Stock markets in the energy-rich Gulf states nosedived on Tuesday as oil prices slumped and global markets were dragged down by a gloomy outlook for crude. 

U.S. benchmark West Texas Intermediate for February delivery dropped below the $50 a barrel mark for the first time in more than five and a half years while Brent crude was hovering around $52 a barrel. 

French and German borrowing rates reached new all-time lows on Tuesday amid fears over the prospect of Greece leaving the eurozone.

As of 0830 GMT, France's 10-year debt hit 0.772 percent on the secondary market, while the German 10-year Bund fell to 0.484 percent.

South Korea's Hyundai announced Tuesday it plans to invest 80.7 trillion won ($73 billion) by 2018 in bolstering overseas production and developing next-generation cars.

The auto giant said it would over the next four years invest 49.1 trillion won on expanding corporate infrastructure and an additional 31.6 trillion won on research and development.

French President Francois Hollande shifted position Monday on implementing a long-sought financial transactions tax in Europe and said the money should go towards projects aimed at mitigating climate change.

In an interview on France Inter radio Hollande said such a tax should be put in place next year in willing European countries on "all financial products at a low rate".

Sharjah-based budget carrier Air Arabia said Monday it acquired 49 percent of Jordan's Petra Airline and plans to turn Amman into a new hub. 

The first and largest low-cost carrier in the Middle East and North Africa will rebrand Petra as Air Arabia Jordan, which should begin operations in the first quarter of this year, Air Arabia said in a statement to the Dubai bourse, where it is listed.

U.S. oil prices Monday dropped below $50 a barrel for the first time since 2009 on a rocky day in global financial markets. 

Near 1630 GMT, U.S. benchmark West Texas Intermediate for delivery in February briefly dipped to $49.95 a barrel, before rallying somewhat to $50.20 a barrel.

New car registrations in Germany, a key measure of demand in one of the most important sectors of Europe's top economy, rose in 2014, partly reversing two previous years of declines, the VDA industry federation said Monday. 

A total of 3.037 million new cars were registered year, an increase of 3.0 percent over the figure for 2013, VDA said in a statement. 

Global oil prices spiraled lower Monday to strike new five-year lows as traders fretted over gloomy data, demand worries and plentiful crude supplies.

In early afternoon London deals, Brent North Sea crude for delivery in February sank to $54.44 per barrel, hitting the lowest level since May 2009.

Annual inflation in Turkey ticked up to 8.17 percent in 2014, slightly higher than 2013 and well over the central bank's medium-term target, the state statistics office said Monday.

However the figure was lower than expected by analysts, with inflation falling 0.44 percent in December from November.

Chinese Internet giant Tencent, operator of the popular messaging app WeChat, has launched an online bank, a state-backed newspaper said Monday, as the government seeks to foster private lenders.

The online bank, called WeBank, will be fully Internet-based with no physical branches, the China Daily newspaper said.