Central Banks Need Help, EU Awaits Tariffs, China Slows: Eco Day
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Welcome to Tuesday, Europe. Here’s the latest news and analysis from Bloomberg Economics to help get your day started:
- Global central bankers are again in the driving seat when it comes to propping up the world economy, but many are demanding governments join them in the rescue effort
- Europe expects the World Trade Organization to give the U.S. the green light to hit the EU with tariffs aimed at products valued at between $5 billion and $7 billion in a 14-year dispute over illegal aircraft subsidies, according to two European government officials
- Turkey’s new central bank governor ended days of silence since his surprise appointment by President Recep Tayyip Erdogan with a message that hinted at restraint as he pivots toward interest-rate cuts
- Greece’s new government is wasting no time. Only nine days after winning national elections, the administration of Prime Minister Kyriakos Mitsotakis is pouncing on low yields for Greek debt to sell a new seven-year bond, expected on Tuesday
- Central banks in sub-Saharan Africa’s key economies will take direction from U.S. Federal Reserve Chairman Jerome Powell when they make calls on interest rates in the next 10 days
- The Chinese economy already has the weakest growth in almost three decades, and it’s set to slow further despite upside surprises in a range of activity indicators released Monday
- Government officials, in their efforts to calculate U.S. gross domestic product, are falling further behind in measuring rapidly evolving technology, especially smartphones that provide essentially-free digital products according to a Goldman Sachs Group Inc. analysis
- New Zealand consumer prices rose at a faster pace, led by a surge in fuel prices, while there were few signs of broadening inflation pressures elsewhere in the economy that would take the gauge toward the central bank’s target midpoint
- Australia’s central bank is focused on the jobs market and said it will adjust policy if needed to support economic growth and keep inflation on track to return to target
- The Bank of Japan would offer support for a government spending package likely to be unveiled in October when a national sales tax is increased, according to a former central bank official
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