The gap between developing nations' debt servicing costs and new financing hit a more than 50-year high of $741 billion between 2022 and 2024, the World Bank said on Wednesday, urging countries to use the more relaxed global financing conditions to bring their houses in order.
The dollar hit a five-week low while Asian stocks made a lacklustre start to the trading session on Thursday, after weaker-than-expected economic data cemented expectations the Federal Reserve will cut interest rates at its meeting next week.
Oil prices moved slightly higher on Thursday after Ukrainian attacks on Russia’s oil infrastructure signalled potential supply constraints, and stalled peace talks tempered expectations of a deal restoring Russian oil flows to global markets, though weak fundamentals kept gains limited.
he U.S. dollar slipped lower Wednesday ahead of a likely Federal Reserve rate cut next week, while sterling has maintained its post-budget bounce.
Oil prices ticked down in Asian trading on Wednesday after losses in the previous session, as markets weighed the fallout from high-level U.S.-Russia talks on ending the war in Ukraine.
The financial system risks undermining global trade if it fails to adapt to the economy's needs, with developing countries likely to suffer the most, the UN Trade and Development Agency said on Tuesday.