Daily Memo: Progress in Libya and Belarus

Meanwhile, a second coronavirus wave is crashing against Europe's nascent economic recovery.

Second wave crashes on Europe’s recovery. A second wave of coronavirus infections is pushing eurozone economies into a double-dip recession, according to preliminary surveys of businesses conducted by IHS Markit. The flash composite purchasing managers’ index fell in October to 49.4, from 50.4 in September. Readings below 50 indicate that most businesses reported shrinking activity. However, there’s a widening gulf between the service sector, where firms frequently depend on mobility and person-to-person contact, and manufacturing. That means the rich are getting richer: While France’s composite PMI fell to a five-month low in October, Germany’s manufacturing-heavy economy is still chugging along. Libyan cease-fire. The U.N. Support Mission in Libya announced that Libya’s two warring sides – the U.N.-recognized Government of National Accord and the eastern-based Libyan National Army – signed a permanent cease-fire agreement. The two sides reportedly agreed on the formation of a joint military force under a unified command and that all foreign mercenaries will leave the country within three months. Progress in Belarus. Belarusian President Alexander Lukashenko and his political opponents agreed to discuss constitutional amendments at an “All-Belarusian Assembly” and put the changes to a referendum, according to a businessman who was present at the talks. An […]

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