The heart of the German economy is making and exporting the big-ticket, complex goods that make global business run: everything from cars and locomotives to factory machinery, aircraft and construction equipment.

That model for growth is under serious pressure from a new competitor whose exports can often match or approach Germany's in quality and sell for far less: China.

EU economy chief Valdis Dombrovskis said Tuesday that it is not the time to "normalize" Moscow's presence at G20 meetings, as European leaders pushed back against the Russian finance minister's attendance at finance leaders' talks.

"I think the European position is known," Dombrovskis told reporters on the sidelines of the US-hosted gathering in Asheville, North Carolina. "We do not think now is the time to normalize Russia" or its presence at such talks.

Eurozone inflation jumped to 3.3 percent in August, the highest level in three years, as the war in the Middle East kept pushing up energy costs, official data showed Tuesday.

Well above the European Central Bank's two-percent target, the figure provided by the statistical office of the European Union was up sharply from 2.9 percent in July and in line with forecasts by analysts for Bloomberg.

Oil prices climbed further and Asian shares were mixed Tuesday as recurring violence in the Iran war after more than a month with no significant fighting heightened uncertainty over the future of the conflict.

Shares in online fast-fashion retailer Shein fell as much as 10% after they began trading in Hong Kong on Tuesday. By midday they were 5% lower.

Japanese automakers Nissan and Honda entered a deal to jointly develop computer parts and software for vehicles set to enter the market in fiscal 2029, both sides said Monday.

Under the deal, Nissan, based in the port city of Yokohama, and Tokyo-based Honda will share standardized parts in "core ECUs," or electronic control units, as well as software.

Shares were mixed in Europe and Asia and U.S. futures declined Monday on expectations that the U.S. Federal Reserve may raise interest rates soon.

In early European trading, Germany's DAX lost 0.9% to 26,339.04, while the CAC 40 in Paris edged 0.1% lower, to 8,390.43. Markets in Britain were closed for a bank holiday.

The U.S. Treasury Department is due to cut off a major Egyptian bank's operations in the United Arab Emirates from the U.S. financial system, an official said Friday, as Washington pushes to choke Iran off economically.

The move impacts UAE branches of Egypt's second-largest bank, Banque Misr, blocking their banking access to U.S. financial institutions.

President Donald Trump said Friday his administration has reached a huge oil deal with Venezuela that gives the United States majority control of 65 billion barrels of proven petroleum reserves.

Iran's economy, already strained by high inflation, years of Western sanctions and a war that has sharply reduced oil revenue, is poised for more instability as the Trump administration tries to coerce other countries into ending all financial dealings with the Islamic Republic.

A decision by the United Arab Emirates to suspend trade relations with Iran last week kick-started the White House's latest attempt to isolate Tehran into submission. Iran entered the war with its foreign commerce concentrated among a relatively small group of countries, leaving it with fewer places to turn now.

U.S. President Donald Trump says his country does not need Canada. But every day, roughly 4 million barrels of Canadian crude oil flow south, helping fuel American cars, trucks and airplanes and supply U.S. industry.

And oil is only the beginning.