ECB Calm, Turkey Snubs Capital Controls, Trade Talks: Eco Day

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

• The ECB is staying calm amid Turkey and Italy routs, while Turkey’s finance minister has ruled out capital controls and the president is trying to build alliances as the U.S. standoff drags on
• White House chatter. Trump is pushing China for more incentives ahead of talks between the two powers that are set to resume later this month; meanwhile, the president has been taking on a different tone about the dollar
• Trade winds. The U.K. could face tougher negotiations without the EU at its side in post-Brexit trade deals, as more countries are scrapping old pacts
• Off the mark. Malaysia saw an unexpectedly weak growth print for the second quarter, largely reflecting the new leader’s pledge to scale back government spending
• Not so fast. The Reserve Bank of Australia chief says they’ll be on hold with interest rates for “a while yet”
• It’s complicated. The Bank of Korea has a tougher call on interest-rate hikes, with jobs data coming in pretty weak in July
• Pressure points. Here’s a pro-Brexit town that’s staring down a lot of threats to its prosperity
• Passing the torch. Duterte could be ready to hand off the presidency to the son of the former Philippine dictator
• Happy weekend. It’s been another turbulent week in the global economy -- catch up on Turkey, Trump and all the rest in our Eco Week brief

To contact the reporter on this story: Michelle Jamrisko in Singapore at mjamrisko@bloomberg.net

To contact the editors responsible for this story: Nasreen Seria at nseria@bloomberg.net, Brett Miller

©2018 Bloomberg L.P.