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Welcome to Thursday, Europe. Here’s the latest news and analysis from Bloomberg Economics to help you start the day:

  • Just a few weeks after warning that interest rates need to rise in the next few years, the Bank of England finds itself facing a delicate balance of risks as the recovery stalls and inflation accelerates
  • Other rate decisions include that from the Swiss National Bank while the Norges Bank is poised to raise rates
  • The U.K.’s record debut green bond sale has given debt chief Robert Stheeman conviction on the benefits of an environmental borrowing plan
  • European businesses in China urged the country to steer away from what they see as an “inward” turn of the economy to achieve self-sufficiency, which has impeded their operations and prospects
  • Turkey’s central bank governor is about to make his biggest decision since taking the job: hold interest rates and face Recep Tayyip Erdogan’s fury, or comply with the president’s timetable for a cut and risk a markets backlash
  • Federal Reserve Chairman Jerome Powell said he could begin scaling back asset purchases in November and complete the process by mid-2022
    • More than the taper signal, it’s the shift in the dot plot that’s noteworthy, Bloomberg Economics says
  • Powell made clear that he won’t protect Wall Street from tough oversight if he gets a second term
  • Evergrande’s troubles are partly a familiar tale of an overextended, systemically important company taxing its creditors’ patience. Its situation also reflects deliberate policy choices made by the ruling Communist Party under President Xi Jinping
  • Chinese policy makers reiterated the need to fine-tune economic policies as the world’s second-largest economy faces increasing headwinds. Elsewhere, Beijing is quietly growing its homegrown payments system to allow cross-border transactions in yuan
  • A year-long boom in global semiconductor demand that has supported key Asian exporters still has room to run, according to a set of indicators tracking the industry

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