U.K. house prices fell the most since the start of the pandemic in October as political and market turmoil sent shock waves through the property market, Bloomberg News reported. The figures add to evidence that the property market is now in the grip of a downturn, with experts predicting values could fall by more than 10%. That would erase some of the gains made over the last two years. “The market has undoubtedly been impacted by the turmoil following the mini-budget, which led to a sharp rise in market interest rates,” said Robert Gardner, chief economist at Nationwide.

Argo Blockchain's (ARB) said a deal to raise 24 million British pounds ($27 million) from a strategic investor has fallen through, sending the bitcoin mining company's shares tumbling as much as 72%, CoinDesk.com reported. The London-based firm, which earlier this month signed a letter of intent to sell 87 million shares to the investor as it looked to ease liquidity pressures, didn't say why the agreement had been called off. It is working to secure other deals to provide working capital for the next 12 months.

The annual rate of consumer-price inflation in the eurozone increased to double digits in October, reaching a record and highlighting the challenges facing the European Central Bank after it signaled a coming slowdown in the pace of its rate increases, the Wall Street Journal reported. The broad measure of consumer prices has risen sharply since Russia’s invasion of Ukraine and Moscow’s decision to throttle natural gas supplies to Europe to undermine Western support for Kyiv. By mid-September, Russia had cut its supplies by 80% of their year-earlier total.

Some euro zone countries have eased rules for the banks that manage the trading of their government debt to help them cope with some of the most challenging market conditions in years, officials told Reuters. Out of 11 major euro area debt agencies Reuters contacted, officials in the Netherlands and Belgium told Reuters they have loosened various market-making obligations dictating how actively these banks should trade their debt. France, Spain and Finland said their rules are already structured to automatically take account of market tensions.

Firms grappling with high inflation and soaring operating costs are seeking fresh short-term liquidity lines in an echo of the worst days of the 2020 coronavirus pandemic, Bloomberg News reported. European high-grade companies are taking out facilities maturing in two years or less, significantly shorter than the average five-year term of conventional loans. They’ve sealed €76 billion ($75 billion) of short-term financing this year -- the second-highest on record after the €153 billion extended in 2020, according Bloomberg-compiled data.

UK consumers and businesses cut back on borrowing after a jump in interest rates, adding to headwinds for the economy, Bloomberg News reported. New mortgage approvals fell 10%, the sharpest pace since February 2021, and credit card borrowing along with loans taken out by businesses also declined, according to Bank of England figures Monday. The data indicate that the central bank’s interest-rate increases to quell inflation are starting to rein in activity in the economy. Analysts say the UK may already be in a recession that could last until the middle of 2024.

The German government has agreed in principle to apply a cap on gas prices for some 25,000 large industrial companies from Jan. 1, 2023, the economy ministry said on Monday, after an expert commission presented its proposals in Berlin, Reuters reported. The ministry said that the government will make some technical adjustments to the commission's original proposal, but a cap of 7 euros cents per kilowatt hours for 70% of companies consumption will apply as per the commission's suggestions. Read more.

The Bank of England looks set to raise borrowing costs by the most since 1989 next week even as it prepares for a recession that could be deepened by spending cuts under new Prime Minister Rishi Sunak, Reuters reported. As well as raising interest rates on Thursday for an eighth meeting in a row to tame inflation above 10% - this time by three-quarters of a percentage point according to most analysts - the BoE is also due to become the world's first big central bank to start selling bonds from its stimulus stockpile on Tuesday.

Hopes that the euro zone can stave off a recession got a boost as Germany defied expectations by reporting another quarter of economic growth, though momentum slowed dramatically in France and Spain, Bloomberg News reported. Surging energy prices, record inflation and rising interest rates are weighing on output across the continent in the third quarter as a post-lockdown splurge on leisure and tourism fades. But data Friday showed Germany managed to grow by 0.3% between July and September. Consumer-price growth from the region was mixed.

Both corporate and personal insolvencies in Scotland have risen compared to last year as inflation and the cost-of-living crisis affect businesses and individuals, according to new analysis, the Independent reported. There were 270 corporate insolvencies in the second quarter (Q2) of 2022/23, a 28% increase on the same period the previous year when there were 211, official Scottish Government statistics show. Personal insolvency numbers rose to 2,069 in Q2 of 2022/23, a 7.7% increase on Q2 last year when there were 1,921.