Italy's Populist Dreams, New Brexit Plans, Fealty to Xi: Eco Day

(Bloomberg) -- Happy Friday, Europe. Here’s the latest news from Bloomberg Economics:

  • Finance Minister Giovanni Tria will soon receive the last piece of economic data needed to decide whether Italy can afford to start tax cuts and provide a basic income promised by the populist government
  • The European Central Bank’s communication on how it will adapt policy beyond its first rate hike will become increasingly important moving into next year, Executive Board member Peter Praet said
  • Theresa May promised fresh plans to break the stalemate in Brexit negotiations after European leaders rejected her blueprint
  • As Chinese officials prepared a response to Trump’s latest tariffs, they spent hundreds of hours on another urgent task: showing fealty to Xi Jinping. Meanwhile, China is grappling with an inconvenient truth
  • This time around, the Trump administration hasn’t put a process in place for firms to get exemptions for tariffs; here’s an in-depth look at the tough negotiator turning Trump’s trade bluster into reality
  • The U.S. says the new tariffs could generate an additional $4 billion in revenue so far. Meantime, China is planning to cut rates on imports from most of its trading partners
  • A top Russian central banker dismissed a suggestion from the Finance Ministry that foreign-currency purchases could be restarted before year end in a rare display of public discord among key policy makers
  • Norway’s central bank is keeping its eyes on the krone after raising rates for the first time in seven years

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