Britain’s retail lenders are withdrawing fixed home-loan products, as elevated inflation sparks fear of more Bank of England interest rate hikes and worsens the cost-of-living crisis.

European Union countries will try again next week to pass a deal on new renewable energy targets, which have been stalled by concerns from France and other states that the law sidelines nuclear energy.

The end of the dominance of the US dollar is nigh as the Chinese yuan rises and the rest of the world sees the peril of the West’s failed attempt to bring Russia to its knees over Ukraine, one of Moscow’s most powerful bankers told Reuters.

Euro zone business activity was shored up last month by the bloc’s dominant services industry offsetting a deepening decline in the manufacturing sector, according to a survey which also showed overall price pressures had abated.

There are some signs of de-dollarisation emerging right now, but the dollar should retain its “large footprint” for the foreseeable future, JPMorgan currency strategists said in a note on Monday.

German exports bounced back in April after falling a month earlier, official data showed Monday, but analysts said it was too soon to see a recovery in Europe’s recession-hit largest economy.

Opec and its allies begin two days of meetings on Saturday which may culminate in further production cuts of as much as 1 million barrels per day, Opec+ sources told Reuters, as the organisation faces flagging oil prices and a looming supply glut.

Sterling rose against a weaker dollar on Tuesday, but stickier than expected British inflation remains in focus ahead of a quiet week for the country’s data calendar.

British shop price inflation picked up this month to reach its highest rate since industry records began in 2005, although growth in food prices cooled slightly, a survey showed on Tuesday.

Rivalry with China, fallout from Russia’s war in Ukraine and wrangling once again in Washington over the US debt ceiling have put the dollar’s status as the world’s dominant currency under fresh scrutiny.

Germany fell into a recession around the turn of the year, official figures published Thursday showed, as inflation and higher interest rates curbed demand in Europe’s largest economy.

Qatar’s energy minister warned on Tuesday the  “worst is yet to come” for Europe’s oil and gas shortages, saying a warm winter had prevented greater difficulties in recent months.

Almost half of medium-sized British companies plan to delay investment plans due to last month’s rise in corporation tax, a survey published on Monday found.

Group of Seven leaders on Saturday agreed to a new initiative to counter economic coercion, and pledged action to ensure that any actors attempting to weaponise economic dependence would fail and face consequences.

German carmaker Volkswagen said Friday it had completed the sale of its Russian assets to local dealership group Avilon, as part of its exit from the country following Moscow’s invasion of Ukraine.

The haven dollar climbed and global stock markets wavered Wednesday as investors fretted over the slow progress of talks seeking to raise the US debt ceiling.

German investor confidence fell sharply in May, a key survey showed Tuesday, adding to fears of a downturn in Europe’s biggest economy.

Britain’s unemployment rate rose and there were other signs of less inflationary heat in the labour market in data published on Tuesday, prompting investors to scale back some of their bets on further Bank of England interest rate hikes.

Russia’s oil exports rose in April to the highest level since its invasion of Ukraine, boosting revenues by $1.7 billion despite Western sanctions, the International Energy Agency said Tuesday.

The European Commission boosted its 2023 economic growth outlook for the eurozone on Monday but it also raised the inflation forecast for the single currency area.