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

  • Three words -- whatever it takes -- defined Mario Draghi’s time as European Central Bank president, but he’s prouder of another number: 11 million jobs
    • The ECB is running low on sovereign bonds to buy, which undermines the credibility of its pledge to keep going until inflation picks up, writes David Powell
  • Swedish central bank policy makers are intent on leaving negative interest rates behind after almost half a decade
  • Hungary’s central bank will probably stay put after a modest easing step last month, as a slowing world economy tempers the impact of a tight labor market
  • President Donald Trump said China has indicated that negotiations over an initial trade deal are advancing, raising expectations the leaders could sign an agreement at a meeting next month in Chile
  • Vice President Mike Pence is due to deliver a speech Thursday on China that’s already drawing attention from policy analysts. Pence could play “bad cop,” with a focus on human rights, clearing the way for Trump to play “good cop” with a deal, Compass Point says
  • South Korea’s president said the economy is facing a grave situation, with exports poised to fall for an 11th straight month. Meanwhile, Hong Kong will announce more stimulus
  • How do you spur demand? By raising taxes and distributing cash to the poor, says this year’s Nobel prize winner for economics
  • Hostility and discrimination await women daring to encroach upon the male-dominated world of economics, ECB conference papers showed. The Bank of England’s Andy Haldane says gender and ethnicity pay-gap reporting should be extended to more firms and countries
  • U.S. tariffs that took effect last week on iconic European products including single-malt Scotch whisky have prompted grumbling from American consumers. But the more important constituency watching what might yet turn into a 21st century Whiskey Rebellion is actually in Beijing
  • Latin America, the traditional poster child for political risk in financial markets, is back as a source of concern for investors
  • Bank of Israel Governor Amir Yaron is looking to markets for clues about how to navigate economic cross-currents
  • More Saudis are joining the hospitality sector as authorities roll out an ambitious drive to draw millions of tourists, even as joblessness among nationals has held above 12% since 2016

To contact the reporter on this story: James Mayger in Beijing at jmayger@bloomberg.net

To contact the editors responsible for this story: Jeffrey Black at jblack25@bloomberg.net, Michael S. Arnold

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