recession

The euro zone is almost certainly entering a recession, with surveys on Monday showing a deepening cost of living crisis and a gloomy outlook that is keeping consumers wary of spending.

The German economy is on track to contract for three consecutive quarters starting from this one, according to a Reuters poll of economists, following a dramatic spike in gas prices after Russia slashed deliveries to Europe.

Manufacturing activity across the euro zone declined again last month as consumers feeling the pinch from a deepening cost of living crisis cut spending, a survey showed on Thursday, providing more evidence of the growing risk of recession.

European Central Bank policymakers made the case on Saturday for a large interest rate hike next month as inflation remains uncomfortably high and the public may be losing trust in the bank's inflation-fighting credentials.

The Bank of England has raised its benchmark rate from 0.1% to 1.75%, whereas until the financial crisis of 2008 it ranged from 5% to 15%.

The global economy is increasingly at risk of sliding into recession, surveys showed on Tuesday, as consumers faced with generation-high inflation rein in spending while central banks are tightening policy aggressively just when support is needed.

Britain's slide towards a recession has gathered momentum after data this week showed inflation jumping above 10%, wages lagging far behind price growth and consumer confidence sinking to a record low.

The Bank of England will deliver another bumper 50 basis points (bps) increase to borrowing costs next month but then slow the pace to a more regular 25 basis point rise in November before pausing, a Reuters poll forecast.

Stood on her hind legs to greet any prospective owner who might approach her glass-doored kennel, Harriet is a black English cocker spaniel abandoned as a deepening cost-of-living crisis pushes growing numbers of Britons to part with their pets.

U.S high-yield bond funds are attracting heavy investments, a turnaround from the selloffs of the first half of this year, as investors bet that the Federal Reserve will limit future interest rate hikes to try to avert an economic slowdown.

The State Secretariat for Economic Affairs official said the help for businesses during the Covid-19 pandemic could not become the norm during economic downturns.

The Bank of England raised interest rates by the most in 27 years on Thursday in an attempt to smother surging inflation on track to top 13%, even as it warned a long recession is coming.

Markets track Wall St higher on easing recession fears

A series of surprise actions by some of the world's largest central banks fretting about runaway inflation has left bond investors battered.

Markets were rocked last week by a fierce selloff after the US Federal Reserve's sharp interest rate hike -- the biggest in nearly 30 years -- and a warning of more to come as inflation soars.

Tory MP Lee Anderson has come under fire for insensitive comments made in the House of Commons wherein he said that poor people use food banks because they "cannot cook properly" and "cannot budget."

The BoE has raised interest rates four times since December, and is likely to increase them further this year to tame inflation.

NIESR cut its UK growth forecast for 2022 to 3.5% from 4.8%, and downgraded its 2023 forecast to 0.8% from 1.3%

The positive figures come after three quarters of contraction in the world's third-largest economy.

A recession is defined as two consecutive quarters of contraction. Australia's economy shrank 0.3 percent in the previous three months.

The job cuts, to be carried out over the next three months, include losses from its central support centre, in regional management and in its UK stores.

The UK economy contracted by 2.2 percent in the first quarter.

The rapid spread of the disease around the world and fresh flare-ups have caused renewed lockdowns.

Between February and May, two million Australians had already lost their jobs or saw hours significantly cut.

The marathon talks chaired by EU Council President Charles Michel failed to yield agreement over the size, rules for a 750-billion-euro loans, grants package.

It marked the second consecutive quarter of contraction, meaning the city state has entered a recession for the first time since 2009.

Authorities are still debating what restrictions will remain in place.

Europe faces its biggest recession in the bloc's 63-year history, and states are under pressure to look beyond their own borders.

Though dramatic, the current forecast falls short of the Great Depression.

The Treasury has forecast the unemployment rate will reach 10 percent in the June quarter.