European Union finance ministers will on Tuesday look to get Hungary's backing for 18 billion euros ($18.89 billion) of support for Ukraine for next year in exchange for access to EU money from its recovery fund as well as budget.

Japan is set to earmark 40 trillion to 43 trillion yen ($295 billion-$318 billion) for defence spending over five years starting in the next fiscal year, which begins in April, three sources with knowledge of the matter told Reuters on Friday.

Swedish fashion giant H&M on Wednesday became the first big European retailer to start layoffs by announcing 1,500 job cuts owing to softening demand as consumers cope with soaring inflation.

Brazilian President-elect Luiz Inacio Lula da Silva is asking Britain, France, the United States and others to donate to an international fund to protect the Amazon rainforest, a bulwark against climate change.

The Bank of England will press on with interest rate rises to battle inflation even though Britain is heading into a long albeit shallow recession, with consumers facing an extended cost of living crisis, a Reuters poll of economists found.

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Finance minister Jeremy Hunt will bury Britain's failed "Trussonomics" experiment on Thursday by cutting spending and raising taxes, moves that he and Prime Minister Rishi Sunak say are needed to restore investor confidence.

Britain's unemployment rate unexpectedly rose and vacancies fell for a fifth report in a row as employers worried about the outlook for the economy, official data showed on Tuesday, ahead of a tough government budget plan later this week.

The moment of truth is almost here for Britain's new prime minister Rishi Sunak and finance minister Jeremy Hunt.

Asking prices for British residential properties are dropping and there are signs that the fallout from the "mini-budget" bond market rout is weighing on first-time buyers, property website Rightmove said on Monday.

A rescue ship carrying 230 migrants docked at the French port of Toulon on Friday amid a blazing row between France and Italy over which country is responsible for them.

Italy will approve a package of measures worth more than 9 billion euros ($8.96 billion) on Thursday to lower energy prices, increase gas output and preserve stocks ahead of the winter, two government officials told Reuters.

The European Commission proposed on Wednesday to change the EU's fiscal rules so that governments would negotiate individual debt reduction paths of a length linked to reforms and investments, despite scepticism from some members including Germany.

The United States sought to reassure the UN climate summit in Egypt on Tuesday that it will stick to its energy transition even if Republicans triumph in midterm elections.

British businesses fear a gloomy Christmas ahead, as almost half of households plan to cut festive spending due to the soaring cost of living and sales are already falling sharply in inflation-adjusted terms.

Euro zone finance ministers will discuss on Monday how to better coordinate support for economies against soaring energy prices to reduce the uncertainty such schemes create for their 2023 budgets and to better prepare for a looming recession.

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Britain still faces a 40 billion pound ($46 billion) budget hole that will need to be filled by tax rises as well as spending cuts, despite recent U-turns on measures proposed during Liz Truss's short-lived premiership, a think tank said on Tuesday.

The Bank of England looks set to raise borrowing costs by the most since 1989 next week even as it prepares for a recession that could be deepened by spending cuts under new Prime Minister Rishi Sunak.

British Prime Minister Rishi Sunak on Wednesday postponed an eagerly awaited budget plan due next week, as the youthful new leader got down to business after weeks of political turmoil.

With his ascent to prime minister, Rishi Sunak and his wife Akshata Murthy will become the richest ever occupants of Number 10 Downing Street just as the country struggles with an economic crisis and the government mulls painful spending cuts.

Newly confirmed finance minister Jeremy Hunt must keep investors calm about Britain's debt mountain, avoid causing a deep recession and work out a way to stop the Conservative Party from splintering again - and all of it by next Monday.

Rishi Sunak unveiled his top team of ministers on Wednesday, hours after taking office as Britain's first prime minister of colour vowing stability.

Rishi Sunak said on Tuesday he was not daunted by the scale of the challenge as he became Britain's third prime minister in two months, pledging to restore trust, rebuild confidence and lead the country through an economic crisis.

Signs are growing that the crucial partnership between Germany and France is stumbling, experts say, just as Russia's invasion of Ukraine and soaring energy costs place extreme stress on the EU.

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.

Germany, the EU's top economy and Europe's export powerhouse, looks headed for imminent recession, according to a closely watched survey Monday that pointed to a deepening eurozone contraction.

British shoppers cut their spending sharply last month and their confidence is close to record lows, underscoring the challenge facing the next prime minister who must also take painful measures to slow fast-rising public borrowing.

Boris Johnson and his former finance minister Rishi Sunak were leading potential contenders to replace British Prime Minister Liz Truss on Friday, with candidates canvassing support to become Conservative Party leader in a fast-tracked contest.

British Prime Minister Liz Truss's insistence that she would not quit after sparking a financial crisis was met with howls of laughter, incredulity and shouts of "resign, resign" as she spoke in the House of Commons on Wednesday.