Bundesbank President Joachim Nagel said any move to take interest rates into restrictive territory would be “very much dependent” on how energy prices develop.

European Central Bankinterest ratesenergy prices

The European Central Bank is lifting borrowing costs in an effort to prevent high energy prices from turning into persistent inflation. Economists disagree over how high rates need to go and how much damage they could do to growth.

ECBrate hikesenergy costsinflation

The Bank of Russia left its key rate unchanged at 14% per annum. It said the economy was growing moderately in the third quarter of 2026, while current price pressures had risen significantly in recent months. Future decisions will reflect inflation, inflation expectations and domestic and external risks.

Bank of Russiakey rateinflationRussian economy

The Bank of Russia’s Board of Directors will decide the key rate on Friday. Eighteen of 19 experts polled by TASS expect the benchmark to stay at 14%, as persistent inflation, fuel-supply pressures, a weaker ruble and uncertain budget parameters constrain further easing.

Bank of Russiainterest ratesinflation

Long-term European government bond yields remain near multi-decade highs as concerns over inflation and interest rates continue to drive the global sell-off.

European bondsbond yieldsglobal sell-off

A CGTN survey of 12,250 people in 41 countries, conducted as the 18th BRICS Summit begins, found that more than six in 10 respondents believe the bloc has become more influential in international affairs. Sixty-three percent approved of its contribution to global governance, while 61.6% said expanded BRICS cooperation could make the international order fairer. Support for local-currency settlement and a more diversified monetary system reached 65.6%.

BRICSglobal governanceGlobal Southinternational finance

The International Energy Agency says the Strait of Hormuz will not reopen this year and warns that global oil demand will fall sharply.

International Energy Agencyoil demandStrait of Hormuz

Diesel, the workhorse fuel powering the global economy, has surpassed $6 a gallon for the first time ever.

diesel pricesenergyUS economy

The price of diesel, a fuel vital to agriculture and industry, has surged to a record $6 a gallon amid an Iran-related supply shock, adding to price pressures as Americans face an affordability crunch.

US dieseloil pricesIran supply shock

U.S. diesel prices have reached a record high of more than $6 per gallon. Fuel supply disruptions linked to the wars in Ukraine and Iran are increasing transportation costs.

U.S. diesel pricesfuel supplytransportation costsUkraine warIran war

Diesel has reached a record $6 per gallon, threatening to raise costs across the economy. Fourth-generation Iowa farmer Mark Mueller said the trend is endangering one of the country’s strongest economic pillars.

US economydiesel pricesinflation