Rio Times Global Economy Briefing

The Big Three

Oil keeps falling. Crude headed for a weekly drop of about 8%, near $77, having now erased almost all the gains made since the Iran conflict began in February.

Another ceasefire. A truce between Israel and Hezbollah took effect, removing a further obstacle to a lasting peace and reinforcing the calmer mood.

British shoppers surprise. UK retail sales jumped 1.2% in May, far more than expected, a rare bright spot in a soft European economy.