In volatile currency markets, one trade stands out as an easy bet: selling the British pound.

British retail sales unexpectedly rebounded in April, data showed Friday, but remain on a long-term downward trend amid a cost-of-living crisis that saw inflation rocket to a 40-year high.

Germany and Italy told companies they could open rouble accounts to keep buying Russian gas without breaching sanctions against Moscow following discussions with the European Union, sources said.

The United States is unlikely to fall into a recession as interest rates rise to fight soaring inflation, the US treasury secretary said Wednesday, while warning of the risks for Europe following the invasion of Ukraine.

Austria on Wednesday presented an emergency plan to reduce its reliance on Russian gas over potential supply cuts from Moscow as tensions soar over the war in Ukraine.

Russian Deputy Prime Minister Alexander Novak said Thursday that about half of the 54 companies that have natural gas contracts with energy giant Gazprom opened accounts in rubles.

Oil prices fell on Thursday, following earlier gains, on concerns that high fuel prices could hurt economic growth, but planned easing of restrictions in Shanghai and a tight supply outlook capped loss.

British inflation surged last month to its highest annual rate since 1982, pressuring finance minister Rishi Sunak to offer more help for households and the Bank of England to keep raising interest rates despite a risk of recession.

Ukraine and Russia, known as “the breadbasket of Europe”, are the major exporters of the world’s basic foods. Both countries export approximately one-quarter of wheat, more than three-quarters of sunflower oil and one-sixth of corn.

Britain’s unemployment rate fell to its lowest since 1974 in the first three months of this year, but soaring inflation led to the biggest annual fall in real earnings for most workers since 2013, official figures showed on Tuesday.

Like for millions of people in developing and emerging market countries around the world, shopping for staple foods has turned from a necessity into a luxury for Selcuk Gemici.

Group of Seven foreign ministers vowed on Saturday to reinforce Russia’s economic and political isolation, continue supplying weapons to Ukraine and tackle what Germany’s foreign minister described as a  “wheat war” being waged by Moscow.

The Russian rouble firmed past 64 per dollar on Monday and climbed towards a near five-year high against the euro, supported by continuing restrictions on currency trading.

More than 50 economists warned on Monday that Britain’s post-Brexit plans to boost the competitiveness of its huge finance industry risked creating the kind of problems that led to the global financial crisis.

European dealmakers are struggling to finance corporate takeovers as concern that the region’s economies may dip into recession is prompting debt investors to demand bigger rewards for the risks, they’re taking to get deals over the line.

Wheat prices surged to a new record high on Monday after India decided to ban exports of the commodity as a heatwave hit production.

Global tourism is roaring back to life despite Covid travel headaches and the effects of the war in Ukraine, but it has yet to return to its pre-pandemic health.

The drop in Russian gas flows to the European Union has had no major effect on supplies, but it raises pressure on the region to wean itself from Moscow’s energy.

German Economy Minister Robert Habeck accused Russia on Thursday of using energy as  “a weapon”, after Moscow slapped sanctions on Western energy firms and slowed gas flows to Europe.

Russia’s annual inflation jumped to a two-decade high of 17.8 per cent in April, fuelled by Western sanctions over Moscow’s military campaign in Ukraine, the statistics agency said on Friday.