The Group of Seven finance ministers met in Rome over the weekend to wrap up plans for the G-7 summit in Genoa scheduled for July 20 to 22. Sparring over who was responsible for the world economic slowdown and who should provide the stimulus to push growth out of its doldrums provided an undercurrent to the discussions. In the end, participants are preparing a report that will say that although the global economy has stalled more than originally expected, the data from some regions are showing signs of recovery.

It will be a quiet week for economic indicators although some key price indexes will be released in Europe, which will show where inflation is headed. And it is unlikely that they will ease pressures on the central banks. The reports will illustrate the different problems facing the Bank of England and the European Central Bank. While inflation is picking up in Britain, so is economic growth. However, in Europe, inflation is picking up while growth is slowing. Only the Bank of Japan meets this week amidst a deteriorating economy, but no further monetary policy easing is anticipated.

Introduction   •   Global Stock Market Indexes   •   Recap of Global Markets   •   Currencies   •  Indicator Scoreboard

The Bottom Line   •   Looking Ahead