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EU leaders settle on a new team to run the club -The Economist

Leaders choose France's Lagarde for ECB after marathon summit European Union leaders agreed on Tuesday to name France’s Christine Lagarde as the new head of the European Central Bank and sealed a deal on filling the EU’s other top four jobs after marathon talks that have exposed deep divisions in the bloc. -Reuters

Iran to boost uranium enrichment level, breaching nuclear pact: Rouhani -Reuters

Turkey, China seek to expand economic ties despite political differences Turkey and China have expanded ties, but their relationship is marked by continued distrust and competition. The two sides are expanding economic cooperation but fundamental political differences remain. -DW

How to Sink the Pirates Plaguing West Africa After a crackdown near Somalia, the crime wave just shifted to the Gulf of Guinea. Local nations and their allies can end it. -Bloomberg


Euro zone June business growth slow as factories still faltering Euro zone business activity picked up slightly last month but remained weak as a modest but broad-based upturn in the services industry offset a continued deep downturn in factory output, a survey showed.

EU reaches trade deal with South American bloc The European Union and South American trade bloc Mercosur sealed a blockbuster trade deal Friday, ending 20 years of talks over one of the world's largest regional commercial accords, negotiators said. The agreement came after two decades of often tough negotiations between the EU and the countries of Mercosur -- Argentina, Brazil, Paraguay and Uruguay -- which had repeatedly stalled because of European farmer sensitivities over the beef market. -France24

U.S. Proposes New Tariffs on $4 Billion of E.U. Goods as Trade Dispute Grows The United States moved to impose levies on more products than previously planned in an escalation of its fight with Europe over government aid for Boeing and Airbus. -NYT

Scotch whisky targeted by new US tariffs -BBC

Germany fines Facebook for underreporting hate speech complaints The US social media giant has been found guilty of failing to fully report the number of complaints it received, in clear violation of German transparency laws. Facebook may appeal the ruling, saying the law is unclear. -DW

Ford to cut 12,000 jobs across Europe by end of 2020 UK, Germany and Russia to be hardest hit as car manufacturer swings axe -The Independent


The ECB Needs New Inflation Rules The European Central Bank has consistently undershot its inflation objective of “close to, but below 2%” for over a decade, potentially threatening its credibility. To maintain credibility, the ECB should adopt a two-pronged strategy focusing on a medium-term inflation target and systematically smoothing financial cycles. -Project Syndicate

Switzerland-EU partnership row passes deadline Brussels refused to extend recognition of Swiss market regulation, effectively banning EU-based banks and brokers from trading on Swiss exchanges. -DW

PM Conte says Italy will receive competition portfolio in next EU Commission Prime Minister Giuseppe Conte said on Tuesday Italy would receive the influential competition portfolio in the next European Commission, adding he was confident his nation would also obtain a post on the next ECB board. -Reuters

Italy Proves How Markets Have Abandoned Logic The “greater-fool” theory leads market commentary. Plus, a dour U.K. forecast, dented tin, a debt-ceiling dance and more. -Bloomberg

Brexit is being blamed for dismal manufacturing numbers. Is a rhetoric recession on the way? -The Independent

Russia and OPEC Draw Closer on Oil, Joining Other Producers to Manage Market -NYT