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Happy Friday, Europe. Here’s the latest news and analysis from Bloomberg Economics to take you through to the weekend:

  • Kristalina Georgieva risks seeing her authority as head of the International Monetary Fund undermined just weeks before an annual meeting of global finance chiefs, after being accused of influencing a report in China’s favor when she worked at the World Bank
  • The European Central Bank dismissed a Financial Times report that said chief economist Philip Lane told analysts privately the institution expects to reach its 2% inflation target by 2025
  • Turkish President Recep Tayyip Erdogan said his government would bring surging prices under control and blamed “opportunists” for the rising cost of basic services
  • Portugal, which ranks among the European nations that are most dependent on tourism, expects annual revenue from the industry to reach the pre-pandemic record in about two years as the country continues to provide coronavirus vaccinations and eases travel restrictions
  • China’s tough virus curbs mean economic activity in the third quarter could be close to flat compared with the previous three months, while full-year growth may fall below 8%, a top forecaster said. Separately, Bloomberg Economics analysis says high-frequency data from China suggest further weakness in demand, extending a slowdown that was evident in the August activity data
  • Beijing has applied to join an Asia-Pacific trade pact once pushed by the U.S. as a way to isolate China and solidify its regional dominance
  • Treasury officials have identified what they believe are the most urgent risks posed by Tether and other stablecoins as they ready recommendations for stricter oversight of cryptocurrencies
  • The World Economic Forum will return to the Swiss ski resort of Davos in 2022
  • The push for a $15 federal minimum wage may have stalled in Congress, but Covid-19 is helping steer the U.S. ever closer toward a key objective of labor unions and their allies in the White House and on Capitol Hill
  • Wall Street influencers are making $500,000, topping even bankers

 

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