U.K. Retailers, Bostic’s Taper Call, Bloomberg Nowcast: Eco Day

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

• Inaction could be a powerful option for Bank of England officials looking to scale back stimulus for the economy and shrink their swollen balance sheet
• U.K. retailers reported their slowest sales growth in five months during July as consumers shifted toward spending on entertainment and social gatherings and away from in-store shopping
• The Swiss National Bank may say it, and valuation metrics may show it, but traders are unconvinced the franc has gotten too strong
• Atlanta Fed President Raphael Bostic said the central bank should move to taper its asset purchases if employment keeps gaining strongly, scaling them back faster than in past episodes
• The U.S. Senate moved closer to passing a $550 billion infrastructure package after drawn-out debate, with a vote expected Tuesday
• The latest nowcast readings from Bloomberg Economics show the world economy poised for a marked acceleration, with the delta outbreak the main risk to the outlook
• China's central bank fanned expectations of further monetary policy easing, saying inflation pressures are “controllable” while highlighting risks to the economic growth outlook
• Somalia has set up a national payments system as part of plans to develop the financial industry in one of the world's most fragile states
• Australian business sentiment tumbled in July as Sydney's delta outbreak forced tighter stay-at-home orders and snap lockdowns were imposed in other major cities
• South Korea's economy will likely persevere through its worst coronavirus outbreak yet and expand at a slightly faster pace than the central bank forecasts, paving the way for a rate hike before year-end

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