According to the latest Bloomberg nowcasts, the global economy is expanding just 0.7 per cent in Q4, half the pace of the previous quarter and below the rate of around 1 per cent witnessed right before the crisis.
China is tracking a 4.5 per cent year on year expansion, down from 4.9 per cent. Even worse, all the emerging economies slowed in the past month, led by a slide in Brazil. On a monthly basis, the euro-area and Japan are both weaker in December than November, while the US, Canada and the UK strengthened. One upside is that having weakened in the third quarter, the US is accelerating to 4.9 per cent from 2.1 per cent on a quarterly basis, according to the nowcasts. Texas' Harris County on Monday reported its first death related to the Omicron Covid-19 variant, a man who was unvaccinated, the county health department said. However, infections in South Africa, where the variant was first identified, almost halved, though hospital admissions and deaths rose significantly.
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