Both the output and exports from the multinationals operating in the pharma and ICT sectors have fallen sharply this year

It has been much smoother sailing in currency markets this year, compared to previous years

The eurozone economy stagnated between autumn last year and the summer this year, with flat domestic spending and a decline in exports offset by higher inventories. However, the data since mid-year suggest the economy could now be entering recession.

There is scope for higher receipts, with the hike from 12.5% to 15% in the rate of corporate tax paid by larger companies coming into effect from next year.

There is still a long way to go to get inflation back down to the 2% target level, but at least price indicators are moving in the right direction

Meanwhile, central banks, as well as hiking rates, are also engaged in quantitative tightening

The OECD says that the primary reason for the subdued global growth outlook is the substantial monetary policy tightening required to rein in inflation.

Stagflation could remain the order of the day for the Eurozone into next year, with a risk that the economy could fall into recession

Continuing strength of the dollar is very much linked to the ongoing impressive performance of the US economy and relatively high US interest rates

First quarter of this year saw a sharp decline in the output of multinationals operating in the manufacturing sector