EU Leadership Bickering, Swiss Franc, Japan Inflation: Eco Day

(Bloomberg) --

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

• European Union leaders failed to agree on a series of high-level appointments, leaving investors in the dark over who will head the EU Commission and the European Central Bank going into next year
• At the Swiss National Bank, a familiar foe has come back. Tension between the U.S. and Iran, trade protectionism, possible rate cuts by the European Central Bank and the Federal Reserve, are all putting the franc on an appreciation course

• Japan’s key inflation gauge edged lower in May, adding pressure on BOJ to act. Bloomberg Economics’ Yuki Masujima says relatively weak consumption is a concern for inflation outlook

• South Korean exports, a bellwether for global trade due to its early release, are showing no sign of recovery. Bloomberg Economics’ Justin Jimenez sees the country’s economic growth slowing to 2.4% this year from 2.7% in 2018
• Leaders of Southeast Asia’s economies are gathering in Thailand this weekend as the shadow of President Donald Trump’s trade war keeps the region on edge
• Apple Inc. urged the Trump administration not to proceed with tariffs of as much as 25% on a new slate of products imported from China, saying it would reduce the company’s contribution to the U.S. economy

To contact the reporter on this story: Jiyeun Lee in Hong Kong at jlee1029@bloomberg.net

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

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