INFLATION

For much of the global economy, 2023 is going to be a tough year as the main engines of global growth - the United States, Europe and China - all experience weakening activity, the head of the International Monetary Fund said on Sunday.

Heavy falls in stock and bond markets over the last year have cut the combined value of the world's sovereign wealth and public pension funds for the first time ever - and to the tune of $2.2 trillion, an annual study of the sector has estimated.

The dollar was on track for its best performance in seven years on Friday, having been buoyed by the Federal Reserve's aggressive monetary policy tightening and concerns about the global growth outlook.

Wall Street's main indexes ended weaker on Wednesday, with the Nasdaq hitting a 2022 closing low, as investors grappled with mixed economic data, rising COVID cases in China, and geopolitical tensions heading into 2023.

U.S. stock investors could not be more eager to turn the page on 2022, a brutal year dominated by market-punishing Federal Reserve rate hikes designed to tamp down the steepest inflation in 40 years.

On Jan. 1 Singapore's sales tax goes up for the first time in 15 years.

Oil prices rose in light trade on Tuesday on concerns that winter storms across the United States are affecting logistics and production of petroleum products and shale oil.

A look at the day ahead in Asian markets from Jamie McGeever.

Gregorina Victorica, 86, a retiree in Buenos Aires has been cheering Argentina's victory in the soccer World Cup, which has lifted spirits in the South American nation and brought joy to people hard hit by rising prices and economic malaise.

Corporate earnings growth is expected to slow in the year ahead in many countries as higher inflation and rising interest rates take an even bigger toll and companies brace for the likelihood of a global economic downturn.

The management of South London Pub opened a soup kitchen to help the homeless amidst inflation and hiring challenges on firms.

A ninth interest rate hike in a row by the Bank of England looks to be a foregone conclusion on Thursday and investors will be looking for clues on how many more will be needed with the economy sliding into recession but inflation still above 10%.

Britain proposed over 30 reforms on Friday to bolster the City of London's role as a global financial centre, now outside the European Union and facing competition from Amsterdam, Paris and Frankfurt, as well as New York and Singapore.

The dollar firmed on Monday after data showed producer prices in the United States rose more than expected last month, pointing to persistent inflationary pressures and stoking fears the Federal Reserve would need to keep rates higher for longer.

Britain will set out reforms on Friday to ease bank capital rules, one of 30 measures the government says will unlock investment and secure its position as the world's "foremost financial centre".

The Bank of England looks set to raise interest rates to 3.5% or more next week, but policymakers appear increasingly split on how much tightening is needed to tame double-digit inflation as the economy heads into recession.

The dollar crept higher on Wednesday as top executives from the biggest U.S. banks warned of an impending recession, which dampened risk appetite and kept the greenback supported.

Pubs have been central to British communities for centuries, but their number has been dwindling for years and has plunged to its lowest ever level

EU countries have poured criticism on the IRA, seeing it as a threat to European jobs, especially in the energy and auto sectors.

Turkey's inflation slowed in November for the first time since May 2021, official data showed on Monday, delivering a boost to President Recep Tayyip Erdogan ahead of next year's election.

Asian shares edged higher on Monday as investors hoped steps to unwind pandemic restrictions in China would eventually brighten the outlook for global growth and commodity demand, even if full freedom could be months away.