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Welcome to Tuesday, Europe. Here’s the latest news and analysis from Bloomberg Economics to get you started on the day:

• European Central Bank officials face a new phase of crisis response in which their ultra-loose monetary stimulus is increasingly scarce as the rest of the world moves forward
• Second-generation ethnic minorities in Britain have done better in education but are less likely to be employed than their majority white counterparts, new study finds
• Retail sales in Japan fell at a slower pace in May, signaling a potential dip in consumer spending amid sporadic ongoing viral restrictions
• Chinese retailers exploit record credit as loans are hard to obtain, Beige Book data shows
• Bloomberg Economics continues to see emerging markets recover at very different speeds, given disparities in virus containment, trade, commodities, capital flight and base effects
• Asia lost some of its Covid-era luster in Bloomberg’s latest Covid resilience rankings as other parts of the world reopen faster
• May readings for indicators that signal changes in the political stance of Chinese central bankers leaned towards a gradual recovery, but slightly less than a month earlier, according to Bloomberg Economics analysis
• Graphic novel shows how thieves stole $ 40 million worth of copper in Turkey by spray painting rocks
• Mexico’s central bank said financial institutions are not allowed to trade or offer services based on cryptocurrencies such as Bitcoin, a day after billionaire Ricardo Salinas Pliego said his bank was on the verge accept the virtual token
• Li Bo, who was appointed deputy governor of China’s central bank just two months ago, has been appointed deputy managing director of the International Monetary Fund.

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