The mood changed on global stock markets on Wednesday after Jerome Powell's hawkish speech. Investors are coming to terms that interest rates will stay higher for longer.  The FTSE 100 dropped 0.4% for the week and opened in the red on Monday.

Worries about China's economy returned this weekend, weighing on commodity stocks, after Evergrande said it would not be able to implement the debt restructuring plan that it desperately needs to survive. The company will face a hearing on October 30 at a Hong Kong court, which may force it into liquidation.

Among stocks, Ladbrokes owner Entain fell 5.5% after after issuing a warning about its online gaming sales.

Meanwhile, life insurance company Aviva fell 0.6% after it agreed to acquire the UK protection business of AIG for 460 million pounds.

Things to read today:

America’s mini economic miracle may be fleeting (Financial Times)

Russia May Be About to Get a New Friendly Leader in Europe (Bloomberg)