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This week’s G7 Summit in Germany takes on added significance as world leaders struggle for answers regarding how to end the Russian invasion of Ukraine and help ease mounting inflation pressures across the globe. A possible agreement for member states to set a cap on the price of Russian oil appears to be gaining momentum but implementation is likely to prove difficult. A French proposal to end sanctions on oil exports from Iran and Venezuela shows how challenging surging energy prices are for European consumers.
This week’s economic calendar is a busy one, with fresh data on the state of U.S. manufacturing, consumer confidence and inflation. Tuesday’s Conference Board Consumer Confidence Index release will be closely watched following another record-low reading last week for the University of Michigan Consumer Sentiment Index.
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