Asian markets suffered further losses Thursday, tracking a rout in New York and Europe as markets were hit by a perfect storm of worries about the slow rollout of vaccines, surging infections, a stuttering economic recovery, and high valuations.

The spike in Covid-19 cases in the United States is hampering the country's economic recovery from the downturn caused by the pandemic, Fed Chair Jerome Powell said Wednesday.

The United Arab Emirates' top two banks reported drops in profit last year as they make huge provisions to counter the impact of the coronavirus crisis.

Asian markets sank on Tuesday following the previous day's healthy run-up, with sentiment jolted by the prospect that Joe Biden's huge stimulus could be watered down and not even be passed for several weeks.

French-Israeli diamond magnate Beny Steinmetz was sentenced by a Geneva court on Friday to five years behind bars for corruption linked to mining rights in Guinea.

After a seven-year international investigation, the 64-year-old businessman was accused of setting up a complex financial web to pay bribes so that Beny Steinmetz Group Resources (BSGR) could obtain permits in an area estimated to contain the world's biggest untapped deposits of iron ore.

The Nasdaq jumped in early trading Monday ahead of earnings from tech giants, while the Dow fell on uncertainty about U.S. President Joe Biden's stimulus package and mixed Covid-19 vaccine news.

U.S. President Joe Biden will sign an executive order Monday giving American companies and products priority in contracting with the federal government, as the new administration attempts to spur domestic manufacturing.

The order is aimed at boosting national production and saving industrial jobs by increasing investments in factories and workers, senior White House officials said, and comes after Biden promised on the campaign trail to "build back better" as the U.S. economy struggles through the Covid-19 pandemic.

UK department store chain Debenhams is to shut all its outlets, administrators for the collapsed group said Monday, with the loss of around 12,000 jobs.

Asian markets mostly rose Monday, rebounding from a sell-off at the end of last week as investors keep tabs on the progress of Joe Biden's new US economic rescue package.

Oil cartel OPEC saw production rise in December, as Libya's energy sector sprang back to life following a ceasefire deal in the war-torn country.