pushing to ramp up production of Covid-19 vaccines as Europe faces pressure to close the gap with Britain and the U.S. in a bid to end the pandemic. With inoculations gradually getting started across the region, authorities are concerned about the slow pace of the rollout could force longer lockdowns and cause more economic damage for months to come. “We’re working intensely on having additional production here in Germany soon,” Jens Spahn, the country’s health minister, said Monday on ZDF television, adding that more capacity could be available at a facility in Marburg as soon as February. “That would increase the amount considerably.” The sense of urgency has grown amid concerns about a faster-spreading strain that emerged in the U.K. and has been found in Spain and elsewhere in Europe.

5. Turkey Hikes Minimum Wage by 22%; Short of Labor Demands

Turkey’s minimum wage will rise 22% next year, challenging efforts to keep down inflation while dismaying unions that found it insufficient to address the economic hardships caused by the coronavirus. The monthly net minimum wage will be 2,826 liras ($377), Labor Minister Zehra Zumrut Selcuk said in Ankara on Monday. About half of all workers in the country of 83 million people earn a monthly salary at or near minimum wage. Turkey’s largest labour confederation, Turk-Is, which represented workers at the wage negotiations, called the increase “inadequate.” But unions had no immediate plans to combat the government’s decision.

6. India Stocks Climb to Fresh Records on Steady Foreign Inflows

India stocks rose as inflows from foreign investors headed for a record quarter. The S&P BSE Sensex climbed 0.8% to 47,353.75 in Mumbai. The NSE Nifty 50 Index advanced 0.9%. Both gauges closed at fresh all-time highs. Indian equities have surged as part of a global shift by investors into emerging markets as countries begin rolling out vaccines. The inflows have shown little sign of slowing for the holiday season, as investors poured about $6.5 billion into the market this month. That would be the second-highest monthly total on record.

7. Alibaba Probe Stirs Global Worry, $200 Billion China Tech Rout

Alibaba Group Holding Ltd. led a second day of frenetic selling among China’s largest tech firms, driven by fears that antitrust scrutiny will spread beyond Jack Ma’s internet empire and engulf the country’s most powerful corporations. Alibaba and its three largest rivals — Tencent Holdings Ltd., food delivery giant Meituan and JD.com Inc. — have shed nearly $200 billion over two sessions since Thursday when regulators revealed an investigation into alleged monopolistic practices at Ma’s signature company. That marked the formal start of the Communist Party’s crackdown on not just Alibaba but also, potentially, the wider and increasingly influential tech sphere. Alibaba fell 8% Monday, shedding $270 billion of value since its October peak. Tencent and Meituan both tumbled more than 6%. 

8. Oil Gains on U.S. Stimulus and Covid-19 Vaccine Optimism

Oil climbed as the U.K. is poised to grant regulatory approval to another Covid-19 vaccine and as the U.S. passed its stimulus bill into law. Futures in New York are trading 1.2% higher after dipping in early trading. Britain’s drug regulator could clear the shot produced by AstraZeneca Plc and the University of Oxford for use as early as this week. Crude reversed losses of as much as 1.5% after President Donald Trump signed the long-awaited bill containing $900 billion of virus relief, having previously criticized the stimulus package. The bill’s approval weakened the dollar, raising demand for dollar-denominated commodities, and also raised hopes of higher oil consumption in the future.

9. Drugmakers Agree to Halve Prices to Secure Access to China

Drugmakers from AstraZeneca Plc and GlaxoSmithKline to BeiGene agreed to cut prices on some of their newest drugs in China by an average of 51% in order to be covered by the country’s national insurance fund. A total of 119 new therapies — treating ailments from pulmonary diseases and diabetes to cancers and lupus — were added for coverage by the state-run medical safety net after drawn-out negotiations, the National Healthcare Security Administration said in a notice posted on its website Monday. Companies are eager to get their treatments on the list even at steep discounts to gain access to the world’s second-biggest market for pharmaceuticals.

