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Welcome to Friday, Europe. Here's the latest news and analysis from Bloomberg Economics to help get your day started:
- President Donald Trump vowed to impose a 5% tariff on Mexican goods until that country stops immigrants from entering the U.S. illegally
- Economists swiftly warned that Trump's vow poses a new danger to the world economy. They also say prospects for a U.S.-China trade deal just became even more remote
- Elsewhere, China's manufacturing sector slowed more than expected and further signs of stress in the labor market appeared
- When Peter Praet makes way for Philip Lane at the European Central Bank on Friday, the handover will mark an important shift in Europe's economic landscape
- Investor focus on who will succeed Mario Draghi at the ECB may be missing the broader challenges the institution is set to face
- U.K. house-price growth remained subdued in May as Brexit continued to cloud the outlook for the wider economy
- Still, U.K. consumers grew less pessimistic this month
- Finally, here's our weekly wrap of what happened in the world economy and the lessons learned.
To contact the reporter on this story: Enda Curran in Hong Kong at ecurran8@bloomberg.net
To contact the editors responsible for this story: Malcolm Scott at mscott23@bloomberg.net, Karthikeyan Sundaram, Zoe Schneeweiss
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