U.S. private sector activity fell at a softer pace in September, according to a monthly survey of businesses, as contractions in both the manufacturing and service industries eased.

A downturn in business activity across the euro zone deepened in September, according to a survey which showed the economy was likely entering a recession as consumers rein in spending amid a cost of living crisis.

S&P Global Market Intelligence has projected global real gross domestic product (GDP) growth to slow from 5.8% in 2021 to 2.8% in 2022, and 2% in 2023.

Oil prices rose slightly on Friday, but were set to lose for a fourth straight week as concerns over headwinds from rising interest rates outweighed expectations that crude supply will tighten due to the Russia-Ukraine conflict. 

A gauge of future U.S. economic activity declined for a sixth straight month in August, potentially signaling a recession amid large interest rate increases from the Federal Reserve.

The Bank of England raised its key interest rate by half a percentage point to 2.25% on Thursday and said it would continue to "respond forcefully" to inflation as needed, even though the British economy is probably in a shallow recession already.