Fed Urges Fiscal, Long Slump Down Under, Advanced Stall: Eco Day

Welcome to Tuesday, Asia. Heres the latest news and analysis from Bloomberg Economics to help you start the day:

• Fed officials warned that another round of fiscal relief would be critical for the U.S. economy as lawmakers continued to negotiate the contours of additional aid

• Australia‘s spiraling Covid-19 outbreak and the closure of large tracts of the southeastern state’s economy is likely to prolong the first recession in almost three decades

• Alternative data is showing a stalling recovery in advanced economies, writes Bjorn van Roye

• Amit Shah, the man leading India‘s fight against Covid-19 and Prime Minister Narendra Modi’s top lieutenant, has been among leaders touting the countrys low death rate as a success story

• New Zealand may see the largest impact of the Covid-19 pandemic on the labor market after Septembers election thanks to government intervention and a shorter-than-expected time spent in lockdown

• South Koreas consumer prices advanced in July, adding to signs that the downturn from the coronavirus pandemic is bottoming out

• Tracking Japan recession, Yuki Masujima parses high-frequency data

• Indian Prime Minister Narendra Modis government is banking on a recovery in rural demand to slow the economys first contraction in four decades. But capricious rainfall may play spoilsport

• The Bank of England is effectively subsidizing polluting industries in its pandemic rescue program despite claims by Governor Andrew Bailey that tackling climate change is a priority, a think tank said

• A South Korean court is set to start liquidating assets of a Japanese company to compensate Koreans conscripted to work during colonial occupation, straining ties between two key U.S. partners just as the Trump administration needs their help in countering China