(Bloomberg) -- Welcome to Tuesday, Europe. Here's the latest news and analysis from Bloomberg Economics to help get your day started:
- Theresa May and Emmanuel Macron are striking a dovish tone ahead of fragile Brexit talks; May's promise to end austerity could cost the U.K. $25 billion, a think tank estimates
- Price check. Chinese inflation was boosted by food while prices are subdued elsewhere; here's an analysis from Bloomberg Economics
- Grocery discounts. Meanwhile, low food prices in India are a hurdle for Prime Minister Modi as he looks to compensate farmers while keeping the budget under control
- Big spenders. The U.S. annual budget deficit rose to a six-year high for Trump's first annual reading
- Fed chair emeritus. Former Federal Reserve chief Janet Yellen sounded off on President Trump's criticisms of the central bank
- Central bank moves. Kazakhstan followed through with an interest-rate increase to follow Russia, showing the strain on the nation's currency was putting pressure on inflation; Hungary probably will hold policy in a decision Tuesday
To contact the reporter on this story: Michelle Jamrisko in Singapore at mjamrisko@bloomberg.net
To contact the editors responsible for this story: Nasreen Seria at nseria@bloomberg.net, Karthikeyan Sundaram, Tuhin Kar
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