Five Things You Need to Know to Start Your Day

The U.S. proposes G-7 coordination to counter China. Commodities jump to their highest level in almost a decade. Crypto frenzy crashes Robinhood's trading app. Here's what you need to know to start your day.

The G-7 is considering a U.S. proposal to counter what the White House sees as China’s economic coercion. The U.S. wants a consultation mechanism to ensure a coordinated response to China’s moves, according to a diplomat who asked not to be identified. While the U.S. is still more hawkish than the EU on China, Germany, Italy and France are hardening. The U.K. is in a trickier place. As host of the G-7 it is seeking to strike a balance, so the challenge for Boris Johnson’s government is to avoid framing the group as anti-China. Also on the agenda for an upcoming two-day meeting is a proposal to set up a group called “Friends of Hong Kong." Meanwhile, China's UN envoy called on the U.S. to ease the pressure on North Korea.