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Welcome to Monday, Europe. Here’s the latest news and analysis from Bloomberg Economics to help you start the day:

• The European Central Bank will raise interest rates three times this year in a bid to quell inflation, according to economists polled by Bloomberg
• The European Union cut its prediction for 2022 euro-area growth and almost doubled its estimate for inflation
  • EU officials worry about renewed jumps in energy prices, surging food costs and corresponding social and economic dangers
• Soaring inflation will pile £2,370 ($2,900) on to the bills of the average UK household this year, according to a new study, raising fresh pressure on the Bank of England and government to step up their response to the cost-of-living crunch
  • Tenants flocking to London are driving up rents, reversing the pandemic “race for space” and adding to the UK’s cost-of-living crisis
• Germany plans to stop importing Russian oil by the end of the year even if the EU fails to agree on a bloc-wide ban
• Goldman Sachs Senior Chairman Lloyd Blankfein urged companies and consumers to gird for a US recession
• China’s economy contracted in April, with the industrial and consumer sectors hitting the weakest levels since early 2020 as Covid outbreaks and lockdowns snarled activity and cut spending
  • China’s central bank refrained from cutting interest rates despite mounting evidence of a sharp slowdown in economic growth
  • The People’s Bank of China’s hold on its key rate is a sign it’s wary of lowering borrowing costs too quickly
  • China lowered the mortgage rate for first-time homebuyers and announced a phased reopening of shops in Shanghai
  • Lockdowns in China are working to contain Covid-19 infections -- but at the cost of stifling economic activity
• Finally, here’s what’s to look out for in the world economy this week: Time to Gauge 80-Day Inflation Shock Around the World: Eco Week

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