This week, OPEC+ countries agreed upon a production cut, which is set to increase oil and energy prices prior to the winter. In turn, the high energy prices are highly likely going to boost inflation.
In September, business activity in the United Kingdom reached a low level not seen since early 2021.
The President of the European Commission Ursula von der Leyen has announced to the EU Parliament that the union should put price caps on natural gas prices and develop a new price index.
During September, UK investors had withdrawn 2.4 billion Pounds from various equity funds. The outflows during the month were the largest in 2022.
The UK retailer chain Tesco has announced that due to shoppers decreasing their costs the company has reduced its annual profit forecasts.
In August, due to strong demand in China and the United States the exports of Germany increased more than expected, as a monthly growth of 1.6% occurred.
The Bank of America has announced that it would invest $100 million in banks that focus on serving minority communities.
The employee unions of the oldest bank in the world Monte dei Paschi di Siena have announced that 4,125 workers of the bank would leave the bank. The bank intends to issue new shares valued at up to 2.5 billion to fund nearly 4,000 early retirement payments.
The Governor of Banque de France Francois Villeroy de Galhau, who is a policymaker at the European Central Bank, has just stated that the ECB would raise rates until core inflation declines. The governor stated that the 4.8% core inflation in the Euro Zone was too high and too broad.
This week, the Chief Executive Officers of Shell and Aramco stated that the current tight oil supply situation is not going to be easily reversed, despite high oil prices.
The Hungarian government has announced that it intends to get rid of reliance on Russian gas by the year of 2050.
This week, the OPEC+ countries revealed that they would consider a decrease of oil production of one million barrels per day. This would be the biggest output reduction since 2020.
The Swiss National Bank has decreased its overnight deposits by 77.5 billion Swiss Francs during the previous week. This was the biggest drop since 2011.
In September factory activity in the Euro Zone had continued to decrease and reached a 27-month low level.
Credit Suisse and Citigroup have decreased their 2022 targets for the S&P 500 indices, as US stock markets have continued to decline during ongoing central bank monetary tightening.
Mercedes-Benz company has revealed that a new trade deal between the European Union and India might result in India turning into a production hub.
An Italian court has scrapped antitrust fines for Apple and Amazon. The companies had been fined for alleged collusion.
The electric vehicle maker Tesla has revealed that in the third quarter of 2022 due to logistics issues for the company has delivered less vehicles than the market expectations. Markets expected 359,162 new cars to reach their drivers, compared to the actual number of 343,830.
The Toyota Motor Company has announced that it would reduce its October output target by 6.3% due to a shortage of semiconductors.
The Reserve Bank of India has hiked its base interest rate by 50 points. Analysts have commented on the event by expressing that additional hikes are to be expected, as the central bank battles inflation.
In the second quarter of 2022, the UK economy had grown by 0.2%, compared to an expected decline of 0.1%. However, the British economy remains below pre-pandemic size.
The German government has agreed upon a 200 billion Euro subsidy package, which would shield consumers from rising energy prices.
This week, the world's second largest fashion retailer started a $177 million cost saving campaign. The company has experienced lower income due to increasing costs and decreasing consumer spending.
At 12:30 GMT, the United States Bureau of Economic Analysis has published its monthly Personal Consumption Expenditures Index. This index is the US Federal Reserve's primary used inflation measure, as revealed in the Fed's press conferences. The Core PCE index was expected to reveal an inflation growth of 0.5%. Instead, the actual reading was 0.6%.