Overseas Headlines – November 2, 2020

United States:

The Good and the Bad of the U.S. Economy on Eve of Election Day

“On the eve of the 2020 election, a U.S. economy that was walloped by a global health crisis in March is recovering, though it’s a ways from regaining full strength. Trillions of dollars in fiscal support from lawmakers and ultra-low interest rates from Federal Reserve policy makers played a big role in its rejuvenation in past months. While some sectors, such as housing and retail, are flexing plenty of muscle, the number of Americans returning to work is moderating and some companies have announced new job cuts.”



BOE to Counter Double-Dip Contraction Risk With Fresh Stimulus

“The Bank of England looks certain to fire another burst of monetary stimulus this week as new coronavirus lockdowns leave the economy facing a third quarter of decline in 2020. Any doubt that Governor Andrew Bailey and his colleagues might delay boosting their bond-buying program when they meet this week was effectively erased with Prime Minister Boris Johnson’s announcement of a month long closure of non-essential shops and hospitality venues in England.”



China Delays Australian Lobster Imports as Tensions Rise

“Australia says Chinese customs officers are delaying imports of some premium shellfish products, in a sign its rock lobster industry could be the latest casualty of growing tensions between Canberra and Beijing. Some Australian lobster shipments have experienced customs clearance delays in the past few days due to increased import inspections in China, the Seafood Trade Advisory Group said in a statement. Most exporters have decided to halt shipments to China “until more is known about the new process.”



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