The US economy is not anywhere close to recession in the next six- to 12 months, with the country’s labour market remaining strong and with renewed demand for houses, says UOB Asset Management (UOBAM).

Car sales in Russia rose 151.8% year-on-year in June, analytical agency Autostat said on Wednesday, continuing to rebound from a dramatic car industry slump in 2022.

Euro zone business activity slipped into contractionary territory last month in a broad-based downturn across the bloc's dominant services industry and a deepening decline of factory output, a survey showed.

New orders for U.S.-made goods increased less than expected in May as a surge in civilian aircraft orders was partially offset by sluggishness elsewhere amid higher interest rates that are eroding demand.

"Almost all" Federal Reserve policymakers backed rate hikes to resume following a pause at the June meeting, expressing concern about the strength in the labor market and "unacceptably high" elevated inflation, according to the Fed minutes of its Jun. 13-14 meeting showed on Wednesday.

Oil prices moved little in early Asian trade on Thursday as the prospect of tighter supply with output cuts from Saudi Arabia and Russia and a bigger-than-expected drop in U.S. crude stocks were offset by worries over a sluggish demand recovery in China.