Shares in European and Asian markets declined amid concerns of a crisis in the banking sector and fears of a looming recession. In Europe, Germany's DAX lost 1% to 15,055.96, and the CAC 40 in Paris fell 1%, to 7,065.83. Britain's FTSE 100 declined 1.1% to 7,418.52. In Asia, shares in regional banks were modestly lower on Friday, with HSBC Holdings plc losing 2.9% in Hong Kong, while mid-sized Japanese bank Resona Holdings declined 2.6%.
Finland s economy has suffered from accelerating inflation which reached 8.4 percent in January as well as the economic consequences of the war in Ukraine
Odds are high for a recession next year as the central bank continues albeit at a slower pace to boost borrowing costs in an effort to bring price pressures under control