Turkish inflation jumped to a new 24-year high exceeding 83 per cent in September, official data showed Monday, as President Recep Tayyip Erdogan presses for more interest rate cuts despite surging prices.

The Indian central bank likely sold dollars via state-run banks on Monday as rising oil prices and weak risk appetite pushed the rupee to within striking distance of record lows.

A heavy oil refinery turnaround season in Europe this autumn, plus French strike action, is set to push diesel prices higher and tighten supplies ahead of a European Union ban on Russian refined products which is due to come into force early next year.

Global factory output mostly weakened in September as slowing demand added to the pain from persistent cost pressures and tighter monetary policy, surveys showed on Monday, diminishing economic recovery prospects.

Oil prices jumped by about $4 on Monday as Opec+ considers reducing output by more than 1 million barrels per day (bpd) to buttress prices with what would be its biggest cut since the start of the Covid-19 pandemic.

British Prime Minister Liz Truss tried to reassure her party and the public on Sunday by saying she should have done more to “lay the ground” for an economic plan that saw the pound fall to record lows and government borrowing costs soar.

Trade between Bangladesh and India through Benapole land port will remain closed for four days on the occasion of Durga Puja.

Chinese local governments may relax the floor on mortgage rates for first-time home buyers in some cities in phases, the central bank said on Thursday, in a bid to prop up property prices and revive a flagging engine of the world’s second-largest economy.

The Indian government has cut a windfall tax on domestically produced crude oil to 8,000 rupees per tonne from 10,500 rupees per tonne from Sunday, after a decline in global oil prices.

Gasoline and gas oil sales by Indian state refiners rose sharply in September from a year earlier, signalling a pick-up in industrial activity ahead of the festive season from this month, preliminary sales data showed.

Japanese crude oil imports from the Middle East in August rose 12.1 per cent from a year earlier to 2.82 million barrels per day (bpd), equivalent to 13.88 million kilolitres, with Japan’s dependence on the region reaching 94.5 per cent, the industry ministry said on Friday.

India has slashed the base import prices of crude and refined palm oil, crude soya oil and gold, the government said in a statement late on Friday, as prices corrected in the world market.

China’s factory activity eked out growth in September, but a slowdown in services sector growth and a downbeat private manufacturing survey pointed to further cooling as the economy grapples with Covid-19 curbs and softening global demand.

The Reserve Bank of India’s benchmark repo rate was raised by 50 basis points on Friday, the fourth straight increase in the current cycle, as policymakers extended their battle to tame stubbornly above-target retail inflation rate.

Greece and Bulgaria started commercial operation of a long-delayed gas pipeline on Saturday which will help decrease southeast Europe’s dependence on Russian gas and boost energy security.

The dazzling rise of the US dollar, which has hit one record after another, is raising fears of a currency crash of a severity not seen since the 1997 Asian financial crisis reverberated around the world.

The United States and South Korea agreed on Saturday to implement liquidity facilities to stabilise financial markets if needed, Korea’s finance ministry said after a teleconference between finance chiefs of the two countries.

Meta, formerly known as the Facebook company, for the first time has expanded its annual marketing summit to Bangladesh, and the digital event was aired yesterday.

Oil prices firmed on Thursday, erasing earlier losses, on indications that Opec+ might cut output, though a stronger dollar and weak economic outlook kept a lid on gains.

India’s depleted foreign exchange reserves are likely to drop further, falling to their lowest level in over two years by end-2022, as the Reserve Bank of India continues to defend the rupee from the mighty dollar’s rise, a Reuters poll found.