Trade War Upper Hand, Russian Boost, Fed’s Next Cut: Eco Day

(Bloomberg) --

Welcome to Friday, Americas. Here’s the latest news and analysis from Bloomberg Economics to help get you through to the weekend:

• A delay in some U.S. tariffs and a flurry of conciliatory tweets from President Donald Trump have prompted China’s state media to display confidence that Beijing is gaining the upper hand in the protracted trade war
  • If Trump wants to heave more trade threats at the European Union, a fresh batch of numbers just gave him a reason
• Meanwhile, U.S. sanctions against Iran and Venezuela have inadvertently boosted revenues for Russia’s exporters
• Economists remain confident the Fed will cut interest rates again next month as insurance against a global slowdown. Meantime, one of the most dovish members said market turmoil and a slowing global economy don’t warrant action before the September meeting
• Malaysia bucked the trend across the region to post stronger-than-expected growth in the second quarter, but in Singapore, exports posted another double-digit decline in July
• Goldman Sachs slashed growth forecasts for the “Asian Tigers” as their exposure to the world economy -- once one of their greatest strengths -- is now backfiring
• It sounds like a stunt worthy of James Bond, but the Bank of Spain really does have a chamber in its gold vault that floods with water if bullion raiders break in
• Here’s our weekly wrap of what’s going on in the world economy

To contact the reporter on this story: Lucy Meakin in London at lmeakin1@bloomberg.net

To contact the editors responsible for this story: Paul Gordon at pgordon6@bloomberg.net, Zoe Schneeweiss

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