The pound fell on Friday after under-fire British Prime Minister Liz Truss sacked her finance minister and made a dramatic policy U-turn, while an equity rally ran out of steam.

Uncertainty about Russian energy imports is pushing the eurozone closer towards a contraction in 2023, two senior European Central Bank officials said Friday.

Russia’s war in Ukraine is the “single most important element” slowing economic growth and generating global instability, the chair of a key IMF committee said on Friday.

Britain’s economy looks set to go into recession as data showed it unexpectedly shrank in August, underscoring the challenge for Prime Minister Liz Truss to make good on her promises to speed up growth.

LNG has plugged a gap in Europe’s energy mix since it became imperative to move away from Russian energy. However, overall export capacity for LNG has not changed meaning some countries are now getting less than before.

The Canadian economy added jobs in September but did little to recoup the losses of the last three months while the jobless rate beat forecasts, edging down as fewer people looked for work, official data showed on Friday.

Taiwanese semiconductor companies attach “great importance” to complying with the law, the island’s government said on Saturday, signalling they would comply with new US export controls that aim to hobble China’s chip industry.

India’s monthly fuel demand in September was at the lowest since November 2021, government data released on Friday showed.

US employers hired more workers than expected in September, while the unemployment rate dropped to 3.5 per cent, pointing to a tight labour market which keeps the Federal Reserve on its aggressive monetary policy tightening campaign for a while.

The Indian government is looking to sell a 60.72 per cent stake in $5.6 billion IDBI Bank and has invited expressions of interest, it said on Friday, setting the ball rolling on a series of planned divestments to reduce the budget deficit.

The Opec+ organisation’s decision this week to cut oil production despite stiff US opposition has further strained already tense relations between President Joe Biden’s White House and Saudi Arabia’s royal family, once one of Washington’s staunchest Middle East allies, according to interviews with about a dozen government officials and experts in Washington and the Gulf.

Global professional services firm PwC achieved gross global revenues of $50.3 billion, up 13.4 per cent in local currency and 11.4 per cent in US dollars year-on-year in the 12 months ending on June 30 this year.

President Biden on Thursday will tout IBM Corp’s plans to invest $20 billion in New York over the next decade in development and manufacturing of semiconductors, mainframe technology, artificial intelligence and quantum computing.

Oil prices held near three-week highs on Thursday after Opec+ agreed to tighten global crude supply with a deal to cut production targets by 2 million barrel per day (bpd), the largest reduction since 2020.

More policies push to meet appetites for evening consumption in China.

The German government expects Europe's largest economy to slide into recession next year, contracting 0.4% as an energy crisis, rising prices and supply bottlenecks take their toll, two sources told Reuters on Thursday, citing provisional figures.

British businesses last month suffered the sharpest contraction in activity since early last year, although the downturn was a little less severe than first estimated, a survey showed on Wednesday.

Opec+ agreed its deepest cuts to oil production since the 2020 Covid pandemic at a Vienna meeting on Wednesday, curbing supply in an already tight market despite pressure from the United States and others to pump more.

German exports rebounded in August thanks to strong demand from the United States, official data showed Wednesday, but analysts warned that the outlook for Europe’s top economy remained gloomy.

The drop in euro zone business activity deepened last month, a survey showed, probably extinguishing any hope the currency union would avoid recession just as elevated inflation puts pressure on the European Central Bank to act.