A Rule for Powell, Europe’s Trade Worry, U.K.’s Puzzle: Eco Day

(Bloomberg) -- Good morning Americas. Here's news and analysis from Bloomberg Economics to help get your week started:

• Federal Reserve Chairman Jerome Powell has made no secret of his uneasiness with “unobserved variables” and his preference for hard data. Still, one of his most senior colleagues may have a rule to help solve the Fed's uncertainty problem
• The trade war winner will be the one who loses least, and global automakers operating in China are feeling whiplash amid the trade spats; meanwhile, South Korean exports dipped and another sentiment indicator turned down in China on the tensions
• Meanwhile, euro-area manufacturing growth is continuing to lose speed and companies are getting more worried about the damage a trade war could do to business.
• U.K. manufacturing growth held steady in June, providing some modestly good news at the end of the worst quarter for the sector since the end of 2016
• Staying in the U.K., the most puzzling economic problem facing Britain is back in the limelight. Abysmal productivity growth has plagued the U.K. for a decade, and now the debate is raging again after a proposal that fixing it be made one of the Bank of England's core tasks
• Bank Indonesia's latest surprise move shows how much it's prioritizing currency stability over economic growth
• Risks are mounting in Australia, where the central bank has been holding close to a long pause in interest rates; meanwhile, Sweden has a different basket of problems with tightening plans

To contact the reporter on this story: David Goodman in London at dgoodman28@bloomberg.net

To contact the editor responsible for this story: Paul Gordon at pgordon6@bloomberg.net

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