US stock indices pulled back at the opening bell while Snap, the parent of social media app Snapchat, saw its share price slump 36 percent as trading began on Wall Street.
The looming spectre of recession grips global stock markets as inflation and conflict in Europe take their toll on consumers.
Retail sales shrank 11.1 percent on year in April as the world's second-largest economy saw its biggest slump since March 2020.
The ban from the world's second-biggest wheat producer could push global wheat prices to new peaks.
As Russia reels from economic sanctions by the West, the country's president warns that the economic fallout will have global repercussions.
The ban is aimed at addressing the soaring palm oil prices within the country, exacerbating the global food shortages
These don't just include natural disasters amplified by climate change; other major factors include Covid-19, economic meltdowns and food shortages, a UN report said.
Region faces "stagflationary" risk, a senior IMF official warns, citing Ukraine conflict, spike in commodity costs and a slowdown in China as creating significant uncertainty.
Russia's banking sector has faced a significant outflow of its population's funds in foreign currency as the conflict in Ukraine continues to create a fear of insecurity.
The nation's largest bank by assets earned a profit of $8.3 billion in its first quarter, down from a profit of $14.3 billion, in the same period a year earlier.
Russian offensive had not only created a humanitarian crisis of "immense proportions" but had also dealt a "severe blow" to the global economy, the World Trade Organization said.
The surge in inflation has been fuelled by a 44.7 percent hike in energy prices over the year as Europe found itself caught in an oil and gas crunch due to tensions with Russia over its attack on Ukraine.
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