Official Nomination, TikTok Block, China Hiring Spree: Eco Day

(Bloomberg) -- Welcome to Tuesday, Asia. Here’s the latest news and analysis from Bloomberg Economics to help you start the day:

• Donald Trump marked his official nomination for a second term with a speech complaining about voting by mail, alleging that his opponents were attempting to steal the November election and accusing Democratic nominee Joe Biden of being a puppet of Beijing
• TikTok asked a federal judge to block the Trump administration from enacting a ban on the fast-growing social media network, bringing a geopolitical fight over technology and trade into a U.S. courtroom
• China’s mega banks are ramping up their recruitment of fresh graduates as a record number enter the labor market, joining other state-owned firms in boosting employment even as lenders deal with plunging earnings and ballooning bad debt
• U.S. inflation has slowed sharply since the onset of the pandemic and a new Fed study squarely pins the blame on a collapse in demand as consumers sheltered at home to avoid infection
• Young people may face a long slog in the U.S. labor market as customer-facing jobs at restaurants and in services may not recover, Richmond Fed President Thomas Barkin said
• India, already seeing some success luring supply-chain investments away from China, may team up with Japan and Australia to counter Chinese dominance as geopolitical tensions escalate
• The Bank of Israel pointed to the economic drag caused by a government split over the budget and turmoil that came with the coronavirus pandemic as threats to a recovery
• Nigeria’s economy contracted the most in at least a decade in the second quarter as the crash in oil prices and the global fallout from Covid-19 hit output
• The recovery in China’s consumption is moving in two different directions, with the wealthier shopping for luxury goods and taking holidays to the beach, while poorer households continue to cut back

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