Global Economy LIVE updates | UK Chancellor Jeremy Hunt reverses almost all tax measures set out in mini-budget

Cash-starved Sri Lanka on Monday cut fuel prices, the second redution in as many weeks, after the World Bank warned that the economy will shrink an unprecedented 9.2 per cent this year.

According to the energy ministry, the price of petrol has been slashed by 40 rupees to 370 rupees ($1.02) a litre from Monday night after a similar 10 per cent reduction earlier this month.

The island nation has been facing fuel crisis for weeks as it has no forex reserves left to import oil from aborad. 

UK Chancellor Jeremy Hunt reverses almost all tax measures set out in mini-budget, leaving PM Liz Truss's original plan in tatters.

"We will reverse almost all the tax measures announced... three weeks ago," Hunt said in a televised statement, conceding last month's budget from his predecessor had harmed public finances.

The pound jumped one per cent against the dollar Monday as Britain's fourth finance minister in as many months prepared to update on UK tax and spending plans that spooked markets.

Sterling rallied 1.1 per cent to $1.1293 ahead of Jeremy Hunt's fiscal announcement due 1000 GMT.

China said Monday it would delay the release of growth figures for the third quarter along with a host of other economic indicators expected this week, as the country's leadership gathers for a meeting set to hand President Xi Jinping a historic third term in office.

Beijing's National Bureau of Statistics announced that the release of the economic data would be "postponed", without specifying a reason.

The Asian markets are mixed as investors are keeping their attention to the weeklong China CommunistpParty meeting.

Benchmarks fell in Tokyo, Syndey, Hong Kong but rose in Seoul and Shanghai. Mumbai also beneiftted. 

Japan's Nikkei 225 decreased 1.2 per cent to 26,775,79. 

Shanghai Composite increased 0.5 per cent to 3,086, while Hong Kong's Hang Seng fell 0.2 per cent to 16,561.97. 

Mumbai's Sensex increased by 0.5 per cent. 

UK's new Finance Minister Jeremy Hunt will announce tax and spending meausre on Monday. In an effort to calm markets, these changes are being implemented in the hope that, following last month's skyrocketing debt, they will improve the country's financial sustainability. 

In an effort to calm the markets, UK chancellor Jeremy Hunt plans to radically advance billions of pounds' worth of tax and spending measures on Monday, a week sooner than scheduled.

As Xi Jinping eyes an unprecedented 3rd term, China's local government debt crisis is becoming worse as the real estate market collapses and Beijing deals with the fallout from its zero-COVID policy.

As per the IMF, the South Asian country is most likely to reach the position two years earlier than initially expected, overtaking Germany and Japan. India may supersede the United Kingdom by the this year and become the fifth biggest economy, added the World Economic Outlook database.

Gold prices in India eased to around ₹50,200 per 10 gram - the lowest level in this month - as of Friday, from a near two-month high of ₹52,000 hit last week. After a price drop this week, physical gold buying improved in India ahead of the Dhanteras and Deepawali festival. 

The Chinese conglomerate Fosun paused stock trading in Hong Kong on in anticipation of an announcement on the sale of its share in a steel company, according to Bloomberg News, in order to raise much-needed liquidity.

One of the biggest private-sector corporations in China, Fosun has a vast empire spanning the fields of finance, real estate, tourism, and medicines.

'Not concerned about dollar's strength but about rest of the world' 

US President Joe Biden commented on the economic turmoil gripping the UK. He called the UK Prime Minister Liz Truss' original economic plan saying that it was a mistake. 

Amid growing concerns about financial stability in the United Kingdom, the pound rose. This comes after British Prime Minister Liz Truss replaced her finance minister. 

Now, all eyes are on UK bonds now that the Bank of England's (BoE's) emergency buying spree is over. Truss' decision to fire her finance minister might help reassure investors. 

Asian stock markets fell on Monday as investors braced for a further, abrupt tightening in financial conditions worldwide, with all the risks of recession reports. 

Wall Street's three primary indexes all concluded the day considerably lower on Friday, and Asia did the same on Monday.

With Chinese President Xi Jinping reasserting his support for the zero-Covid strategy of lockdowns over the weekend, which has severely hurt the economy this  year.

Hong Kong lost more than one percent of its value  and Shanghai also posted a loss. Losses were also reported in Wellington, Tokyo, Sydney, Seoul, Singapore, and Taipei.