Overseas Headlines – November 3, 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.”



Italy Said to Ready $1.8 Billion in Relief as Shutdowns Loom

“The Italian government is readying new relief funding of at least 1.5 billion euros ($1.8 billion) for businesses affected by coming shutdowns to combat the spread of Covid-19, people familiar with the matter said. Italy’s latest decree, expected to be announced by Prime Minister Giuseppe Conte as soon as Tuesday, will include restrictions for a wide range of businesses in the country’s hardest-hit regions, including much of the industrial north, according to the people, who asked not to be named discussing confidential deliberations.”



Xi Says Economy Can Double as China Lays Out Ambitious Plans

“Chinese President Xi Jinping said the economy can double in size by 2035 and the country can reach high-income status in the next five years as the Communist Party outlined ambitious plans for the nation’s future. “It is entirely possible to reach the high-income country status by current standards by the end of the 14th Five-Year Plan, and to double the total economic output or per capita income by 2035,” Xi said in a speech to the party’s Central Committee, according to state media Xinhua.”




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