Saudi shares dived at the start of trading Tuesday a day after the oil-rich kingdom announced a record $98 billion deficit this year and said it was drastically cutting fuel subsidies.

The Tadawul All-Shares Index (TASI) fell by 3.1 percent minutes after opening to 6,777.05 points, close its lowest level this year.

The euro held its gains in thin trading Tuesday, after a European Central Bank (ECB) official hinted at another wave of stimulus, while fears about China's economy dented the yuan.

ECB executive board member Yves Mersch said policymakers have "by no means used up all our ammunition", according to an excerpt from an interview with the International Bankers Forum.

Tokyo's benchmark stock index was flat Tuesday morning, as another slump in oil prices and weak data out of China and Japan reignited concerns about the global economy.

The Japanese market picked up a weak lead from Wall Street, where the main indices ended in the red on Monday following the slide in crude prices.

Saudi Arabia announced a record budget deficit and cuts to fuel and utility subsidies on Monday as the oil powerhouse suffers from the drastic fall in crude prices.

Petrol prices in the kingdom were to rise by more than 50 percent on some products from Tuesday, authorities said, after the world's largest crude exporter said it had posted a deficit of $98 billion in 2015.

The eurozone is not expected to welcome any new members in the coming years, as the region's long crisis seems to have put some countries off, deputy European Commission chief said in a newspaper interview Monday.

"No new members are expected to join in the next few years," Valdis Dombrovskis told the daily Die Welt. 

Tokyo stocks snapped a five-day losing streak in a quiet trading session Monday as bargain-buying and a weaker yen lifted the market in the last trading week of 2015.

The market also got a boost after crude prices jumped last week, bouncing off their lowest point in more than a decade, after data showed that U.S. inventories declined and that drillers have idled rigs.

Dubai plans to raise spending by 12 percent next year, balancing that out with identical growth in revenue, on a budget of 46.1 billion dirhams ($12.6 billion), the government said Sunday.

This is the second year in a row that the Gulf emirate will have a deficit-free budget since the 2009 global financial crisis, when it came close to defaulting because of a crash in the real estate market.

The China-backed Asian Infrastructure Investment Bank (AIIB), viewed by some as a rival to the World Bank and Asian Development Bank, was formally established on Friday, according to a statement issued by Beijing.

The United States and Japan -- the world's largest and third-largest economies, respectively -- have notably declined to join the bank, which is expected to begin operations early next year, though others such as Australia, Germany and Britain will take part. 

The Ukrainian parliament on Friday adopted a budget for 2016 with a deficit of 3 percent of GDP, crucial for unlocking much needed aid from the IMF and Western countries.

The budget was passed after an acrimonious all-night debate and was finally approved by 263 lawmakers, about 40 more than the minimum required number.

A luxury apartment in Hong Kong sold for a record HK$594.7 million ($76.7 million), days before Christmas, making it the most expensive flat in the city and possibly in Asia, reports said Friday.

An unidentified buyer paid more than HK$103,700 per-square-foot for the 5,732 square-foot (532 square-metre) unit at the luxury 39 Conduit Road apartment tower in the southern Chinese city's upmarket Mid-Levels residential area, The Apple Daily and The Standard reported.