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This is the world in brief from The Economist.

Our top stories.

Donald Trump said he had a very friendly call with European leaders, including Ukraine's

president, Volodymy Zelensky, ahead of his summit with Vladimir Putin on Friday.

Germany's Chancellor Friedrich Meertz, said the Europeans agreed with the American president

on a strategy for negotiations, adding that Ukraine must be invited to future discussions.

The American president said Russia would face very severe,

though unspecified consequences, if it did not agree to end the war after their meeting.

America's Treasury Secretary, Scott Besant, said the Federal Reserve should start reducing

interest rates

with an initial cut of half a percentage point in September.

He told Bloomberg that benchmark rates should be at least one and a half percentage points lower

than their current range of 4.25% to 4.5%.

Global stocks rallied after data showed that America's annual inflation rate

held steady at 2.7% in July. The Israel Defence Forces said its chief of staff has approved

the main concept of Benjamin Netanyahu's plan to attack and seize Gaza City

after objecting to the proposed expansion of the war.

...