Norway Hikes, U.K. Sales Climb, Powell’s Fightback: Eco Day

(Bloomberg) -- Good morning Americas. Here’s the latest news from Bloomberg Economics to help get your Thursday started.

• Norway’s central bank raised interest rates for the first time in seven years as policy makers in Scandinavia’s richest economy start unwinding the record stimulus put in place to fend off the worst oil crisis in a generation
• U.K. retail sales unexpectedly increased last month as the warmest summer on record encouraged shoppers to splash out
• Donald Trump may find it harder to claim victory over China the longer his trade war runs, even as he points to America’s ebullient economy and stock market as evidence he’s winning for now
  • Meanwhile, China is said to be planning to cut the average tariff rates on imports from the majority of its trading partners as soon as next month, in a move that will lower costs for consumers
  • Speaking of trade, here’s a profile of the negotiator trying to turn the Trump’s vision into reality
• The Swiss National Bank kept interest rates at rock bottom and maintained its intervention threat, but stopped short of toughening its language on the franc despite its recent rally
• New Zealand’s economy grew at the fastest pace in two years in the second quarter, prompting markets to pare bets on an interest-rate cut. The currency rose to a three-week high after the data, which was mistakenly released early
• Finally, here’s a in-depth look at how Fed chair Jerome Powell is fighting back against Trump’s rate-hike barbs

To contact the reporter on this story: David Goodman in London at dgoodman28@bloomberg.net

To contact the editors responsible for this story: Paul Gordon at pgordon6@bloomberg.net, Marco Bertacche

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