Draghi's Number Two, Mnuchin's Earful, Japan's Spending: Eco Day

(Bloomberg) -- Happy Friday, Europe. Here’s news from Bloomberg Economics to help get your day started:

• Former Spanish Finance Minister Luis de Guindos starts his new job at the ECB today as the man who would step into Mario Draghi’s shoes in an emergency
• That’s as a Scandinavia-based hedge fund run by former central bankers cuts its bet on the timing of the ECB’s first interest-rate increase
• A timely warning: Danish central bank governor Lars Rohde reckons some bankers are forgetting the lessons of the financial crisis
• On the trade front, America’s closest allies plan to slap billions of dollars in tit-for-tat tariffs on U.S. goods after the Trump administration announced it’s imposing steel and aluminum duties on them
• Treasury Secretary Steven Mnuchin received an earful from global finance chiefs, while Japan’s Haruhiko Kuroda warned protectionism can backfire
• Meantime, small firms across the U.S. face persistent vacancies or are turning away customers because they lack enough staff in a tight job market
• South Korea’s exports rebounded in May as shipments of semiconductors hit a record high, a positive sign for global growth
• Japan looks set to surrender one of its most effective tools for curbing social spending as aging pushes up health, pension and eldercare costs

To contact the reporter on this story: Enda Curran in Hong Kong at ecurran8@bloomberg.net

To contact the editors responsible for this story: Malcolm Scott at mscott23@bloomberg.net, Chris Bourke

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