Taken aback by the size of mass protests against its pension reform, the French government on Friday signalled readiness for compromise on the unpopular plan but vowed that its core measures would remain intact.

Trade unionists plan to paralyse public transport, shut down schools, set up picket lines and march through cities on Thursday over President Emmanuel Macron's pension reform.

UK property funds face further exit requests, asset fire sales and reduced demand from pension schemes after payout restrictions prompted investors to reassess the risks of such holdings, industry experts say.

All of the country's left-wing political parties, as well as the far-right National Rally, are against the changes and have vowed to join protests.

U.S. fund manager BlackRock and British asset manager M&G are delaying redemptions from UK property funds managing around 8.1 billion pounds ($9.75 billion) of assets as investors seek to exit Britain's real estate market.

Heavy falls in stock and bond markets over the last year have cut the combined value of the world's sovereign wealth and public pension funds for the first time ever - and to the tune of $2.2 trillion, an annual study of the sector has estimated.

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Investment funds and other non-bank financial institutions face their first 'stress test' next year to apply lessons from the near-meltdown in Britain's pension fund sector, the Bank of England (BoE) said on Tuesday.

Average pay for British public sector workers fell to a 19-year low in October, after adjusting for inflation, according to official data on Tuesday that underscored why so many are going on strike.

The United Kingdom recorded the highest number of working days lost to labour disputes in October for more than 10 years, official data showed on Tuesday, as employees went on strike to demand higher pay in the face of soaring inflation.

The Bank of England warned on Tuesday about "significant pressure" on households and businesses due to higher inflation and borrowing costs, but said they were more resilient than before the global financial crisis.

The Bank of England will test so-called shadow banking institutions such as pension funds, that played a key role in recent UK bond market chaos, it said Tuesday.

The Bank for International Settlements (BIS) has warned that pension funds and other 'non-bank' financial firms now have more than $80 trillion of hidden, off-balance sheet dollar debt in the form of FX swaps.

A group of 17 investors managing 3.2 trillion pounds ($3.82 trillion) have called on Britain's biggest listed employers to offer more support to low-paid workers as inflation drives a sharp rise in the cost of living.

Italy's new far-right government unveiled its 2023 draft budget on Tuesday, with most of the nearly 35 billion euros in spending going on the energy crisis rather than flashy electoral promises.

Italian Prime Minister Giorgia Meloni's first budget, due to be approved by her cabinet on Monday, will focus on curbing sky-high energy bills and cutting taxes for payroll workers and the self-employed, government officials said.

Credit funds at Blackstone, Apollo, DZ Bank and Astra Asset Management picked up bargains from UK pension funds during their scramble for cash, and some say pension schemes are still offloading assets as pressures persist.

The British government and the Bank of England are reforming insurers' capital rules, seen as a post-Brexit test of UK willingness to "unshackle" the City of London after leaving the European Union.

Skipping lunch each day and watching television in blankets to keep warm is not how Ann and Keith Hartley envisaged their retirement in Burnley, the northern English town hit hardest by Britain's cost of living crisis.

Italy aims to follow a cautious fiscal policy in order to lower its public debt but is ready to act quickly to curb surging energy costs and head off recession risks, Economy Minister Giancarlo Giorgetti told parliament on Wednesday.

The recent crisis in Britain's government bond market means smaller UK pension schemes may fork out more money for a bespoke liability-driven investment (LDI) strategy in future to ensure better protection, industry sources say.

Improving transparency of 'non-banks' such as pension funds is a first step in applying lessons from turmoil in Britain's government bond market, Bank of England executive director Sarah Breeden said on Monday.

The Bank of England raised interest rates by the most since 1989 on Thursday but it also warned that Britain faced a long recession and told investors borrowing costs were likely to go up by less than they expect.

Britain, rattled by the recent near meltdown of some pension funds, is pressing ahead to tighten oversight of the so-called shadow banking sector, taking the lead ahead of possible co-ordinated international action.

The Bank of England will pass a major milestone on Tuesday when it holds a first auction to sell some of the 875 billion pounds ($1.01 trillion) of government bonds it bought during successive quantitative easing (QE) programmes from 2009-2021.

New Credit Suisse chief executive Ulrich Koerner, faced with trying to turn around the beleaguered bank following multiple scandals, is set to unveil his strategic road map on Thursday.

Investors welcomed Rishi Sunak as Britain's new prime minister on Monday, but they're likely to give him little leeway to diverge from spending restraint and tax rises after his predecessor shook their faith in the Conservative party's management of the economy.

The crisis-hit PM, elected Conservative leader just six weeks ago on a tax-slashing platform, announced her resignation Thursday.

Embattled British Prime Minister Liz Truss on Thursday acknowledged a "difficult day" after a key minister resigned and MPs rebelled.

Sudden changes in the gilts market are rare, but when they do happen it can cause major problems for certain types of pension scheme.