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Welcome to Tuesday, Europe. Here’s the latest news and analysis from Bloomberg Economics to help you start the day.

  • From the U.S. to China and Germany, latest data are flagging an economic slowdown as the new variant of the coronavirus hits spending just as supply chain snarl ups threaten to keep inflation elevated
  • Covid inflation is everywhere, but some have more of it than others. Among advanced economies, the U.S. is starting to look like the outlier. U.S. prices are hot, and to divine the future course of Fed policy, and expectations are key, according to Bloomberg Economics’ inflation gauges
  • Bloomberg Economics expect the Fed to begin tapering in December at a pace of $15 billion a meeting. An earlier move and faster pace would signal the Fed is placing greater emphasis on the risks from high inflation or elevated housing prices
  • China’s economy likely slowed further in August, with consumption, industrial output and investment data due Wednesday to reveal the extent, but the recent regulatory tightening will cause limited damage to the country’s long-term economic growth and investment prospects, according to Goldman Sachs Group Inc.
  • In the home of climate activist Greta Thunberg, a key government minister is calling for economic policy to be overhauled to acknowledge the dangerous pace at which the planet is overheating
  • China urged the U.S. to repair damaged ties as President Joe Biden looks to host the leaders of Australia, India and Japan for talks on issues including countering China’s expanding influence in the Asia-Pacific region
  • France’s earlier-than-expected economic recovery from the pandemic slump is reviving deep problems in the labor market
  • Hungary plans to sell dollar and euro bonds amid a potential delay in accessing EU funds because of a dispute over democratic values
  • The IMF tapped Ilan Goldfajn, chairman of Credit Suisse Group AG in Brazil and an ex-central bank chief, to lead its Western Hemisphere Department
    • The Argentine government’s election loss weakens the economy minister’s negotiating power with the IMF
  • Norway’s opposition Labor Party is on course to oust the Conservative-led government after two consecutive terms in an election dominated by disputes over the Nordic economy’s dependence on fossil fuel

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