Germany’s Labor Issues, China’s Exports, Serbian Rates: Eco Day

(Bloomberg) --

Welcome to Thursday, Europe. Here’s the latest news and analysis from Bloomberg Economics to help get your day started:

• The global trade storm battering manufacturing in Europe’s largest economy is about to reach the labor market
• Swiss trademark. If there’s a lesson of history for when to expect the Swiss National Bank to ease its monetary policy, it’s this: don’t wait for a meeting
• Silence is golden. After more than five years of a high-profile Bank of England chief, the new government may welcome the quieter tone of one of his capable deputies
• Stand pat. Serbian central bankers will probably refrain from repeating last month’s interest rate cut on Thursday despite lingering concerns on the health of the economy
• Silver lining? China’s export growth rebounded in July, and imports shrank less than forecast, signaling some recovery in trade just as companies brace for the arrival of new tariffs from the U.S. Meanwhile, the Trump administration is rushing to finalize a list of $300 billion in Chinese imports it plans to hit with tariffs in a few weeks’ time, as U.S. companies make a last-ditch appeal to be spared from the latest round of duties
• Race to bottom. Australia and New Zealand now find themselves with just 1 percentage point of conventional monetary policy remaining. So what’s happened to the once outperforming economies?
• Downside risks. A moderate reduction in Federal Reserve interest rates may not be enough to offset a slowing global economy that could unleash powerful forces that push the U.S. into a downturn
• Primed for cut. The Philippine economy grew at its slowest pace in more than four years in the second quarter, bolstering expectations that the central bank will cut interest rates by at least a quarter-percentage point later Thursday

To contact the reporter on this story: Anirban Nag in Mumbai at anag8@bloomberg.net

To contact the editors responsible for this story: Nasreen Seria at nseria@bloomberg.net, Karthikeyan Sundaram, Pradeep Kurup

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