Rising geopolitical tensions and the resulting fragmentation of the global economy could increase financial stability risks, reducing cross-border investments, asset prices, payment systems and banks' ability to lend, the International Monetary Fund said on Wednesday.
The rebound of China's economy will be further consolidated and tax revenues in the second quarter will likely grow faster, but the economy still faces many uncertainties at home and abroad, the taxation administration said on Thursday.
Asian stocks and U.S. equity futures sank on Thursday while bonds and the safe-haven U.S. dollar and Japanese yen were bid as mounting evidence of a U.S. slowdown fuelled worries for a global recession.
Oil fell on Thursday as weak U.S. economic data raised concerns over a potential global recession and demand reduction, but benchmark prices were headed for a weekly advance after OPEC+ announced further output cuts and U.S. oil stocks dropped.
The dollar gained slightly on Thursday but hasn't strayed too far from a recent two-month low as traders weighed how pivotal U.S. jobs data coming out during a holiday weekend will impact Federal Reserve policy.
Most Asian stocks traded in a flat-to-low range on Wednesday as a swathe of weak data ramped up concerns over slowing economic growth, with Japan’s Nikkei index falling the most amid some profit taking.