All happy families are alike; each unhappy family is unhappy in its own way. Leo Tolstoy’s famous opening in Anna Karenina applies also to alliances. Right now, Nato is unhappy with Turkey, the European Union with Hungary. For the sake of all involved — including cherished relatives such as Sweden and Finland — let’s hope these families sort things out. ...

The remarkable strength of the UK consumer is finally starting to crack. Higher bills for household energy, more expensive fuel, pricier groceries and rising interest rates are beginning to take their toll on shoppers. Consumer confidence slumped in April, as energy prices soared and national insurance contributions rose. GfK’s measure of consumer confidence slumped to -38, a level last seen ...

  Deciphering China has become nearly impossible. Officials continue to insist on the viability of their Covid-zero strategy, curtailing people’s movements and sealing borders even as the rest of the world has all but moved on from the pandemic. Trying to predict when Beijing will give up on this widely criticised policy is pointless. Of key interest now is what’s ...