Inflation hits new record 10.7% in Europe, slowing economy: Report

Inflation hit a new record in the 19 countries that use the euro currency, fuelled by out-of-control prices for natural gas and electricity due to Russia’s war in Ukraine.

Economic growth also slowed ahead of what economists fear is a looming recession, largely as a result of those higher prices sapping Europeans’ ability to spend.

Annual inflation reached 10.7 per cent in October, the European Union’s statistics agency, Eurostat, reported on Monday. That is up from 9.9 per cent in September and the highest since statistics began to be compiled for the eurozone in 1997.

While liquid gas succeeded in filling Europe's storage for the winter, the higher prices have made some industrial products such as steel or fertilizer expensive or simply unprofitable to make. AP/PTI

China PMI shrinks to 49.2 in October

China’s factory activity unexpectedly fell in October, weighed by softening global demand and strict domestic Covid-19 curbs, which hit production, travel and shipping in the worlds second-largest economy.

Persistent Covid-19 curbs, a property slump and global recession risks are clouding a more robust revival in factory and consumer activity.

The official manufacturing purchasing managers' index (PMI) fell to 49.2 from 50.1 in September, the National Bureau of Statistics (NBS) said on Monday. REUTERS

HK economy contracts

Hong Kong’s economy recorded its worst quarter 

since 2020. 

Gross domestic product plunged 4.5% in the July-to-September according to advance estimates. BLOOMBERG

Saudi Arabia GDP grows 8.6% in Q3

Saudi Arabia’s economy grew an estimated 8.6 per cent in the third quarter compared to the same period a year earlier, boosted by the oil sector.  

The non-oil economy grew 5.6 per cent. BLOOMBERG