European stock markets retreated yesterday while the dollar rallied on the prospect of higher US interest rates, with dealers betting US president-elect Donald Trump’s planned huge spending policies will fire inflation.

Wooing Japanese investors, Indian Prime Minister Narendra Modi yesterday said that stable, predictable and transparent regulations are redefining the nature of doing business in India as the country aims to be the most open economy in the world.

South Korea’s central bank stayed its hand for a fifth straight month yesterday, as widely anticipated, amid an upswell of global uncertainty and a political scandal involving President Park Geun-hye that may mean trouble ahead for the economy.

After Donald Trump’s unexpected victory in the US presidential election, investors may refocus in the coming week on the health of the world economy and any signs that years of rock-bottom interest rates and fiscal austerity are coming to an end.

BMW’s top labour representative offered a rare public rebuke of the company’s leadership, warning that the luxury-car maker risks falling behind rivals in the race to develop battery-powered cars.

Indonesia’s rupiah plunged to a five-month low, prompting the nation’s central bank to say it stepped in to stabilise the local currency and bond markets.

Russian oil giant Rosneft yesterday reported an unexpected collapse in profits in the third quarter, citing the difficult situation on the commodity markets and export duties.

Chinese banks extended 651.3bn yuan ($95.56bn) in net new yuan loans in October, below expectations and falling sharply from September, as policymakers pledged to prevent asset bubbles in the increasingly debt-fuelled economy.

Japan’s top automakers are shuffling their US product portfolios and resorting to larger imports of popular models there as they scramble to meet booming demand for gas-guzzling SUVs and trucks in the world’s No 2 auto market.

Chinese shoppers unleashed a record deluge of cash online for Singles Day yesterday, Alibaba said, spending more than $13bn with the e-commerce giant in the world’s biggest online shopping promotion.

Single-mother Li Ying helps explain why household debt in China may be a bigger risk to the giant economy than previously thought.

Islamic stocks surged about 2% in an otherwise flat trajectory on the Qatar Stock Exchange during the week, which saw Gulf bourses by and large discount the US election results.