10. Germany Plans Vaccine Boost; Norway’s Quarantine: Virus Update

Germany is seeking to expand production of Covid-19 shots to help bolster Europe’s vaccination program. The sense of urgency has grown amid concerns about a faster-spreading strain that emerged in the U.K. and has since been found elsewhere in Europe. U.S. President Donald Trump signed a bill containing $900 billion in pandemic relief. Top U.S. health officials warned of a post-Christmas surge in infections, as cases slowed amid scattered holiday reporting. Singapore began relaxing virus rules Monday as the city-state moves into the final phase of curbs. Indonesia imposed a temporary ban on all foreigners from visiting the country, while Taiwan will increase the quarantine period for flight crews to seven days.

CURATED FROM ECONOMIC TIMES, THE NEW YORK TIMES, AND BLOOMBERG.

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Countries Rush to Secure Vaccines. – Top 10 Global News

1. Global Stocks Advance, Dollar Weakens

Global stocks rallied, with confidence among investors building on the back of stronger German factory data, the vaccine rollout and the prospect for more U.S. stimulus. Markets were green across the board. The Stoxx 600 Index rose 0.9%, notching a third day of gains, and the DAX Index outperformed. In the U.S., S&P 500 futures were higher and the dollar weakened as investors waited for details from the Federal Reserve’s recent meeting. Economists say the Fed may deliver fresh guidance on its asset purchases and progress in meeting its goals of full employment and 2% inflation.

Futures on the S&P 500 Index increased 0.3% as of early morning London time.

The Stoxx Europe 600 Index jumped 0.8%.

The MSCI Asia Pacific Index increased 0.8%.

The MSCI Emerging Market Index gained 0.8%.

2. Fishing Rights Are Now Major Last Hurdle, EU Says: Brexit Update

European Commission President Ursula von der Leyen said fishing rights are now the last major hurdle to a post-Brexit trade deal, as Prime Minister Boris Johnson warned the U.K. has a “natural right” to control its own waters. With negotiations continuing in Brussels, von der Leyen told the European Parliament that a deal is possible but difficult. “As things stand, I can’t tell you if there will be a deal or not,” she said. Optimism has grown after the two sides agreed to continue discussions past their self-imposed Sunday deadline and the EU’s chief negotiator Michel Barnier said he saw a “narrow path” to a deal this week if differences can be bridged.

3. China Secures 100 Million Doses of BioNTech Vaccine

A Chinese drugmaker has secured 100 million doses of the coronavirus vaccine co-developed by Pfizer and BioNTech, as the country seeks overseas shots in addition to home-made ones to ensure immunization for the world’s most populous nation. Shanghai Fosun Pharmaceutical Group Co., which in March made an agreement with BioNTech to develop and market the mRNA shot in China, will make an advance payment of $300 million for an initial 50 million doses. The German vaccine maker will supply no fewer than 100 million doses for China by the end of 2021, Fosun said in a statement filed with the Hong Kong Stock Exchange.

4. New York Is on a Path Toward a Second Full Shutdown

New York is headed toward a second full shutdown if Covid-19 cases and hospitalizations continue at their current pace, Governor Andrew Cuomo said. “If we do not change the trajectory, we could very well be headed to shut down” all non-essential businesses, Cuomo said Monday at a virus briefing. The state reported 5,712 hospitalizations, an increase of more than 1,000 in the past week. If that pace continues, it will be at 11,000 in a month, and some regions may be overwhelmed, Cuomo said. The increase is of particular concern in dense regions like New York City, the governor said. Cuomo shut down the city’s indoor dining on Monday, even as he cited statistics showing that three-fourths of new cases come from private gatherings.

5. Cathay Still Mired in Covid Trouble With Traffic Down 99%

Cathay Pacific Airways carried just 37,815 passengers in November, down 98.6% from a year earlier, and warned that its second-half losses will be significantly worse than the $1.3 billion haemorrhages in the first six months. Average passenger capacity in the second half is only likely to be 8.4% of pre-pandemic levels, compared with 34.3% in the first half, the Hong Kong-based carrier said Wednesday. Restructuring and impairment costs will add to the pressure on earnings as demand remains elusive. Cathay’s passenger traffic has been down around 99% every month since April as Covid-19 and related travel restrictions decimated demand. November revenue passenger kilometres fell 97.9% from a year earlier, while passenger load factor was just 18.5%.

