1. Fed chair Powell warns of US recession
US Federal Reserve chairman Jerome Powell has conceded that the world’s largest economy might be heading for a recession, but the need to defeat inflation is so urgent that interest rates will keep going up at the expense of growth and American jobs.

“No one knows whether this process will lead to a recession or, if so, how significant that recession would be,” he admitted on Wednesday (Thursday AEST) after raising the US benchmark rate 0.75 percentage points from 3% to 3.25%. The Fed upgraded its projected peak policy rate to 4.6% in 2023 from 3.8%. (AFR)

2. Bank of England lifts key rate by 0.5% in split decision
The Bank of England delivered a second consecutive half-point interest-rate hike in its battle to bring down inflation, as three officials pushed for the institution to join its global peers in moving at an even quicker pace.

The move to 2.25% was backed by five of the nine-member Monetary Policy Committee, including governor Andrew Bailey, while one voted for a smaller move. It was the seventh increase in a row, with officials voting to tighten policy at every meeting since December. (AFR)

3. Iran blocks capital’s internet access as Amini protests grow
Iran has shut off the internet in parts of Tehran and Kurdistan, and blocked access to platforms such as Instagram and WhatsApp, in an attempt to curb a growing protest movement that has relied on social media to document dissent.

The protests, which were sparked on 16 September after the death of a 22-year-old Kurdish woman, Masha Amini in police custody, show no sign of subsiding. On Thursday, protesters torched police stations and vehicles in several cities. (The Guardian)

4. Did you know?
The stone heads on Chile’s Easter Island have bodies – these iconic reclics protruding from the ground on Easter Island are familiar to most, but many don't realize what lies beneath the surface. In the 1910s, archaeologists studying the hundreds of stone statues on the Pacific Island excavated two of the figures, revealing full torsos, which measure as high as 33 feet.

5. ASX futures down
ASX futures down 13 points or 0.2% to 6632 near 6.30am AEST, with the AUD +0.2% to 66.43 US cents.

On Wall St: Dow -0.4% S&P 500 -0.8% Nasdaq -1.4%.

In Europe: Stoxx 50 -1.9% FTSE -1.1% CAC -1.9% DAX -1.8%.

Iron ore +2.4% to $US98.75 a tonne.

10-year yield: US 3.71% Australia 3.66%.