Germany's biggest lenders have shied away from business with Iran after past penalties for breaching US sanctions, but smaller banks have leapt on opportunities afforded by the nuclear deal rejected by Donald Trump.

A 24-hour strike wave hit transports and services in Greece on Wednesday with unions protesting against a new round of reforms linked to the country's concluding third bailout.

The strengthening of the dollar amid Federal Reserve interest rate hikes has sharpened pressure on some emerging economies as investors steer funds to the United States.

Funds dedicated to emerging economy equity and debt saw withdrawals of $569 million and $253 million during the week of May 23, according to data firm EPFR Global.

Azerbaijan inaugurated on Tuesday part of a pipeline complex that will eventually create the first direct route to transport Caspian gas from one of the world's largest fields to Europe bypassing Russia.

Madrid's stock exchange plunged Tuesday led by Spanish banking giants as Prime Minister Mariano Rajoy faces a no-confidence vote later this week, with investors rattled further by political turmoil in Italy.

European stock markets and the euro extended losses Tuesday as political uncertainty in Italy stoked fresh fears about the eurozone.

The euro extended losses in Asian trade Tuesday as political uncertainty in Italy stoked fresh fears about the eurozone.

Italy, one of the European Union's biggest economies, has been plunged into crisis after President Sergio Mattarella at the weekend vetoed the new government's nomination of a fierce eurosceptic as economy minister.

Italy's debt-risk premium on Monday soared to its highest level since November 2013 and the Milan stock exchange plummeted as the country continued in political turmoil, with fresh elections now very likely.

European stock markets and the euro dipped as chaos in Italy rattled investors who feared the nomination of a technocrat prime minister may fail on the long run to avert a eurozone crisis, analysts say.

Turkey's central bank said Monday it would complete moves to simplify monetary policy, sparking a strong rally in the country's currency.