6. Hong Kong’s Lalamove Seeks Funds at $8 Billion Valuation

Hong Kong’s on-demand logistics and delivery firm Lalamove is seeking new funding round at an $8 billion valuation. The company, also known as Huolala in China, is looking to raise at least $500 million. The startup could raise more depending on investor demand. Founded in 2013 by Stanford graduate and former professional poker player Chow Shing-yuk, Lalamove provides van-hailing and courier services on demand. It operates in 24 markets across Asia, Latin America and the U.S. with a pool of more than 700,000 driver-partners. Lalamove’s business is anchored in China. Transportation and logistics companies have seen a surge in demand globally amid a boom in e-commerce, one of the beneficiaries of coronavirus-driven lockdowns this year.

7. FDA Clears First At-Home, Over-the-Counter Covid-19 Test

The first Covid-19 test that can be performed entirely at home was cleared by U.S. regulators on Tuesday, and it can be acquired without a prescription. While availability will be limited initially, the new test and others in development could make virus screenings as accessible as over-the-counter pregnancy tests in the U.S. for the first time. The advance follows months of criticism that the Food and Drug Administration has been too slow to approve rapid home tests for the virus. Manufactured by East Brisbane, Australia-based Ellume, the self-administered, single-use nasal swab test is small enough to fit in the palm of a person’s hand. It detects proteins on the virus’s surface in 15 minutes and delivers results to an app.

8. Boris Johnson Urges ‘Extreme Caution’ in U.K. Over Christmas

U.K. Prime Minister Boris Johnson urged people to exercise “extreme caution” over Christmas, despite pressing ahead with plans to ease coronavirus restrictions over the holidays. “We can celebrate it sensibly, but we have to be extremely cautious in the way we behave,” Johnson told lawmakers in the House of Commons on Wednesday. As many as three households will be able to gather together for five days between Dec. 23 and 27 in England. Ministers have faced growing demands to rethink the approach after a surge in Covid-19 infections in recent days.

9. German Virus Deaths at Record: Virus Updates

Germany recorded the biggest increase in Covid-19 deaths since the pandemic began as Chancellor Angela Merkel hinted that a hard shutdown that takes effect Wednesday will remain in force beyond January. Tokyo cases rose to an all-time high, while South Korea also reported record infections. China secured 100 million doses of the vaccine developed by Pfizer Inc. and BioNTech SE. In the U.K., almost 140,000 people have been vaccinated against Covid-19. Across the U.S., cases are surging. New York City’s mayor told residents to prepare for a shutdown of all but essential businesses soon after Christmas. California is stockpiling body bags, recruiting medical workers and considering whether to request a U.S. Navy hospital ship.

10. Saudis Stop Disclosing Oil Revenue Following Aramco’s Listing

Saudi Arabia has stopped disclosing projected revenue from oil following the listing of Aramco, as doing so could give clues about the state energy giant’s dividend plans. The kingdom is relying on payouts from Aramco, the world’s biggest oil company, to help plug its budget deficit and bolster an economy that’s been hammered this year by coronavirus lockdowns and the crash in crude prices. The Dhahran-based firm sold shares for the first time in December 2019, though the government still owns around 98% of them.

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India bans 43 Chinese Apps – Top 10 Global News

1. Market milestone: Dow closes above 30,000 for the first time ever

The Dow Jones Industrial Average roared past a major milestone and closed at a new record high after US President Trump gave the green light to the transition of power to President-elect Biden’s administration. The 30-share index vaulted out of the gate at the opening bell and kept on rallying to finish the session up more than 454 points or 1.54 percent at 30,046.24. The broader S&P 500 index – a proxy for the health of US retirement and college savings accounts – finished up 1.62 percent, while the Nasdaq Composite Index ended the trading day 1.31 percent higher.

