German industrial output plunged in June, official data showed Monday, with the economy ministry warning of a gloomy outlook as high energy prices and interest rates took their toll.

The dollar rose on Monday after a mixed US jobs report on Friday sent the US currency to a one-week low, with market focus turning to inflation data from the world’s two largest economies due this week.

Two measures of corporate and economic health were flashing red on Friday as shipping group Maersk reported a fall in global demand for sea containers and advertising giant WPP said clients in the US tech sector were slashing their marketing spend.

Countries around the world are battling heatwaves and floods fuelled by El Nino, a naturally occurring climate phenomenon that has a 90 per cert probability of persisting in the second half of 2023, according to the World Meteorological Organization.

Oil slid further on Thursday after dropping sharply from more than three-month highs in the previous session as a US government credit downgrade weighed on sentiment, while concerns around supply tightness provided support.

The dollar scaled a four-week peak against major peers on Thursday after upbeat labour market data a day earlier, while sterling edged lower ahead of an expected rate hike from the Bank of England.

Economic growth in the eurozone rebounded in the second quarter, data showed Monday, but concerns remain over inflation that is slowing yet still stubbornly high, and over stagnation in the German economy.

Oil inventories are beginning to fall in some regions as demand outpaces supply constrained by deep production cuts from Opec leader Saudi Arabia, providing support for prices which are expected to rise in coming months.

Shell joined other energy majors Thursday in posting sliding profits after oil and gas prices weakened from peaks reached in the wake of Russia’s invasion of Ukraine.

The dollar edged lower on Wednesday but hovered close to a two-week high ahead of an expected US Federal Reserve interest rate rise later in the day, with investors focused on Fed Chair Jerome Powell’s upcoming comments.

Europe’s major banks, including Deutsche Bank and Lloyds Banking Group, on Wednesday pointed to the rising risk of bad loans as the global economy struggles with slow growth and high inflation.

Euro zone business activity shrank much more than expected in July as demand in the bloc’s dominant services industry declined while factory output fell at the fastest pace since Covid-19 first took hold, a survey showed.

Oil prices rose on Monday as tightening supply and hopes for Chinese stimulus measures underpinned Brent at well above $80 a barrel, even as traders expected more rate hikes from US and European central banks.

Russia’s central bank hiked its key interest rate by a greater-than-expected 100 basis points to 8.5 per cent on Friday, raising the cost of borrowing as the weak rouble added to inflation pressure from a tight labour market and strong consumer demand.

British retail sales grew faster than expected in June despite continued high inflation, thanks to unusually hot weather and a rebound in food sales after King Charles’ coronation disrupted spending in May, official figures showed on Friday.

The dollar held mostly steady against the euro and the yen on Thursday, but dropped against the Australian dollar after domestic job data beat expectations, and against the yuan, which received a lift from Chinese monetary authorities.

Indian conglomerate Tata Group announced plans Wednesday to build a £4 billion ($5.2 billion) electric car battery factory in Britain to supply its Jaguar Land Rover brands, bolstering the country’s efforts to phase out fossil fuel vehicles.

Britain said on Tuesday it intends to start talks with Turkey over refreshing their bilateral free trade deal, with a view to including services and the digital sector in any future agreement.

Oil prices edged higher on Tuesday as investors weighed a possible tightening of US crude supplies against weaker-than-expected Chinese economic growth.

The dollar drifted near a 15-month low against its major peers on Tuesday, as investors awaited fresh catalysts to gauge for downside in the wake of last week’s cooler-than-expected US inflation.