World

In Germany, the DAX index – the benchmark for the economy – is already down 4 per cent today. In France, the benchmark CAC-40 is down by 3.3 per cent – heading toward the low points seen in the spring. Across Europe a stock-market crash is starting to unfold. Is it a panic? An overreaction of edgy traders? Not really. The reality is that the markets have noticed something that not many people have yet picked up on: that the Eurozone is at the epicentre of the second wave of Covid-19 – and the economic damage this creates is going to be a lot worse than it was in the spring. Europe is

Japan’s new prime minister Yoshihide Suga is talking tough on climate change. Suga has promised that Japan will become carbon neutral by 2050, a step up from the previous commitment of an 80 per cent cut in emissions. But is this all a load of bluster? While a certain opacity is expected in formal Japanese (a famous anecdote has a journalist having his copy returned with the instruction ‘Could you make it a little more vague?’) Suga was exceptionally unspecific in his so-called climate commitment. He made little reference to how the target would be achieved, or how progress would be monitored. Nor did he mention the Paris Climate Agreement, which mandates

With less than a week to go before Americans cast their ballots at polling places across the country, Donald Trump and Joe Biden are leaving it all on the field. Biden spent Tuesday in Georgia, a traditionally Republican state the former vice president nevertheless has a chance of swiping on election day. Vice President Mike Pence, Trump’s running mate, was making a stop in the swing-state of North Carolina. Trump held another big rally in Wisconsin where he did his usual rant about how fake the news is, how mentally ‘shot’ Biden has become, and how strong the military now is thanks to his leadership. Barack Obama was meanwhile on

Emmanuel Macron’s staunch defence of the right to publish caricatures of the Prophet Muhammad proved popular in France. But now the president has a big fight on his hand abroad: French products have been removed from shops in Kuwait, Qatar and Jordan – and calls for a boycott are spreading.  Turkish president Recep Tayyip Erdogan is the latest to join in: today he urged Turks to stop buying French goods. In a televised speech, he also told world leaders to intervene ‘if there is oppression against Muslims in France’. Meanwhile, Pakistan’s leader Imran Khan has accused Macron of ‘deliberately provoking Muslims’ as Islamabad hauled in the France ambassador for a dressing down. Khan wrote on Twitter: ‘(The)

A few years ago, when I was in the queue to catch a plane, a Spanish lady caught me watching her as she surreptitiously removed a sticker from her hand luggage, which meant it would have been stored in the hold. ‘Los españoles somos muy pícaros’ (we Spaniards are real rogues) she told me with a smile of complicity and a rueful shake of the head. Spaniards sometimes point out with a touch of pride that it was their country which pioneered the picaresque novel – a literary genre which tells the story of an ingenious rascal who lives by his wits, sometimes on the wrong side of the law.

When they were first introduced in the spring, lockdowns were meant to be a way of controlling the spread of Covid-19. But, in much the same way that viruses themselves sometimes do, they have mutated into something far more sinister and potentially far more dangerous – a way of waging war on every form of normal economic life. Last week, the Welsh banned the sale of non-essential goods in the few shops that are allowed to remain open. Now the Irish have joined in. From last week, the country has introduced one of the strictest lockdowns in the world. Bars and restaurants are closed for all but takeaway service. People