U.S. GDP Miss, Inflation Jitters, China Olive Branch: Eco Day

(Bloomberg) -- Happy Friday, Asia. Here’s the latest news and analysis from Bloomberg Economics to take you through to the weekend:

• U.S. growth missed forecasts last quarter as the effects of supply-chain constraints reverberated through the economy
• German prices jumped to the highest since 2008 as Bank of Canada Governor Tiff Macklem warned against overreacting to hot inflation
• China’s WTO envoy said there’s scope for Beijing to work with the U.S., the EU and others on an agreement aimed at curbing the practices at the heart of the still-simmering U.S.-China trade conflict
• Singapore’s success as a financial hub has long been tied to its openness to global talent. But as the city-state battles to recover from its worst recession, a backlash in some quarters against overseas workers has again forced its way up the political agenda
• China’s factory conditions likely stabilized in July, implying a steady recovery in the economy in the second half as growth risks mount. PMIs will likely show activity easing somewhat in July on a maturing recovery and slower summer construction work, writes Chang Shu
• India’s economy rebounded in June, recovering some of the setback caused by the second wave of infections, says Abhishek Gupta
• Hong Kong’s economic recovery is set for a fresh boost with the distribution of consumption vouchers
• How Joe Biden can keep Jerome Powell and make progressives happy is the topic of this week’s Podcast
• Cathryn Spain spends most of her workdays motoring up and down the River Thames, a senior harbor master making sure goods flow through the Port of London without incident, writes Brendan Murray

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