The Norges Bank raised its interest rate by 25 basis points Thursday, just as Bloomberg analysts forecasted. Thus, the current rate is 2.75%, the highest since February 2009.

The European Central Bank's (ECB) warning that sharp rate hikes are not over is raising the stakes about the start of the recession.

Consumer price inflation will probably renew its forty-year maximum, raising above its previous record highs. According to a poll conducted by Reuters, the situation is reflected by how intensively companies pass the increased costs of energy, food and raw materials on consumers.

The Canadian dollar fell markedly against the stronger U.S. currency on Thursday. A flurry of interest rate hikes has affected sentiment and the Canadian real estate market keeps on weakening.

U.S. gas futures resumed hitting a local high of $7 per million British thermal units. The rise came on the back of a sharp weekly drop in gas inventories amid worsening weather conditions.

Chinese authorities suddenly ended the zero-COVID policy, and it forced economists to sharply change their growth forecasts for the current and next year.

China's economy is expected to revive after providing support for recovery caused by the unfavorable external environment and the loss of momentum in the global economy.

Oil demand in China is expected to grow as 'Zero Covid' strategies were abandoned by the officials. At the same time, analysts believe that it may take some time for the demand to recover.

The Commerce Department reported that U.S. retail sales plummeted by 0.6% in November. A key driver behind this drop has been a record decline in automobile sales over the year. However, without taking it into account, the total number of sales fell by 0.2%.

Costs for oil producers will increase due to earthquakes in West Texas. Earlier, oil companies have already felt the effects of inflation and shortage of equipment.