We are live at Elmau Castle in Bavaria where G-7 leaders are meeting to increase pressure on Moscow through a price cap on Russian oil and a ban on imports of Russian gold. Western sanctions have pushed Russia to default on its foreign debt for the first time in more than a century. The BiS has warned that the world has reached a tipping point on inflation. French energy executives have urged consumers to cut back on gas usage, warning of social fractures should supplies fail be replenished before winter. And in the U.S., the S&P 500 posts its largest one-day rally since 2020 but overall, U.S. stocks are still set to record their worst H1 performance in more than 50 years.

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