Overseas Headlines – December 3, 2020

United States:

U.S. Downtowns Yearn for Vaccine as Merchant Traffic Falls 70%

“The Chicago Loop Alliance, which promotes the downtown core, rolled out a Back-to-Work website in early October encouraging workers to put on slacks again and try returning to the office. Its hope was short-lived. Covid-19 came roaring back in Chicago within weeks of the campaign’s launch, and the alliance quickly toned down the program. “The hard push to get people to come back has definitely softened, for now,” said Jessica Cabe, a spokeswoman for the group.”



U.K. Output Shrinks as Companies Pin Hopes on Recovery Next Year

“U.K. output shrank for the first time since June amid restrictions to slow the second wave of Covid-19. IHS Markit’s composite Purchasing Managers Index dropped to 49 in November, slipping below the critical 50 mark that signals contraction. A gauge of the dominant services sector fell to 47.6 and jobs were shed at the fastest pace in three months.”



India’s RBI to Hold Rates Amid Inflation: Decision Guide

“India’s central bank will likely keep interest rates unchanged for a third straight meeting as inflation stays stubbornly high and signs appear of growth beginning to return to Asia’s third-largest economy. The six-member Monetary Policy Committee is forecast to hold the benchmark repurchase rate at 4% Friday, according to all 30 economists surveyed by Bloomberg as of Thursday. A spike in consumer prices forced the panel to pause after cutting rates by 115 basis points this year, although it’s expected to conserve some ammunition to support growth by retaining an accommodative stance for the near future.”




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