Hello from London, where Mike Bloomberg today announced a new initiative for European capital cities that aims to accelerate digital innovation to improve critical services and deliver better results for residents. It’s an extension of Bloomberg Philanthropies’ ongoing efforts to build innovation, data, and collaboration capacity within city halls around the world.

London, Helsinki, and Bratislava have already signed on, and all 28 European capital cities have been invited to join the initiative.

In announcing the initiative, Mike tweeted: “Thanks to leaders like Mayor @SadiqKhan, London is on the cutting edge of digital transformation — just one reason it’s @Bloomberg’s European HQ. We’ve launched a new program to help European cities solve tough challenges using digital services.”

Mike also joined Bloomberg employees and volunteers in London who have painted a giant Pride flag that runs through the center of the Bloomberg Arcade to mark London Pride. The installation is on display through the London Pride parade on July 6 and celebrates the vibrancy of London’s LGBT+ community.

London Pride Walk opens at the Bloomberg Arcade.

Today in Good News: Look Past Trade War and Emerging Markets Seem Surprisingly Good (Bloomberg)
At the Bloomberg Emerging + Frontier Forum at Bloomberg London today, top policy makers, money managers and economists have gathered to discuss opportunities in emerging and frontier markets as the global slowdown hits many advanced markets.

Economists estimate that emerging markets may suffer less than developed ones from the trade war. Their growth rates are already double those of wealthier nations, and that gap is projected to widen in the next two years. That’s because rising consumer spending in China and India is cushioning the impact of trade losses.

The Global Slowdown: Pain From Trump’s Tariffs Spreads, Reshaping Global Trade (Bloomberg)
Big economies such as the European Union, China and the U.S. are slowing for reasons ranging from Brexit to faltering manufacturing in China to the disappearing fiscal stimulus from tax cuts in the U.S.

Production is shifting to other countries rather than going to the U.S. A new Bloomberg analysis found that in the first quarter of 2019, Taiwan saw sales to the U.S. of products hit by Trump’s China tariffs rise about 30% from a year earlier, while South Korea’s jumped 17%. Vietnam saw sales of China-tariffed products to the U.S. increase 27%.

Warning Signals Flash Red: Small Caps and Transportation Stocks On Brink of Hitting Lowest Point Since 2009 (Bloomberg)

2020 Watch: Economic Trouble in Trump Country Ahead of 2020 (Axios – Mike Allen)
Swing counties that backed President Obama, then flipped to President Trump in 2016, are struggling economically. More than 50% of flipped counties lost population from 2016 to 2018, and 94% lost prime working-age population over the past decade.

Trump Fatigue Sets In: Shock Factor Wearing Off as TV Ratings, Digital Traffic, Social Media Impact Falls (Axios)

Warning: U.S. Sees Russia, China, Iran Trying to Influence 2020 Elections (Bloomberg)

Campaign Tech: Rebellious Tech Startups Trying to Help Democrats Win Back the Internet in the Age of Trump (Vanity Fair)

Future of Finance:
-Robots Can Now Decode the Cryptic Language of Central Bankers’ – And Get It Right (Bloomberg)
-Seeking an Edge, Large Asset Managers Turn To Tech Infrastructure (Curatia)

Climate Today:
-‘Hell is Coming’ as Potentially Record-Smashing Heatwave Begins Across Europe (The Guardian)
Temperatures could hit 40C from Spain to Switzerland, with authorities urging children and older people to stay indoors.
-Trump’s Department of Agriculture Buries Studies Showing Dangers of Climate Change, Risks of Crop Damage (Politico)
-New Jersey’s Top Utility Willing to Take $415 Million Hit to Exit Coal (Bloomberg)
Reflecting the declining value of coal power, coal is expected to generate less than 25% of U.S. electricity this year for the first time.

In Case You Missed It: Being Transgender at Goldman Sachs (New York Times)
How Maeve DuVally, an employee in the bank’s buttoned-up communications department, became herself at work.

Travel section. Airbnb’s New Luxe Tier Includes a $1 Million Polynesian Island (Bloomberg)
You can now book your own Tuscan estate, Cote d’Azur villa, and New Zealand wine country escape, vineyard included, on Airbnb Luxe.

Best of late night.

“Later this year, Domino’s is going to start testing self-driving delivery cars. Yes, self-driving delivery cars. So if your pizza doesn’t crash into your house in less than 30 minutes, it’s free!”
— Jimmy Fallon

On the Flying Wallendas brother & sister duo who walked a quarter-mile on a wire strung 25 stories above Times Square in New York on Sunday:

“What an exciting time to be in New York! Did you see last night the brother/sister team ‘The Flying Wallendas’ walked across a tight rope 25 stories above Times Square? They did it! Even more impressive: they were stuck behind a slow walking group of tourists.”
— Jimmy Fallon

“Things got really intense, at one point they almost fell when their buzzer from Bubba Gump Shrimp starting buzzing. ‘Our table’s ready!! Get off this wire!!’”
— Jimmy Fallon