Swiss Currency, Javid’s Ambitions, China Cuts Tariffs: Eco Day

(Bloomberg) --

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

• Switzerland is in danger of being labeled a currency manipulator by the Trump administration, a decade after it ran afoul of the U.S. over banking secrecy
• Chancellor of the Exchequer Sajid Javid’s ambition to lift U.K. economic growth toward its post-war average of almost 3% a year is “quite unrealistic,” the country’s National Institute of Economic and Social Research said
• China will halve tariffs on some $75 billion of imports from the U.S. later this month, reciprocating a U.S. action and likely satisfying part of the interim trade deal
• An unexpected drop in German factory orders suggests Europe’s largest economy hasn’t yet seen the worst of its slowdown
• The government of Italy, one of six European Union nations without a national minimum wage, has pledged to introduce one -- but so far the coalition’s two main parties haven’t made much progress
• FX traders at Bank of America Corp. may have put too much faith in global central banks
• The Bank of Russia may be gearing up for its sixth consecutive interest-rate cut Friday as inflation continues a slide well below a 4% target
• India’s central bank left interest rates unchanged for a second straight meeting, while keeping the door open for more easing to support the economy when inflation eases
• Central banks rather than giant tech companies are the preferred issuers of digital currency, a survey published by Omfif showed
• Pope Francis staged a surprise visit to admonish the IMF chief and several finance ministers to help alleviate the debt burden of struggling countries, calling for “a new financial architecture” to ensure social justice

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