China, the world's second-biggest oil consumer, opened its borders on Saturday for the first time in three years, buoying the outlook for its demand for transportation fuels as well as the global economy.
Rising energy costs in the wake of the Russia-Ukraine conflict have particularly pinched production in energy-intensive industries.
German business climate index has fallen to its lowest level since the early stages of the Covid-19 pandemic in May 2020.
Liz Truss beats her rival Rishi Sunak by 81,326 votes to 60,399, after a summer-long internal contest sparked by Boris Johnson's resignation in July.
Investors sold oil positions on worries that aggressive interest rate hikes to stem inflation will sharply slow economic activity and hit oil demand.
US Treasury Secretary Janet Yellen, however, conceded that "clearly inflation is unacceptably high," attributing it partly to the conflict in Ukraine.
The continent has seen a surge of infections during the past month, as it recorded one million new cases and a 43 percent jump in Covid-19 deaths last week.
The financial hub plunged into its first recession since the 2008 global financial crisis in the second quarter of 2020 when the government closed most workplaces as part of drastic measures to contain Covid-19 infections.
The IMF's “A Year Like No Other” report says that it gave loans worth $165 billion to 83 countries, while some $12 trillion had been spent by nations to stop the economic recession amid the coronavirus outbreak.
Australian Treasurer announced the country's robust economy has taken a serious battering by the coronavirus pandemic.
World Bank President David Malpass says poor countries will not be in a better position to deal with the debt payments even if advanced economies suspend them.
While many of the lockdown restrictions have been eased, Britain still faces a tough time in coming months, with unemployment likely to spike as the government phases out a support program that has kept nearly 10 million workers on company payrolls.
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