The Latest Breaking News from ING

Asian stocks are higher after Wall Street gave back some of last week’s huge gains, the American and Chinese presidents met and China’s consumer spending shrank in a sign its economy is weakening

Attention in the boardrooms and cab ranks of the capital turns to looming GDP readout

Asian stock markets have sunk after the Federal Reserve added to fears of a possible recession by saying it wasn’t finished raising U.S. interest rates to cool inflation

The Bank of England is expected to unveil the biggest interest rates in decades

This could be the eighth time in a row that Bank of England hikes interest rates — less than a year ago it was 0.1pc.

If – as expected – the Bank raises interest rates by 0.75 percentage points, it would be the biggest single increase since 1989.

Warnings that cuts and tax hikes could lead to deeper and longer recession

ECB chief Christine Lagarde notes concerns but warns of further hikes to tackle soaring eurozone inflation

Shares are mostly lower in Asia as markets remain shaken over the outcome of a Communist Party congress in China, where key reformers were excluded from the highest ranks of ruling party leadership

The European Central Bank is expected to set aside recession worries and deliver another jumbo interest rate hike this week to cool inflation, as Russia's war on Ukraine sends energy prices soaring. Inflation in the 19-nation eurozone climbed to an all-time high of nearly 10 percent in September, five times…

Expect also a harder downturn if market credibility is to be restored, with a 2% contraction in GDP