China's exports fell by 1.0 percent on-year in August, official data showed Sunday, amid a bruising trade war with the U.S. that has roiled markets in the world's top two economies.

Oil producers will do "whatever necessary" to rebalance a crude market depressed by trade tensions and an uncertain global outlook, the United Arab Emirates' energy minister said Sunday.

Saudi Arabia's King Salman on Sunday replaced the energy minister with one of his sons, state media said, in a major shakeup as the OPEC kingpin reels from low oil prices.

Top oil producers will consider fresh output cuts at a meeting this week, but analysts are doubtful they will succeed in bolstering crude prices dented by the U.S.-China trade war.

Global stock markets posted modest gains on Friday while US jobs data pointed to a possible soft patch for the world's top economy, dealers said.

Boeing has suspended testing on its new long-haul 777X aircraft, the company said Friday, a setback that comes as it battles to rebound from the crisis surrounding the 737 MAX.

China's central bank announced Friday it was cutting the reserve requirements for banks, in a bid to boost lending and bolster the slowing economy.

The pace of downsizing at American companies surged last month, with more than 10,000 job cuts blamed on "trade difficulties" alone, according to figures released Thursday.

The U.S. economy grew at an unspectacular pace in recent weeks, while businesses still took a rosy view of the near future despite the escalating U.S.-China trade war, the Federal Reserve said Wednesday.

President Vladimir Putin sought to lure Asian investment to Russia's Far East on Thursday as the launch was announced of a huge Arctic gas project aimed at Asian markets.