ECB Won't Flinch on Italy, Trump at G-7, BOE Criticism: Eco Day

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

• The European Central Bank appears determined not to let Italy get in its way as its lays out the road to ending its bond purchases, with chief economist Peter Praet signaling that the June 14 meeting on QE’s future will be pivotal
• President Donald Trump will cut a lonely figure at a meeting of the world’s club for wealthy nations this week, as from steel tariffs to Iran sanctions and climate change, the president will find himself isolated from other Group of Seven leaders at the summit in Quebec
• Meanwhile, emerging markets struggling with higher U.S. interest rates are likely to get little sympathy from the Federal Reserve, with few signs such concerns will steer officials away from their course for at least two and possibly three more rate hikes this year, including a move at its policy meeting next week
• In the U.K., the Bank of England and its peers have come under fresh criticism from the government over the fallout from monetary policy loosening
  • Meanwhile, the BOE’s Ian McCafferty says the appointment of economist Jonathan Haskel to replace him, despite a shortlist dominated by women, shows that the job was awarded on merit
• An Asia crisis veteran says this time is different, in a good way, for emerging markets, while an EM expert tells us why we shouldn’t be hyper about the high-tech threat out of China
• Australia’s job growth is beating even the brisk U.S. pace, but here’s why that’s falling flat
• China’s second-half slowdown will be moderate, says Bloomberg Economics; meanwhile, read a QuickTake on why China’s two-child policy failed

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

To contact the editor responsible for this story: Paul Gordon at pgordon6@bloomberg.net

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