| Final push | With just months left in her final term, German Chancellor Angela Merkel is traveling to meet Joe Biden in Washington with a serious message: The days of Europe automatically following the U.S.'s lead in global politics are over. Her challenge is to acknowledge the president's moves in areas from climate policy to human rights as those of a dependable ally without outsourcing decision making in confronting the increasing expansionist Russia and China. Sharp elbows | If investors or Beijing thought that Biden would go soft on China, they were wrong. A spate of recent U.S. actions, including new import controls on Xinjiang and talks about a digital trade pact excluding China, show that Biden plans to extend Donald Trump's approach. It's a stance that will force some tough choices for companies caught in the middle. - China accused the U.S. of waging a "sinister" campaign to halt its rise, as the Biden administration moved to counter Beijing's growing global trade influence and domestic political crackdowns.
Spending breakthrough | Democrats on the U.S. Senate Budget Committee agreed to set a $3.5 trillion spending level for a bill to carry most of Biden's economic agenda into law without Republican support. The president is due to go to Capitol Hill today to discuss the proposal, which is in addition to the $579 billion bipartisan infrastructure plan. It would need the support of all 50 Democrats in the chamber to pass. - The Republicans' fundraising arm in the House took in a record $45.4 million in the second quarter, topping the Democrats' $36.5 million, as they seek to secure a majority in the 2022 midterm elections.
Digital euro | The European Central Bank is about to take the next step in reinventing the region's money, Carolynn Look reports. Policy makers will decide today whether to start an exploratory phase for a digital euro that research and official remarks portray as fast, easy to use, secure and — crucially for ECB President Christine Lagarde, who has lambasted private crypto-assets — not Bitcoin.  Best of Bloomberg OpinionEmpty shelves | South Africans face major food shortages after supermarkets were looted and goods trucks torched during days of violent unrest. Footage of empty grocery-store shelves has been a staple of local news reports since riots started at the weekend sparked by ex-President Jacob Zuma's jailing, while in the eastern city of Durban long queues formed outside a few open stores. - Read our QuickTake on why Zuma's arrest has thrown South Africa into turmoil.
What to Watch - Iranian President Hassan Rouhani conceded that his government won't secure the revival of a 2015 nuclear deal with world powers in its last few weeks, saying it's up to his hard-line successor.
- The EU will begin legal proceedings against Hungary and Poland as soon as tomorrow for laws the bloc says discriminate against LGBTQ people as the EU steps up its fight against democratic backsliding.
- The U.K. is preparing a new law ending prosecutions linked to the Troubles in Northern Ireland, a move that risks straining already frayed relations with Dublin.
- Mexican Foreign Minister Marcelo Ebrard said he plans to make his own presidential bid amid early succession speculation as President Andres Manuel Lopez Obrador starts the final part of his six-year mandate.
And finally ... Chanchal Devi's three children haven't tasted milk for almost a year. She and her husband, who lost their jobs during the virus lockdowns, form part of the millions whose economic toehold was ripped away during India's devastating pandemic. For Prime Minister Narendra Modi, who has faced widespread criticism over the pandemic response and slow vaccination rollout, delivering basic goods for the poor is crucial to his efforts to retain power, Archana Chaudhary reports.  Chanchal Devi. Photographer: Prashanth Vishwanathan/Bloomberg | 
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