President Donald Trump on Tuesday predicted US economic growth would soon hit above five percent in a bullish speech hailing his administration's business record.

Speaking to business leaders at a lavish dinner party at his New Jersey golf course, Trump said growth "could be in the fives" by the next quarter. 

China on Wednesday posted a forecast-busting surge in exports for July, but while its surplus with the U.S. dipped slightly analysts warned that the full impact of U.S. sanctions was yet to be felt.

A global markets rally faltered Wednesday as the ongoing U.S.-China trade row eroded investor sentiment, dealers said.

German luxury carmaker BMW on Wednesday confirmed it would recall 323,700 cars across Europe due to a faulty component that could cause engines to catch fire.

German industrial production disappointed in June while exports were flat, official data showed Tuesday, but analysts said it was too early to declare the party over for Europe's powerhouse economy despite trade tensions.

Industrial output fell 0.9 percent month-on-month, federal statistics authority Destatis said, following a 2.4-percent rise in May.

U.S. President Donald Trump on Tuesday said that sanctions reimposed on Iran were the "most biting ever" as he warned other countries from doing business with Tehran.

Greece received on Monday the final 15-billion-euro payment from its eight-year bailout program in what creditors hailed as proof that tough austerity measures were "paying off."

German automaker Daimler on Tuesday said it was halting its business activities in Iran after the United States re-imposed sanctions on Tehran.

The Turkish lira on Monday hit new record lows against the dollar and euro as strains caused by a diplomatic spat with the United States compounded concerns over domestic economic policy.

Industrial orders in Germany fell more than expected June, official data showed Tuesday, as global trade tensions weighed on Europe's top economy.