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Wall Street is cutting its forecasts for the US economy this year, boosting its projections for inflation and unemployment and nudging up the odds of a recession as the impact of the Iran war starts to come into view.

Bank of England rate-setter Megan Greene warned there will be lasting effects for UK inflation even in a “best case” scenario where the conflict in the Middle East swiftly de-escalates.

Europe is about to start the gas stockpiling season with key storage tanks depleted, meaning it will need to compete even more with Asian buyers to secure supplies, just as the Middle East conflict disrupts energy flows.

The European Central Bank will act decisively and swiftly if the current surge in energy costs risks a broader bout of inflation, though for now it’s still assessing the shock caused by the Iran war, according to President Christine Lagarde.

The US has drafted a 15-point plan intended to help bring the war with Iran to a close, according to people familiar with the matter, highlighting the intensifying urgency within the Trump administration to resolve the conflict as the economic toll mounts.

Iran said foreign ships are allowed to cross the Strait of Hormuz, as long as they aren’t supporting acts of aggression against the country and follow regulations put in place by Tehran.

Chinese Foreign Minister Wang Yi urged his Iranian counterpart to engage in negotiations as soon as possible with the US to end the war, according to a government statement on Tuesday.

When Chinese entrepreneur Zhou forked over 1.1 million-yuan ($160,000) in late 2024 for BYD Co.’s crown jewel — the 3.5-ton Yangwang U8 SUV — he bought what he thought was the pinnacle of Chinese engineering. Among the draws: a sophisticated system that would spot dangers on the road and practically let the car drive itself.

President Donald Trump signaled that Iran had offered a “present” as a show of good faith in negotiations the US leader has claimed are ongoing to end a 25-day conflict that’s upended global markets, even as he deploys more troops to the Middle East.

The world economy’s first signs of a synchronized shock emerged in business surveys revealing how the Iran war’s fallout is crippling growth momentum and stoking prices.

Private-sector activity in the euro area rose at the slowest pace since last May as the Iran war stokes inflation while endangering a nascent economic recovery.

Der Iran-Krieg und die damit steigenden Energierohstoffpreise trüben die Aussichten für das heimische Wirtschaftswachstum. Die Oesterreichische Nationalbank (OeNB) erwartet für 2026 nun ein Wirtschaftswachstum von 0,5 Prozent, wie am Dienstag bekanntgegeben wurde. Die Prognose sei aber mit erheblichen Unsicherheiten behaftet, hieß es.

Iran has started charging transit fees on some commercial vessels passing through the Strait of Hormuz, another sign of Tehran’s control over the world’s most important maritime energy channel.

US-Präsident Donald Trump hat geplante Iran-Angriffe um fünf Tage verschoben. Kurz davor wurde mehr als eine halbe Milliarde Dollar am Öl-Markt gehandelt

The European Central Bank must be “very agile and vigilant” to keep prices in check as the Iran war brings stagflation risks closer, Governing Council member Boris Vujcic said.

Iran’s biggest Gulf Arab neighbors are considering joining the US-Israeli war against Iran, and could be pushed to if Tehran attacks their critical infrastructure, according to several people with knowledge of the situation.

The European Central Bank will begin a fresh round of checks on banks that it supervises as concerns intensify over loan quality in the private credit sector, according to people familiar with the matter.

Turkey’s central bank is preparing an expanded toolkit to defend the lira from Iran war-related volatility that includes potentially tapping its vast gold reserves, according to people familiar with the matter.

The European Union and Australia agreed to a free-trade deal, wrapping up almost a decade of talks as the two sides push to tighten ties and reinvigorate a rules-based order that’s under assault from the Trump administration.

US Ambassador to the European Union Andrew Puzder warned the bloc should expect more tariffs if it doesn’t approve a stalled trade deal with Washington.

President Donald Trump threatened to attack Iran’s power plants if the country didn’t swiftly reopen the Strait of Hormuz to commercial ship traffic after the passage of oil and gas cargoes has been paralyzed.

The US president’s capacity to unnerve central bankers is as untrammeled as ever

The Bank of England said it “stands ready to act” against a surge in inflation triggered by war in the Middle East, prompting traders to ramp up bets on an interest-rate hike as soon as next month.

The European Central Bank is well placed to deal with growing dangers from the war in Iran after holding interest rates unchanged for a sixth meeting, President Christine Lagarde said.

Euro-zone inflation would peak at 6.3% in the first quarter of 2027 under a severe version of how events in Iran may play out, according to the European Central Bank.

European Central Bank policymakers would be ready to raise interest rates as soon as their next meeting should fallout from the war in Iran push inflation too far above target, according to people familiar with the situation.

Federal Reserve Chair Jerome Powell made it clear the US central bank won’t cut interest rates again until inflation resumes cooling. And that’s before it even starts considering the possible impact of the war in the Middle East.