2. India bans 43 apps in fresh wave of web sanctions against China

India banned 43 mobile applications on Tuesday including Alibaba Group’s e-commerce app Aliexpress in a new wave of web sanctions targeted at China with whom it has engaged in a months-long standoff at a Himalayan border site. The 43 mostly Chinese-origin apps, which also include a few dating apps, threaten the “sovereignty and integrity of India”, the federal technology ministry said in a statement.India has previously banned more than 170 apps saying they collect and share users’ data, which could pose a threat to the state. The move, which India’s technology minister has referred to as a “digital strike”, was initiated after 20 Indian soldiers were killed in a skirmish with Chinese troops at a disputed Himalayan border site in June. The move is another setback for Chinese giant Alibaba, which is the biggest investor in Indian fin-tech firm Paytm and also backs online grocer BigBasket.

3. Airlines mull mandatory COVID-19 vaccines for int’l passengers

International air travel could come booming back next year but with a new rule: Travellers to certain countries must be vaccinated against the coronavirus before they can fly. Encouraging news about vaccine development has given airlines and nations hope they may soon be able to revive suspended flight routes and dust off lucrative tourism plans. But countries in Asia and the Pacific, in particular, are determined not to let their hard-won gains against the virus evaporate. In Australia, the boss of Qantas, the country’s largest airline, said once a virus vaccine becomes widely available, his carrier will likely require passengers to use it before they can travel abroad or land in Australia.

4. US telecoms regulator affirms China’s ZTE is a security threat

The United States Federal Communications Commission (FCC) has rejected a petition from ZTE Corp asking the agency to reconsider its decision designating the Chinese company as a US national security threat to communications networks. The FCC announced in June it had formally designated China’s Huawei and ZTE as threats, a declaration that bars US firms from tapping an $8.3bn government fund to buy equipment from the companies. The federal subsidies help many small rural carriers fund the acquisition and maintenance of equipment made by the companies. The FCC has said ZTE and Huawei pose a risk of espionage, an allegation each company denies. The agency has increasingly scrutinised Chinese companies amid tensions between Beijing and Washington over trade, the coronavirus and security issues.

5. Oil-rich Kuwait faces looming debt crisis

After emerging from a months-long coronavirus lockdown, Kuwait, one of the world’s wealthiest countries, is facing a debt crisis. The pandemic has sent the price of oil crashing to all-time lows and pushed the petrostate towards a reckoning with its longtime largesse, just as a parliamentary election approaches in December.  Recently, ratings agency Moody’s downgraded Kuwait for the first time in its history. The finance minister warned that soon the government would not be able to pay salaries. Kuwait’s national bank said the country’s deficit could hit 40 percent of its gross domestic product (GDP) this year, the highest level since the financial devastation of the 1990 Iraqi invasion and subsequent Gulf War..

6. COVID anxiety set to shake up how Americans shop on Black Friday

Black Friday is the day after the Thanksgiving holiday and the traditional start of the holiday shopping blitz in the United States. In past years it was something of a national sport, characterised by “doorbuster deals” that saw consumers fresh from turkey feasts line up for hours to get a head start on grabbing the best deals of the year. Black Friday is happening during a pandemic and right now, COVID-19 is breaking records for new infections and hospitalisations in the US. Perhaps it is not too big of a surprise then that anxiety surrounding COVID-19 is changing the way Americans plan to shop this Thanksgiving Day weekend. More consumers are tightening their belts and – for the first time ever – more people are planning to shop online than in person on Black Friday.

7. France risks US ire with vow to impose digital tax this year

France will apply a new digital levy for online technology giants this year, breaking a truce with Washington over the long-running tax fight that could prompt a round of punitive US tariffs on French goods. “The companies subject to this tax have been notified,” a French finance ministry official said, referring in particular to the American firms Google, Amazon, Facebook and Apple, known as the “GAFA” in France. US President Donald Trump has assailed the tax as unfairly targeting the tech heavyweights, and last year threatened import duties of 25 percent on French products, including cosmetics and handbags by renowned brands. France and other European countries are under intense public pressure to make US multinationals pay a larger share of their revenues in taxes in the countries where they operate.

8. Abu Dhabi state investor Mubadala Investment seeks Israeli partners on technology investment

Abu Dhabi state investor Mubadala plans to identify potential fund partners in Israel and find high-growth companies to co-invest in, the head of its ventures unit said on Wednesday. “There will be interesting opportunities with joint funds or joint ventures, but we are still early on in evaluating this,” Ibrahim Ajami told a financial technology conference in Abu Dhabi. He said Mubadala has co-invested with Israeli investors in the United States and Europe, but closer ties between the United Arab Emirates (UAE) and Israel opens up a significant opportunity for investments. After the UAE and Israel agreed to normalise relations in August, the two countries have signed a host of accords to boost economic and business ties.

