Fed Jobs Focus, Trade Fight Club, Europe Slowdown Worry: Eco Day

(Bloomberg) -- Welcome to Friday, Asia. Here's the latest news and analysis from Bloomberg Economics to help get your day started:

• Economists expect U.S. payrolls data -- a critical input for Federal Reserve officials meeting at the end of July -- to show job growth recovered in June
• A one-time winner in the trade war turned loser this week, and two Asian nations joined the tariff bandwagon. That's only part of it amid proliferating battles that are pressuring the global economy further
• The slowdown in the euro-area economy should no longer be considered a “temporary dip” and the European Central Bank should prepare in case it gets worse, says Olli Rehn. European governments expect to maintain the seven-decade tradition of selecting the leader of the International Monetary Fund
• Election winners get to business: Australian Prime Minister Scott Morrison secured sweeping tax cuts in a major legislative victory for his newly elected government and a boost for the economy; India expects economic growth to rebound from a five-year low without sacrificing budget goals, as it pins hopes on renewed political stability; and Indonesian President Joko Widodo will announce a major overhaul of his cabinet aimed at firing up his economy
• Workers' share of global income has shrunk “substantially” this century, and the top earners are taking a bigger part of the pie, according to the International Labour Organization
• Signed by Canada, Mexico and the U.S. more than seven months ago, the new Nafta agreement isn't so new anymore. But it may be close to grabbing the spotlight again
• Qatar is experiencing economic whiplash as it winds down $200 billion of infrastructure works to prepare for the 2022 World Cup

To contact the reporter on this story: Michael Heath in Sydney at mheath1@bloomberg.net

To contact the editors responsible for this story: Nasreen Seria at nseria@bloomberg.net, Michelle Jamrisko

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