(Bloomberg) -- Happy Friday, Europe. Here’s the latest news from Bloomberg Economics:
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- The controversial budget plans of Italy’s populist government are hanging on an economic premise that looks too optimistic
- Still on Italy. The government is scrapping the previous administration’s efforts to limit Chinese investment in strategic sectors in favor of fostering relations with Beijing
- Slow and gradual: European Central Bank officials stressed they will only gradually scale back extraordinary monetary stimulus as they try to nudge inflation higher amid rising political and trade risks
- Total eclipse: The U.S. government’s interest payments have now surpassed Belgium’s total economic output
- Stay away: New Zealand’s central bank made a renewed bid to keep a Treasury Department official away from interest-rate decisions, newly released emails show
- Export-dependent Singapore has a strong warning: Damage from a prolonged trade war will be severe
- Stuck in between: Hong Kong has long marketed itself as the gateway into China for foreign firms, especially America -- and that’s now precisely its problem
- Hawkish or not: The Reserve Bank of India will probably hike interest rates for a third straight time this year on Friday, with inflation risks from a weak rupee and rising oil prices outweighing worries of a credit crunch
- Spending rise: Japan’s base pay and household spending both rose by the most in years in August, adding to signs that consumers are beginning to feel the nation’s economic recovery
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