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Renewed Global Economy Fears Hit Asia Markets

Nervous investors dumped high-yielding, risky assets Tuesday on fears about the global economy, with the Indonesian rupiah and Malaysian ringgit taking a hit and most Asian stock markets retreating.

Comments from a top Federal Reserve official suggesting a U.S. rate hike could come this year also dented confidence.

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Oil Prices Rebound in Asia on Bargain Hunting

Oil prices rebounded in Asia Tuesday on bargain hunting ahead of a report on U.S. crude inventories, but the market remained weighed down by the slowing Chinese economy and a global oversupply.

U.S. benchmark West Texas Intermediate for delivery in November climbed 24 cents to $46.13 and Brent crude for December advanced 24 cents to $48.85 a barrel at around 0530 GMT.

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U.S., EU Open Free-Trade Talks in Miami

Senior negotiators on a huge transatlantic trade treaty opened new talks in Miami Monday aiming to close some differences on key issues between the United States and the European Union.

The 11th round of talks on the Transatlantic Trade and Investment Partnership, or TTIP, were under new pressure to advance two weeks after Washington scored a major triumph with the agreement to set up a Pacific free-trade group with Japan, Canada and nine other countries.

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Saudi Signs Nuclear Energy Pact with Hungary

Oil giant Saudi Arabia, which is trying to diversify its energy sources, signed an agreement Monday with Hungary to cooperate in the peaceful use of atomic energy.

It is the latest pact of its kind signed by the world's largest oil exporter, which earlier this year reached similar agreements with Russia and South Korea.

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Third Istanbul Airport Opening Delayed until 2018

The opening of Istanbul's third airport, a controversial multi-billion-dollar project expected to become one of the world's busiest air hubs, has been delayed until 2018, Turkish President Recep Tayyip Erdogan said Monday.

The facility had been scheduled to open on October 29, 2017 -- the 94th anniversary of the founding of modern Turkey.

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India Bank Chief Urges IMF Action over Monetary Easing

The head of India's central bank on Monday called for the International Monetary Fund to stop "applauding" the monetary easing policies of many developed countries. 

Reserve Bank of India governor Raghuram Rajan said in a speech that the IMF should be doing more to assess the knock-on effects of stimulus measures on the global economy. 

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Scotland's Oil City Suffers as Prices Plunge

The Scottish oil city of Aberdeen, long used to the energy industry's ups and downs, is gritting its teeth and praying for the price of black gold to rise once more.

"The situation is critical, 65,000 jobs from the industry and the supply chain are already gone. Some companies say 2016 is a black hole," said Jake Molloy, responsible for offshore workers in the RMT trade union.

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S&P: Islamic Finance Growth to Slow over Low Oil Price

The fast-growing Islamic finance industry is set to slow down next year over the sharp fall in oil revenues and rapid regulatory changes, Standard and Poor's Ratings Services said on Monday.

"We think Islamic finance growth will drop to single digits in 2016 from between 10 percent and 15 percent over the past decade," S&P said in a report.

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Hollande Says Air France Turbulence Doesn't Reflect State of Country

French President Francois Hollande said Monday the social turbulence currently gripping Air France, which was rocked by violent protests over job cuts, was not a reflection of the state of the country.

The struggling airline's restructuring plan made headlines around the world earlier this month when executives were manhandled by furious workers, sparking concerns that the violence was just one of the symptoms of France's overall economic and social malaise.

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China Growth Slowdown Sends Shanghai Stocks Marginally Lower

Shanghai stocks retreated Monday after China released data showing growth at its slowest rate for six years in July-September, although losses were tempered by hopes of fresh stimulus measures.

The benchmark Shanghai Composite Index slipped 0.14 percent, or 4.65 points, to 3,386.70. The Shenzhen Composite Index, which tracks stocks on China's second exchange, edged up 0.14 percent, or 2.68 points, to 1,969.64.

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