STORY: Here’s what to watch out for in the business and finance world in the week to June 3. Friday’s U.S. employment data will show whether rate hikes are starting to bite. Economists predict a gain of 350,000 jobs, even as recession worries mount. The Fed is still expected to raise rates even further over the summer as it tries to squash inflation. China’s economy has taken a battering from its own strict lockdown measures. Closely watched Purchasing Managers’ Indexes on Tuesday and Wednesday will reveal the toll. Europe’s cost-of-living crisis looks set to deepen. Economists are betting on a fresh record high for Tuesday’s euro zone inflation numbers. That may finally force the ECB into hiking rates, too. June begins after a May that saw investors dump stocks, with the U.S. S&P 500 Index now perilously close to bear market territory. A Reuters poll predicts equities will see some recovery, but stay well short of record highs. And currency traders will be asking if we’ve seen peak dollar. The greenback has been sliding from two-decade highs of late, with the euro on the up. Now the dollar’s fate may rest on what happens to rates.