9. Decisive days for Britain trade pact, European Union prepares for a no-deal Brexit

The European Commission cannot guarantee there will be a trade pact with Britain after its departure from the European Union and the coming days will be crucial, the EU’s chief executive said on Wednesday, adding the bloc was prepared for a no-deal. “The next few days are going to be decisive. The European Union is well prepared for a no-deal scenario,” European Commission President Ursula von der Leyen told the European Parliament. “With very little time ahead of us, we will do all in our power to reach an agreement. We are ready to be creative”, she said.

10. Tesla to build ‘world’s largest’ battery plant near Berlin

Tesla boss Elon Musk said Tuesday that he plans to build the world’s largest battery-cell factory at the group’s electric car plant near Berlin. Tesla has already started construction on a huge “gigafactory” in a forested area in Gruenheide, south of the German capital, due to open next year. The factory is Tesla’s first in Europe and is expected to churn out 500,000 Model 3 sedans and Model Y SUVs per year. Speaking at a European Battery Conference organised by the German economy ministry, Musk said battery cell production at the same German site would start with a capacity of around 100 gigawatt hours a year, before ramping up to 250 GWh per year. At that point, the South African entrepreneur said he was “pretty confident it’d be the largest battery-cell plant in the world”.

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China Credit Defaults leads to Bond Selloff – Top 10 Global News

1. Futures Mixed; Europe Stocks Rise on Cyclicals

U.S. futures were mixed and European stocks rose as investors held out hopes that top officials on both continents will resolve disputes over unleashing further stimulus for their battered economies. S&P 500 futures pared an early decline and Nasdaq 100 contracts edged higher as investor anxiety began easing hours after the unusual public disagreement between the Treasury and the Federal Reserve over releasing funds to further kickstart the economy. The Stoxx Europe 600 Index headed for its third week of gains. Mining and energy firms led the advance as commodities from oil to copper rallied.

S&P 500 futures fell 0.1% at early morning New York time.

The Stoxx Europe 600 index gained 0.3%.

The MSCI Asia Pacific Index rose 0.3%.

The MSCI Emerging Market Index advanced 0.4%.

2. Tesla’s S&P 500 Debut May Spark $8 Billion Demand, Goldman Says

Tesla’s already impressive stock market rally might be on the verge of a further massive boost. The electric carmaker’s scheduled Dec. 21 inclusion in the S&P 500 Index could result in $8 billion (INR 60,000 cr) of demand from active U.S. large-cap mutual funds, according to analysts at Goldman Sachs. “Of the 189 large-cap core funds in our universe, 157 funds that manage around $500 billion in assets under management did not hold Tesla on Sept. 30,” the analysts wrote. Assuming those funds chose to hold the carmaker at benchmark weight, they would need to buy $8 billion of the stock or about 2% of Tesla’s market value, the analysts said.

Tesla is the best-performing large-cap stock in the U.S. this year, soaring about 500%, as investors show increasing confidence that electric cars, trucks and buses will dominate the future of the auto and transportation industries.

3. China Deepens Probe on Banks After Busted Bond Deal

China’s market regulator expanded its investigation into bond sales for a state-backed coal miner that unexpectedly defaulted on bond payments last week, dragging in a number of banks, rating and accounting firms. The probe centers around deals for Yongcheng Coal & Electricity Holding Group Co., whose missed payment last week rocked the Chinese credit market. That default was followed by others from state-linked firms, long considered to be immune from such credit events because of their implicit government backing. The turmoil has caused a sell-off in bonds and some deals to be scrapped. Amid the deepening stress, officials from China’s State Council have asked government departments to conduct a risk assessment.

