Libya is resuming oil exports from its eastern production heartland, its National Oil Corporation said Wednesday after a showdown between the war-torn country's rival authorities.

The internationally recognised NOC was handed back control of four terminals in the oil crescent on Wednesday morning, it said in a statement, adding that "production and export operations will return to normal levels within the next few hours".

The United States and China have fired the next shots in their escalating trade war, with Washington threatening to impose fresh tariffs on another $200 billion in Chinese goods and Beijing vowing to retaliate.

Tesla on Tuesday revealed plans to build a factory in Shanghai that would dramatically increase its notoriously constrained production capacity, with boss Elon Musk making his electric-car company's biggest overseas move yet just as a U.S.-China trade battle heats up.

India has become the world's sixth-biggest economy, pushing France into seventh place, according to updated World Bank figures for 2017.

Cuba on Tuesday reauthorized private businesses after a year-long freeze, but with tighter controls than before on a segment of the economy that now makes up 13 percent of the island's workforce.

Asian markets mostly rose on Tuesday following another strong lead from New York, as optimism about the US economy and the beginning of the earnings season provide a distraction from trade tensions.

Summer is the ideal time for cracking open a bottle of rose, but fans of French wine might be thinking twice after millions of bottles were found to contain less costly Spanish versions instead.

British business welcomed a UK plan to keep strong European Union economic ties post Brexit, even though Prime Minister Theresa May was already counting the political cost.

Global stock markets mostly rose Monday as the British government appeared to turn toward a more trade-friendly version of Brexit and as investors monitored the escalating trade standoff between the U.S. and China.

KEEPING SCORE: France's CAC 40 rose 0.5 percent to 5,402, while Germany's DAX added 0.2 percent to 12,520. Britain's FTSE 100 was also higher at 7,646, up 0.4 percent. U.S. shares were also set for gains, with Dow futures up 0.5 percent and S&P 500 futures gaining 0.4 percent.

French President Emmanuel Macron said Monday that the government would unveil "in the coming weeks" a plan to cut public spending and keep the budget within European Union deficit targets.