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Welcome to Tuesday, Europe. Here’s the latest news and analysis from Bloomberg Economics to help you start the day.
- The supply crunch that’s helped drive inflation to multi-decade highs shows some signs of easing in the U.S. and the euro area — but it’s still getting worse in the U.K, according to Bloomberg Economics’ new set of supply indicators
- Finance ministers from Group of Seven major economies pledged greater cooperation to fix global supply-chain issues that have caused shortages and led to a surge in inflation
- Chinese economic activity likely slowed in November due to the worsening downturn in the property sector and still subdued consumption
- Hungary’s central bank will probably end its quantitative-easing program on Tuesday, raise interest rates and sharply increase its inflation forecast in a precursor to pushing borrowing costs even higher next year
- The U.S. made an offer to Japan aimed at resolving disputes tariffs imposed on Japanese steel and aluminum in 2018 under former President Donald Trump, people familiar with the situation said
- The Bank of Canada will maintain its 2% inflation target for the next five years, but has formally been given license to moderately overshoot it to “support maximum sustainable employment”
- U.K. trade in goods took a 12.6 billion pound ($16.7 billion) hit from Brexit in October as imports and exports fell behind equivalent countries
- The Bank of England reiterated its warning that the rapid growth of cryptocurrency assets could pose stability risks to the U.K. financial system, even though direct risks currently are seen as limited. The central bank also said the country’s house price boom has been driven by the “race for space” as people left city flats during the pandemic
- China should lower interest rates and boost infrastructure investment to ensure the economy will grow by at least 5% next year, according to an influential Chinese think tank
- China’s new rules on food imports will take effect Jan. 1, despite appeals from trading partners including the U.S. and Europe to delay the rollout
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