Markets await key U.S. inflation data which is expected to reach a 40-year high. However, Richmond Fed President Thomas Barkin countered negative sentiment, saying that some commentators are ‘talking ourselves into a recession’. The IMF again cuts its U.S. GDP forecast for the year by more than 0.5 per cent. The euro is hovering about parity against the dollar – its lowest level in 20 years. We hear from Dutch Finance Minister Sigrid Kaag who says a compounding of effects have caused the current low in the exchange. In the Asia-Pacific region, the central banks of South Korea and New Zealand are the latest to hike interest rates by 50bps in a bid to rein in rampant inflation. And in corporate news, Twitter sues Elon Musk for backing out of his $44bn takeover of the social media giant.

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