4. EU Warns U.K. Hasn’t Compromised Enough for Brexit Deal

The European Union warned that the U.K. hasn’t moved sufficiently to overcome the main obstacles to a post-Brexit trade deal as three of the bloc’s leaders called for contingency plans to be stepped up in case there is no agreement. At a meeting in Brussels on Friday, Secretary-General of the Commission Ilze Juhansone told envoys from the EU’s 27 member states that negotiations could now slip into December as progress has been slow. Late on Thursday, the leaders of France, Belgium and the Netherlands called on the bloc to make contingency plans in case a deal fails to materialize. If that happens, businesses and consumers will face disruption as tariffs and quotas return.

5. Singapore Tightens Border Steps for Entry From Malaysia, Japan

Singapore will tighten border measures for travellers who have been to Malaysia or Japan amid a resurgence of coronavirus cases in those countries. All travellers who have been to Malaysia or Japan in the past two weeks will have to serve 14-day stay-home notices at designated facilities. It applies to travellers who have been in either country who enter Singapore after November 22. Travellers who enter from Malaysia after November 27 also must take a Covid-19 test within 72 hours before departure and must show a negative result to enter Singapore. The test requirement won’t apply to Singapore citizens or permanent residents.

6. Hong Kong Virus Cases Surge Again as City Sees ‘Fourth Wave’

Hong Kong will impose new social restrictions and ask more students to stay home as local cases jump by the most in about three months, signalling the arrival of a new wave and threatening a high-profile travel air bubble with Singapore days before its launch. The city reported 26 new infections on Friday, of which 21 are local. Nine of the local cases can’t be traced. The government has also detected over 40 preliminary cases awaiting confirmation, a sign that Friday’s jump is not an anomaly. The surge comes as other parts of Asia see alarming flare-ups as colder weather sets in. Classes for primary school levels 1 to 3 will be suspended from Nov. 23 for two weeks. Kindergartens and nurseries have been suspended since a week ago due to outbreaks of upper respiratory tract infection and the risks of coronavirus resurgence.

7. Philippines Sees Surge in Financial Scams During Pandemic

Suspicious transactions reports received by the Philippines’ anti-money laundering body rose 57% in January to August from a year ago amid the wide use of digital platforms during the pandemic. About 29% of the total reports occurred from mid-March when movement restrictions were imposed to combat Covid-19, from a study conducted by the Anti-Money Laundering Council. Suspicious transaction reports related to electronic banking transactions grew by 1,680% for inward fund transfers and 5,158% for outward fund transfers, the study showed. Reports from electronic money issuers increased by 688%; and from pawnshops and money service businesses by 51%.

8. China says has given debt relief of $2bn to developing countries

China has extended debt relief to developing countries worth a combined $2.1bn (INR 16,000 cr) under the G20 framework, the highest among the group’s members in terms of the amount deferred, the country’s finance minister Liu Kun said on Friday. Liu’s comments come as African countries, struggling with the COVID-19 pandemic, face another debt crisis, and will need more long-term help than the latest G20 Debt Service Suspension Initiative (DSSI) offers them to ward off trouble and keep much-needed investments coming in.

9. Japan consumer prices fall at fastest pace in a decade in October

Japan’s core consumer prices fell in October at the fastest annual pace in nearly a decade as the boost from last year’s sales tax rise petered out, heightening concerns of a return to deflation as the country battles record cases of COVID-19. Analysts expected consumer prices to continue falling in the coming months due to sluggish consumption, casting doubt on the central bank’s view Japan will eventually see prices bounce back towards its elusive 2% inflation target. A resurgence in coronavirus infections also clouds the outlook, as it may hurt consumption and dent the boost to growth from the government’s stimulus measures, they said.

10. UK, Canada could announce free trade deal within days

The UK is negotiating several bilateral trade deals to come into force once it exits a transition arrangement with the EU at the end of the year. The United Kingdom and Canada are very close to agreeing on the terms of a free trade deal, which could be announced in the coming days, a Canadian government source said on Thursday. The UK is negotiating several bilateral trade deals to come into force once it exits a transition arrangement with the European Union at the end of this year, and many of them would simply replace the terms the bloc had already agreed. After leaving the EU in January, Johnson is trying to shape a “global Britain” that can strike out alone and negotiate better agreements than the bloc. But so far, his critics point out, the deals have largely been the same.

Curated from Bloomberg.com