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

• U.S. economic growth will likely slow significantly in 2022 as the services sector’s recovery fades, according to Goldman Sachs
• China’s rapid economic recovery in the first half of the year was fueled by manufacturing-heavy provinces on the eastern coastal line of the country, widening the gap with inland regions
• In contrast to worries early this year about a repeat of the 2013 taper tantrum, recent weeks have shown a different market reaction to prospects for the Fed scaling back its monetary stimulus
• China’s overhaul of Hong Kong’s political institutions has crushed the pro-democracy movement and fueled warnings of an end to the city’s status as an international financial hub. Yet over a year after the crackdown began, signs of an investor exodus are hard to find
• Philippine President Rodrigo Duterte pushed for opening the economy to more foreign investments in his final address to Congress
• The BOE is signaling it’s too early to tighten monetary policy, at least until there are clearer data on the labor market. Meantime, U.K. banks are prepared for negative rates in case the recovery crumbles
• The U.S. and China left open the possibility of a summit between their presidents despite a contentious day of talks between officials

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