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Welcome to Tuesday, Europe. Here’s the latest news and analysis from Bloomberg Economics to help you start the day:
- President Joe Biden unveiled a $5.8 trillion budget request that focused on deficit reduction, additional funding for police and veterans, and flexibility for new social spending programs
- The proposed budget is based on economic assumptions that the White House itself recognizes as obsolete
- German companies must resist Russia’s demands for gas payments to be made in roubles, says Finance Minister Christian Lindner
- Earlier, G-7 energy ministers also unanimously rejected Russian President Vladimir Putin’s request for a ruble payment.
- Addressing climate change risks is in European banks’ interest, regulator says
- Global supply tensions that eased in early 2022 are worsening again due to war in Ukraine and Covid lockdowns in China
- Cooking oil, chicken and other kitchen staples are increasingly out of reach as ‘demand destruction’ fears begin to materialize
- The post-Brexit exodus of City of London bankers did not happen
- China’s Covid lockdowns are likely costing the country at least $46 billion a month, or 3.1% of GDP, in lost economic output, says an economist at the Chinese University of Hong Kong
- Wall Street’s return to power this month is reviving local cafes, according to the Pret Index
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