Chinese inflation fell to 1.2 percent in May, data showed Tuesday, as Beijing struggles to boost consumer spending while analysts tipped further stimulus measures on top of the three interest rate cuts since late 2014.

The reading for the consumer price index (CPI), the main gauge of inflation in the world's second-biggest economy, was lower than April's 1.5 percent, National Bureau of Statistics said.

China will ultimately have "veto power" over major decisions of the new Beijing-led Asian Infrastructure Investment Bank, the Wall Street Journal reported on Tuesday.

The AIIB, which will be based in the Chinese capital, has 57 prospective members, but the United States and Japan -- the world's largest and third-largest economies, respectively -- notably have declined to join.

Scandal-hit bank HSBC announced Tuesday up to 25,000 job cuts as part of a global restructuring that entails its withdrawal from Brazil and Turkey, while it also mulls abandoning London as its HQ.

In a statement to the Hong Kong stock exchange it also said it intends to save $5 billion in annual costs within two years.

Germany's trade surplus widened in April from the previous month as exports grew by 1.9 percent,  official data showed on Monday.

At the same time imports fell by 1.3 percent, pushing the trade surplus, the balance between imports and exports, up to 22.3 billion euros ($25 billion) in April, according to seasonally adjusted figures published by the federal statistics office, Destatis.

Turkish shares fell 6 percent in morning trade Monday and the lira plunged to a new record low against the dollar, as investors took fright at new political uncertainty following legislative elections.

Turkey's central bank acted swiftly in an intervention to give some support to the pressured Turkish lira, saying it was pruning its short term foreign exchange deposit rates effective Tuesday.

Germany's Finance Minister Wolfgang Schaeuble will meet Monday in Berlin with his Greek counterpart Yanis Varoufakis, amid contentious negotiations between Greece and its creditors, the German ministry said.

A ministry spokesman told Agence France Presse the meeting would take place "in the morning" and that no press conference was planned.

Oil prices fell in Asia Monday after OPEC decided to maintain its high output levels, while traders were also weighing the possible return of Iranian supplies that have been curtailed by international sanctions against Tehran, analysts said. 

U.S. benchmark West Texas Intermediate for July delivery fell 47 cents to $58.66 while Brent crude for July eased 42 cents to $62.89 in afternoon trade. 

Greek Prime Minister Alexis Tsipras on Friday said the country was close to a default-saving reform deal but called on EU-IMF creditors to withdraw "absurd" demands for further austerity cuts after ducking a loan repayment to the IMF.

"I believe we are now closer than ever to a deal," Tsipras said in a speech to parliament as he faced criticism from the opposition on the state of the negotiations.

The International Monetary Fund said Friday it was preparing $833 million in emergency financial assistance to Iraq as the country battles the Islamic State insurgency.

The IMF said a mission had agreed on the aid with the Iraqi government under the Fund's Rapid Financing Instrument program, subject to IMF management approval, which is lusikely to come in July.

Spain's new anti-austerity party Podemos on Friday presented its economic proposals to representatives of the International Monetary Fund in Spain, the party said in a statement.

"This meeting, which is the result of an IMF request made to Podemos, is part of a series of meetings which the international body is having with Spanish political parties and economic actors during its visit to the country," the statement said.