Swiss banking giant UBS said Friday its net profit plunged 46 percent in 2016 under the weight of restructuring costs and a downturn for its investment bank in difficult market conditions.

Switzerland's largest bank reported its net profits for the year were 3.3 billion Swiss francs (3.09 billion euros, $3.3 billion).

Most Asian markets rose again Friday following another positive lead from Wall Street, with Tokyo boosted by a plunging yen, although traders remain nervous about the outlook for global trade with Donald Trump in the White House.

British Prime Minister Theresa May headed to the United States on Thursday where she will be the first foreign leader to meet President Donald Trump, with post-Brexit trade top of the agenda.

Global stocks rallied higher Thursday after Wall Street bulldozed its way to another record peak, as investors rediscovered their fervor for U.S. President Donald Trump's pro-spending policies, dealers said.

Britain's government on Thursday published a draft law that would authorize Prime Minister Theresa May to begin the procedure for leaving the European Union in an important milestone towards Brexit.

Iraq signed a billion-dollar deal Thursday with U.S. firm General Electric for the construction of two power plants aimed at easing the country's long-running electricity woes, the premier's office said.

Oil markets have already begun to rebalance after strong signs that producers are complying with output cuts, Kuwait Oil Minister Essam al-Marzouk said on Wednesday.

"We are confident that rebalancing in the oil markets has already started," Marzouk said.

Tokyo shares rallied Wednesday due to a weaker yen and a record close on Wall Street, after days of losses linked to fears over U.S. President Donald Trump's economic policies.

Germany's largest lender Deutsche Bank may sell off part of its asset management arm as it confronts a mammoth fine in the US over the subprime mortgage crisis, Handelsblatt newspaper reported Wednesday.

Bank insiders value the unit at around 6.0 billion euros ($6.4 billion), of which it might offer a quarter on the stock market, Handelsblatt continued, citing internal sources at Deutsche Bank.

Toyota said it will invest $600 million and create 400 jobs at one of its US plants - just weeks after Donald Trump criticised the Japanese auto giant for planning to open a factory in Mexico.

The US president has pressured automakers, both American and foreign, into boosting production and hiring in the United States, threatening them with punitive tariffs if they move factories and jobs overseas.