(Bloomberg) --

Hello again, and happy Sunday. Here’s what we have our eye on for the next few days. 

The big squeeze: Britain’s plan to repair its damaged public finances will finally emerge on Thursday in the midst of an intensifying cost-of-living crisis. Chancellor Jeremy Hunt delivered a message Sunday about the plan that could be summed up as: No pain, no gain. In interviews on morning news shows, Hunt said everyone would have to pay more in tax to close a gaping budget hole, but that would help make a recession “short and shallow” and ensure the UK becomes one of Europe’s most prosperous countries. That may be a tall order as the UK remains the only Group of Seven nation that has yet to fully recover from the pandemic.

The big stat: Will inflation remain in double digits? Bloomberg Economics is estimating a whopping 10.8% on Wednesday on the heels of an economic contraction in the third quarter. Things are just as bad in Europe, where a second reading of euro-area CPI on Thursday will likely confirm inflation accelerated by 10.7%. Clues on the Bank of England’s intentions may emerge when Governor Andrew Bailey testifies in Parliament on Wednesday. On Friday, retail sales are expected to show a 0.3% increase.

The big meeting: G-20 leaders meet in Bali on Tuesday and Wednesday in what is likely to be a tense summit, with the war dragging on in Ukraine and inflation hurting consumers. US President Joe Biden and Chinese President Xi Jinping plan to have their first sit-down meeting as leaders on the sidelines on Monday. Facing the cold shoulder, Russia’s Vladimir Putin will not attend. These are the eight things to look out for. Biden got a boost at home as Democrats defied political forecasts and historical trends to keep control of the Senate.

The big collapse: Retail investors who poured money and savings into Sam Bankman-Fried’s FTX exchange watched with disbelief as his crypto empire imploded last week. But should they have seen it coming? This is the story of how the one-time Crypto King fell from grace.

The big earnings: Siemens on Thursday will be the last top-tier German company to report in the current cycle. Investors are keen for its view of the corporate landscape going into 2023 as the first quarter of its new fiscal year hits full swing. Vodafone reports first-half results on Tuesday after a flurry of dealmaking from Ghana to New Zealand. We might get an update on talks to merge the UK operations with CK Hutchison’s Three UK. Burberry’s update the same day comes a month after Daniel Lee joined the trenchcoat maker as chief creative officer.

The big announcement: That’s what Donald Trump is promising on Tuesday at his Mar-a-Lago resort in Florida, all but confirming a widely anticipated third White House bid that the former US president has been teasing for weeks.

ICYM our Big Take:  An exclusive Bloomberg analysis shows that European fuel demand and the strong US dollar have left emerging markets facing years of shortages and potential unrest. The center of the issue is Europe's rush to replace Russian fuel, coupled with a worrying lack of new supply in the near-term and fears that emerging nations won’t be able to repay debts. 

And finally, ever wonder what actually happens to all the plastic you dutifully throw in the recycling bin? Kit Chellel, an investigative reporter for Bloomberg, set out to answer that very question.

Have a good week, and see you on the other side.

©2022 Bloomberg L.P.