China on Tuesday urged increased cross-border connectivity with Russia and deeper mutual trade and investment cooperation, as both allies vowed ever closer economic ties despite disapproval from the West after Russian forces invaded Ukraine last year.

The dollar remained firm on Wednesday ahead of a much-anticipated rate decision by the Federal Reserve later in the day, while sterling slid on increased bets the Bank of England (BoE) will pause its historic run of interest rate hikes.

The permission will remain in place until October 30

Turkish President Tayyip Erdogan asked Tesla CEO Elon Musk to build a Tesla factory in Turkey, the country’s communications directorate said on Monday.

The European Union could become as dependent on China for lithium-ion batteries and fuel cells by 2030 as it was on Russia for energy before the war in Ukraine unless it takes strong measures, a paper prepared for EU leaders said.

The US Federal Reserve kicked off a two-day policy meeting on Tuesday with officials widely expected to keep interest rates on hold for now, but also flagging in new economic projections whether they feel rates still need to rise further before the end of the year.

Demand for foreign travel in China has reached its highest level in two years, the organisers of the ITB travel conference said on Tuesday citing a survey in which some 80 percent of respondents said they planned to travel abroad in the next 12 months.

The US labor market is remarkably solid despite aggressive interest rate hikes to fight inflation and a recent rise in unemployment, but analysts warn that the central bank risks pushing too far.

Foreign business confidence in China has reached its lowest in years, US and European enterprise lobbies warned Tuesday, as slowing growth and geopolitical tensions hit investment prospects.

Eurozone inflation slowed slightly in August, the EU statistics agency said on Tuesday, revising its previous figure.

The OECD raised its global economic outlook for 2023 on Tuesday but cut the growth forecast for next year as “painful” interest-rate hikes aimed at curbing inflation take their toll.

Oil prices rose on Tuesday for the fourth consecutive session, as weak shale output in the United States spurred further concerns about a supply deficit stemming from extended production cuts by Saudi Arabia and Russia.

At least $14.3 million worth of coal produced in areas of Ukraine annexed by Russia has been exported to NATO member Turkey this year, according to Russian customs data reviewed by Reuters.

US Federal Reserve officials, who have tentatively embraced the possibility they can squelch inflation without a recession, meet this week with an autoworkers strike, a possible federal government shutdown, and a student loan squeeze on consumers posing new risks to that best-case outcome.

Apple supplier Foxconn aims to double its workforce and investment in India by next year, a company executive said on Sunday.

The German economy is likely to shrink this quarter as industry is in recession and private consumption is adding little to growth, the Bundesbank said in a monthly economic report on Monday.

Tesla has combined a series of innovations to make a technological breakthrough that could transform the way it makes electric vehicles and help Elon Musk achieve his aim of halving production costs, five people familiar with the move said.

Oil prices rose for a third straight session on Monday, buoyed by forecasts of a widening supply deficit in the fourth quarter after Saudi Arabia and Russia extended cuts and by optimism about a recovery in demand in China.

The US dollar hovered near a six-month high on Monday as traders looked ahead to interest rate decisions from the Federal Reserve, the Bank of England and the Bank of Japan this week.

Chinese e-commerce giant Alibaba Group Holding Ltd has told Turkish President Tayyip Erdogan it plans to invest $2 billion in Turkey.