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(Bloomberg) — Welcome to Thursday, Asia. Here’s the latest news and analysis from Bloomberg Economics to help you start the day:

© Source: Bloomberg ECO_DAY_2020_LARGE_LEDE_SOCIAL.jpg Shocks to supply chains are engulfing a wider swath of the global economy, threatening to stifle Asia’s trade-led recoveryThe U.S. federal budget deficit continued to balloon at the end of last year on spending to cushion the pandemic’s economic falloutFed officials are beginning to split over when they may need to start pulling back on their massive monetary stimulus, jittering nervesItaly’s government led by Prime Minister Giuseppe Conte risks collapsing in the middle of the Covid-19 pandemicChina has been slow to announce plans on special local bond sales this year, another sign that it’s seeking to rein in debtJapan’s decision to expand the state of emergency beyond the Tokyo region to some other key centers should reduce the ultimate toll on the economy, writes Yuki MasujimaThe U.S. will bar entry of all cotton products and tomatoes from China’s Xinjiang region, where it says Beijing is oppressing Muslim-minority UighursThe Beige Book forecast choppy U.S. economic growth prior to fiscal lift, writes Eliza WingerSweden’s krona had its worst day in more than three weeks after the Riksbank said it will no longer rely on foreign borrowing to finance its currency reservesThe ECB’s latest projections for economic growth in the euro area are still “very clearly plausible” despite the resurgent coronavirusFormer Treasury Secretary Robert Rubin cautioned against taking rock-bottom interest rates for grantedThe abstract concept of connected vehicles becomes easier to grasp at a test site in eastern ChinaAfter chaos engulfed the U.S. Capitol last week, some Chinese intellectuals found themselves searching for copies of an out-of-print book to make sense of events. “America Against America” forecast the U.S.’s decline due to domestic conflicts more than 30 years agoIran said it would restart production of fuel for its Tehran Research Reactor, a facility that runs on uranium enriched to higher levels in order to produce medical isotopes

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