A grim mix of war costs, high inflation, and company layoffs is pushing the global economy in a bad direction, hitting ordinary people in Europe and the US alike.

• Oil fell a bit on talk of releasing diesel and crude reserves, but Brent is still near $100.
• Eurozone inflation hit a three-year high as energy costs soared, and Russia's budget shows Putin planning for years more war.
• Iran keeps hitting commercial ships near the Strait of Hormuz almost daily, with several vessels struck in the past ten days.
• Nike stock dropped 10% on weak sales and plans for another round of layoffs in 2027, after cutting staff twice already this year.
• Young Americans have turned sharply against Trump, especially on the economy, and most feel they have no say at all.

Outlook: With war spending rising, government debt pushing bond yields up, and companies shifting to cost-cutting mode, high prices and weak job growth look set to continue.