- Investors wait to see how aggressive US Federal Reserve will be in raising rates, with fears that a bigger hike could tip the economy into recession
- ECB to devise new tool to help indebted members
- Italian bond yields tumble, euro rises as ECB set to discuss bond turmoil
- European shares rally as ECB holds surprise meeting
- Wholesale gas prices rise on Gazprom problems
- Lunchtime summary
In other news, Bloomsbury has reported a record year for sales, as the Harry Potter publisher said the pandemic rise in reading had become “permanent” after lockdown measures eased.
The company benefited substantially from Covid restrictions when homebound consumers turned to new hobbies, including reading, to pass the time, reports my colleague Kalyeena Makortoff.
Economic fears persist, as various international institutions have recently released downbeat outlooks. Similarly, tightening central bank policy, the impact of a soaring US dollar and rising interest rates on the purchasing power of emerging economies mean the risks to our outlook are concentrated on the downside.
Higher oil prices and a weaker economic outlook continue to temper our oil demand growth expectations. But in 2023, a resurgent China will boost non-OECD demand growth, offsetting a slowdown in the OECD.