In Europe, where inflation has cooled sharply, the economy is weak and could use a boost. The area is vulnerable to the conflicts around it.

The European Central Bank, which sets interest rates for the 20 countries that use the euro currency, is not expecting the bloc to fall into recession as it cut borrowing costs once again after figure

Policymakers who set interest rates for the 20 countries that use the euro have lowered rates in back-to-back meetings for the first time since 2011.

European Central Bank cuts its main interest rate by a quarter-point to 3.25% as inflation falls below its target

The European Central Bank is widely expected to announce its third interest rate cut of the year at its Thursday meeting, after policymakers flagged reduced inflation risks and a weakening growth outlook.

The Bank of Canada is widely expected to reduce its key policy rate by 50 basis points on Wednesday, its fourth cut in a row and what would be the first super-sized reduction in more than 15 years outside of the pandemic era.

The decision came after new figures showed inflation across the bloc had fallen to its lowest level in more than three years.