Hungary has held the EU’s six-month rotating presidency since July 1st. But its prime minister, Viktor Orban, had delayed the traditional address to MEPs for months. On Wednesday he finally took the stage, warning that continued wars in Ukraine and the Middle East, as well as a “migration crisis”, have amounted to the “most serious period” in the EU’s history.

Mr Orban is the foremost leader of Europe’s Brussels-bashing and anti-immigrant club. The EU has withheld billions of euros in aid over concerns of democratic backsliding and the European Commission is partially boycotting events the Hungarians host during their presidency. His speech received limited applause from hard-right parties, who made gains in the European elections in June. Most other MEPs will be furious at Mr Orban’s overtures to Russia. Ursula von der Leyen, the European Commission’s president, came back swinging. “There are still some who blame this war not on the invader but on the invaded,” she said.

Speaking at a conference on India’s economy this week, Narendra Modi, the prime minister, was typically bullish. The world, he suggested, is living through an “Indian era”, pointing to the country’s growth rate—the fastest among big economies. Recent data, however, suggest a less rosy picture. Last month car sales, a proxy for consumption, fell by 9.3% year on year. Growth in manufacturing and services activity slowed. Government investment decreased between April and August.

This increases the pressure on the Reserve Bank of India, which concluded a three-day meeting on Wednesday, to cut interest rates. But as most analysts expected, the RBI held firm. Inflation remains a concern, despite easing in recent months from an annual rate of 5.1% in June to 3.7% in August. The conflict in the Middle East, which could send oil prices spiralling, adds to the worry.

November 5th may be the date Americans have circled on their calendars. But in Arizona, election day is more like election month. On Wednesday early voting will begin in the crucial swing state. Nearly 90% of Arizonans cast early ballots in 2020.

The state has recently elected a Democratic governor and two Democratic senators. It also narrowly voted for Joe Biden in 2020. But Republicans still outnumber Democrats among registered voters. The Economist’s presidential forecast gives Donald Trump a two in three chance of winning Arizona’s 11 electoral votes.

It is not just the top of the ticket that matters. Democrats need to win a Senate seat in Arizona to have any hope of retaining control of the chamber. Ruben Gallego, a Democratic congressman, is polling well ahead of Kari Lake, a MAGA Republican and former news anchor. The two will have their first and only debate on Wednesday.

Last year Germany was the only G7 economy to experience a recession. This year it may do so again. On Wednesday Robert Habeck, the vice-chancellor and economy minister, is set to announce that the government expects GDP to contract by 0.2% in 2024, a downgrade from an earlier forecast of modest growth. Indeed, real GDP has barely risen since the pandemic. What is ailing the country once feted as Europe’s powerhouse?

High interest rates hurt construction and manufacturing. The economy was also especially reliant on Russian gas, the supply of which was turned off after Vladimir Putin’s invasion of Ukraine. Wage growth is now outstripping inflation, but households are channelling incomes into savings rather than consumption. These problems may prove transient. But structural headwinds also loom, including slow productivity growth, low public investment and an ageing population. Mr Habeck believes the government’s recently approved “growth package” will juice Germany’s economy back to life next year. Few economists agree.

London’s finest art fair is back. Gallerists will gather in Regent’s Park for Frieze, which opens on Wednesday. More than 160 exhibitors, from 43 countries, will show contemporary works. Frieze Masters, a fair that mixes old and new art, and Frieze Sculpture, an outdoor public display, will run alongside the flagship event.

Collectors will doubtless enjoy the fanfare. But outside the park, London’s art scene is gloomy. Famous galleries have closed this year, including Marlborough Gallery, one of the oldest. Christie’s, a British auction house, reported a 22% drop in sales in the first half of 2024. Paris is nipping at London’s heels. Art Basel Paris opens on October 18th at the Grand Palais. Some American collectors now head to the French fair instead of Britain’s Frieze. October has long been a dazzling month for art in London. The city’s dealers are worried Paris will steal its shine.