Hong Kong's new listings volume plunged 90% to a nine-year low this year, data showed, as China's sharp economic slowdown and its regulatory drive cast a long shadow over the city's prospects as a destination for initial public offerings (IPOs).

China is expected to cut benchmark lending rates at its monthly fixing on Friday, a second reduction this year, a Reuters survey showed, as it seeks to prop up credit demand to cushion an economic slowdown due to COVID-19 disruptions.

A new study by the central bank to the world's central banks, the Bank of International Settlements (BIS), has called for urgent action to tackle rising wealth inequality, warning the problem was feeding a dangerous loop of recessions and poverty.

Spanish telecom firm Telefonica said on Thursday it agreed to sell a 7.08% stake in the media group Prisa, the publisher of El Pais newspaper, for 34 million euros.

MILAN (Reuters) -Assicurazioni Generali beat expectations in the first quarter even as impairments on Russia drove net profit lower, a boost for CEO Philippe Donnet who last month won a shareholder battle to keep his job for another three years.

France Info radio said on Thursday there was evidence pointing to potential financial irregularities linked to a Swiss unit of Orpea, a day after the French care home operator said it had contacted legal authorities over possible wrongdoing involving the company.