Trump’s Softer Tone, ECB’s Dr. No, Bank of Israel: Eco Day

(Bloomberg) --

Good morning Americas. Here’s the latest news and analysis from Bloomberg Economics to help get your Tuesday started:

• President Donald Trump left the G-7 summit on Monday taking a softer tone toward China, just days after spooking financial markets with another escalation in their trade war. Yet amid all the soothing words, Trump made it clear that he wasn’t abandoning his rough and tumble tactics
  • China is declining to confirm phone calls with the U.S. that Trump claimed happened over the weekend
• Germany’s top central banker is back in the role he’s best known for -- arguing against European Central Bank stimulus
• A collapse in exports pushed the German economy to the brink of recession in the second quarter
• The slump in Germany, combined with weaker global demand and a surging franc have come together to put a black cloud over the Swiss economy
• The Bank of Israel may have to show its cards on the currency this week or risk the market calling its bluff
• Chinese companies returned to profit in July, driven by a comparison with weak results a year ago, a jump in electrical machinery equipment sales and an improvement in the returns of manufacturers of cars, chemicals and processed oil

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