STORY: Here’s what to watch in the world of business and finance in the week to July 22…

The ECB should finally join the rate-rise party.

It’s expected to make a quarter-point increase on Thursday to cool price rises.

That would be its first hike since 2011.

The Bank of Japan looks set to stay with super-charged policy easing though.

Governor Haruhiko Kuroda says the economy still needs support, and he isn’t put off by a plunging yen.

Europe waits anxiously to see if Russia reopens its Nord Stream 1 gas pipeline on Thursday.

Some fear Moscow will keep the taps closed in retaliation for Western sanctions.

Earnings season gets into full swing on Wall Street, after big misses by JPMorgan and Morgan Stanley this week.

More disappointing numbers could see stocks skid lower again.

Goldmans Sachs, Netflix and Tesla are just some of the names to look out for.

And closely watched purchasing mangers’ indexes will measure the pain caused by inflation and rising rates.

Recent data suggest some countries could see a drop towards or even below the 50-point mark that signifies contraction.

Those numbers are out on Friday.