Overseas Headlines – December 11, 2020

United States:

U.S. Inflation Measure Rose by More Than Forecast in November

“A measure of prices paid by U.S. consumers rose in November by more than forecast as costs of hotel stays, airfares and apparel jumped, though inflationary pressures elsewhere remained subdued as the pandemic continues to curb activity. The consumer price index rose 0.2% from the prior month after no change in October, Labor Department data showed Thursday. Compared with a year earlier, the gauge rose 1.2%. The core index, which excludes volatile food and energy costs, also advanced 0.2% from the prior month and increased 1.6% from a year earlier.”



British Banks Fit to Weather Brexit and Covid, BOE Says

“Britain’s biggest banks are strong enough to weather the double-blow from the pandemic and Brexit, the Bank of England concluded in its latest health check even as it warned of disruption if the transition period ends without a deal. The BOE said HSBC Holdings Plc, Barclays Plc and other major lenders have sufficient capital to absorb losses in the coming months and the U.K. financial system can cope with the fallout from Brexit even without a trade agreement.”



Asia’s Unequal Recovery Sounds Alarm for Global Economic Rebound

“Asia’s head start in the economic recovery from Covid-19 is sending a warning to the rest of the world: inequalities exacerbated by the virus are unlikely to be reversed any time soon. Even as the region’s rebound gathers pace, many workers who lost their jobs early in the crisis find themselves stuck in new positions with less pay. Economists caution that while a lasting shift toward the digital economy will create opportunities, it risks stoking divisions unless governments pour more investment into the workforce. The Asian Development Bank and International Labour Organization say as many as 15 million jobs for teenagers and young adults in the region could be lost this year.”




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