The current high inflation environment is often compared to the 1970s. But perhaps a more apt comparison would be to the 1870s. According to Bank of America, government bonds are on track for their worst year since 1865, the year the U.S. Civil War ended.

A sharp fall in new orders weighed on German manufacturing activity in June, darkening the outlook for Europe's largest economy, a survey showed on Friday.

Asia’s factories showed a further slide in June as inflation weighed on households, complicated central bank decisions, and added uncertainty to the business outlook.

Inflation in countries using the euro set another eye-watering record, pushed higher by a huge increase in energy costs fueled partly by Russia’s war in Ukraine .