Europe’s leaders are engaged in a high-stakes standoff with Italy, trying to coerce the populist government to drop its budget-busting spending plan. But how far can they go? Can they risk pushing Italy out of the currency union? Judging from the exposures of French and German banks, they have a strong incentive to seek a compromise. Looking at what banks ...

Pity Philip Hammond, the UK’s chancellor proposed a budget amid political chaos, faltering public services, simmering anger, and, in the background, the specter of Brexit. Also: He’s supposed to simultaneously cut taxes, end austerity and reduce debt. It’s an impossible task. And this budget — the last before Brexit — will be a premonition of bigger debates to come. Start ...

Despite efforts by the Trump administration to turn it, a supertanker is bearing down on drivers, oil majors, and even Amazon.com Inc. We are 14 months away from a shake-up in the global oil market lacking the drama of, say, Iranian sanctions. It involves a UN-mandated crackdown on air pollution from ships. Still awake? Good, because this could mean some ...