Indian Prime Minister Narendra Modi and Chinese President Xi JInping at a summit in Goa, India. Photo: Manish Swarup / AP

Asia's biggest economies are sinking into debt as India gives out an increasing number of bad loans and credit in China's banks accumulates similarly to how it did in the U.S. before the Great Recession, the Telegraph reports.

Why it matters: Global banks, some of which are still recovering, are more vulnerable to crisis than they were in 2006, before the U.S. housing bubble burst, per a World Economic Forum report. "There is still too much debt in parts of the private sector, and top global banks are still 'too big to fail,'" per the report.

  • The world's largest 30 banks hold $43 trillion in assets, compared to the $30 trillion they controlled in 2006.
  • Chinese and Indian banks haven't tightened their lending practices as the European and American banks that were at the epicenter of the last global financial crisis have.
  • President Trump's intention to kill certain Dodd-Frank regulations to stimulate growth could make the banking system more risky, per the WEF.

Go deeper

55 mins ago - World

Jeremy Corbyn suspended by U.K. Labour Party over anti-Semitism report

Photo: Christopher Furlong/Getty Images

The U.K. Labour Party has suspended its former leader, Jeremy Corbyn, after a watchdog report found that the party failed to properly take action against allegations of anti-Semitism during his time in charge.

Why it matters: It represents a strong break by Keir Starmer, Labour's current leader, from the Corbyn era and one of the party's most persistent scandals.

U.S. economy sees record growth in third quarter

The U.S. economy grew at a 33.1% annualized pace in the third quarter, the Commerce Department said on Thursday.

The state of play: The record growth follows easing of the coronavirus-driven lockdowns that pushed the economy to the worst-ever contraction — but GDP still remains well below its pre-pandemic level.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Health: Large coronavirus outbreaks leading to high death rates — Coronavirus cases are at an all-time high ahead of Election Day — Fauci says U.S. may not return to normal until 2022
  2. Politics: Space Force's No. 2 general tests positive for coronavirus
  3. World: Taiwan reaches a record 200 days with no local coronavirus cases
  4. Europe faces "stronger and deadlier" wave France imposes lockdown Germany to close bars and restaurants for a month.
  5. Sports: Boston Marathon delayed MLB to investigate Dodgers player who joined celebration after positive COVID test.

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