The price of iron ore fell to $79.50 a metric ton on 31 October, down 17 percent last month from September and reaching its lowest point since November 2019 as the world’s economy—and China’s in particular—continue to slow, S&P Global Commodity Insights reported.
Norges Bank, the central bank of Norway, added a quarter-point to its benchmark interest rate last week, after raising the rate by a half-point in September.
The European Central Bank’s (ECB’s) recent interest rate increases are pushing Spain’s homeowners toward default, the Financial Times reported.
The Bank of England (BoE) has warned that Great Britain will fall into a “very challenging” two-year recession, during which real incomes will decline and unemployment will double to about 6.5 percent before 2025.
A recession in Europe brought on by painfully high energy prices and soaring food costs will not have a significant impact on the 19-country Eurozone’s inflation rate, Christine Lagarde, president of the European Central Bank (ECB), said last week in comments quoted by Bloomberg.
DRAGFLATION, slower economic growth and rising inflation, plus rising interest rate hikes are causing companies in many sectors to lay off employees.
The world is moving toward a hyperinflation catastrophe that could spark the worst financial crisis since World War II, the Elliott Management Fund warned in a letter to clients last week obtained by the Financial Times.
China continues its strict zero-tolerance policy of anti-COVID lockdowns as new closures closeted 200 million people in 28 cities as of 24 October, according to The Wall Street Journal.
The value of Egypt’s currency, the pound, fell 15 percent last week to a record low of 23.09 to the U.S. dollar after the central bank raised a key interest rate by two percentage points.