Global stocks looked set for their weakest weekly performance since September 2024, while gold hit a record high, as angst over U.S. tariffs, inflation and a trade row hitting industries from metals to malt whisky weighed on risk appetite.

The signs of a recession, how they affect the public and what you can do to prepare financially in case one comes.

In the US, a recession is defined as a prolonged and widespread decline in economic activity typically characterised by a jump in unemployment and fall in incomes. A chorus of economic analysts have warned in recent days that the risks of such a scenario are rising.