Crypto News: Brussels Edition: Fallout from French protests

Welcome to the Brussels Edition, Bloomberg's daily briefing on what matters most in the heart of the European Union.

The protests in France might be thinning out, but the costs are rising. Authorities worked through the weekend to contain the fallout from the police killing of a teenager that has drawn comparisons with America's reaction to the murder of George Floyd in 2020. President Emmanuel Macron blamed social media for fanning the flames and urged parents and tech companies to help bring an end to the violence. He met with key cabinet ministers into the evening hours yesterday in his latest attempt to craft a response to the unrest, which is testing his authority and ability to enact reforms. The protests are impacting both his international agenda — he had to cancel a state visit to Germany and left the EU summit early Friday — and the nation's economy. A first estimate by insurers put damages at more than €100 million, a number that will surely rise.

— Jillian Deutsch

Brexit Meeting | UK Foreign Secretary James Cleverly will be in Brussels today to "set out the UK's priorities for future cooperation with the EU," including on trade and Ukraine. Cleverly, who described UK-EU relations as being in a "more mature phase," will also meet with NATO Secretary General Jens Stoltenberg ahead of next week's Vilnius summit.

Australian Beef | A free trade deal between Australia and the EU is "still a fair way off" but the country remains hopeful a deal will be reached. Australia's agriculture minister said that "the offer the EU is making is just not good enough." While beef was a major sticking point, there were also issues relating to sheep meat, sugar and dairy products.

Russian Assets | EU leaders backed the idea of imposing a windfall tax on profits generated by more than €200 billion of Russian central bank assets to help fund Ukraine's reconstruction. Commission President Ursula von der Leyen's goal of presenting a concrete plan before the summer break is unclear given the number of obstacles that still need to be addressed, we've been told.

Nuclear Divide | EU members failed to reach an agreement on power market reforms, kicking discussions to the second half of the year. It wasn't possible on Friday to break a deadlock over subsidies for nuclear energy, we were told. The spat is mainly between major nuclear power France on the one side and Germany on the other.

Climate Data | Companies operating in Europe must be required to disclose detailed climate information, EU lawmakers said in a letter we've seen that was sent to the commission. Lawmakers argue the executive arm's plan for the Corporate Sustainability Reporting Directive won't provide the data they need to meet ESG investing rules.

Property Pain | Sweden's embattled landlords are facing intensifying pressure to sell properties to raise cash, as $17 billion in debt matures over the next 18 months. While real estate companies have resisted forced sales, time to act is narrowing. With bond and equity markets all but closed, disposals are becoming one of the last remaining options.

Kazimir Trial | The corruption trial of ECB Governing Council member Peter Kazimir begins today, threatening embarrassment to the Frankfurt institution as one of its serving policymakers appears in a Slovak courtroom. Kazimir, who denies wrongdoing, faces up to five years in jail if found guilty of offering a €48,000 bribe to speed up tax procedures during his term as finance minister.

Wagner Alarm | Wagner Group leader Yevgeny Prigozhin's private jet reportedly landed in Minsk on Saturday from St. Petersburg. The potential establishment of Wagner militia camps in Belarus continues to stir alarm. Poland will send 500 police officers, including from its counterterrorism unit, to its border with Belarus.

EU Reversal | The British government is considering scrapping an EU environmental law, as it faces pressure to build more houses. The prime minister's team is looking at using a regeneration bill to override a 2018 ruling that effectively bans housebuilding in areas where it risks polluting rivers and waterways, we've been told.

Dutch Apology | Dutch King Willem-Alexander apologized for the nation's role in the slave trade — a move that could set a new precedent for the royal families of Europe's former colonial powers. His address marked the 150th anniversary of the annual Keti Koti celebration that commemorates the abolition of slavery in Suriname.

Euro-area core inflation re-accelerated in June, a setback for the ECB that may reinforce its determination to raise interest rates next month.
The measure of underlying consumer-price gains, which excludes items like fuel and food, came in at 5.4% — just below the median estimate in a Bloomberg survey of economists — as the cost of services picked up markedly.

All times CET

UK Foreign Secretary James Cleverly co-chairs second Withdrawal Agreement Joint Committee meeting since Windsor Framework alongside EU Vice President Maros Sefcovic
11:15 a.m. Commissioner Didier Reynders attends launch of the International Centre for the Crime of Aggression against Ukraine in the Hague, the Netherlands
2:45 p.m. Von der Leyen, Spanish President Pedro Sanchez hold press conference after visit of college of commissioners in Madrid to mark the beginning of Spanish presidency
Commissioners Thierry Breton and Janusz Wojciechowski in Japan

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