Global stock markets followed Wall Street lower Monday after the top U.S. diplomat met China's leader.

London and Paris opened lower. Shanghai, Tokyo and Hong Kong retreated. U.S. markets are closed Monday for a holiday. Oil prices fell.

Multinational companies including Amazon, Marriott and Hilton pledged Monday to hire more than 13,000 refugees, including Ukrainian women who have fled the war with Russia, over the next three years in Europe.

Just ahead of World Refugee Day on Tuesday, more than 40 corporations say they will hire, connect to work or train a total of 250,000 refugees, with 13,680 of them getting jobs directly in those companies.

The head of the International Monetary Fund on Friday praised the European Central Bank's decision to raise interest rates for the eighth time in a row and its pledge to keep going as long as needed to bring down high inflation.

Managing Director Kristalina Georgieva said the IMF welcomed both the ECB's quarter-percentage point rate hike Thursday and President Christine Lagarde's vow that the ECB is "not thinking about pausing." The bank is trying to lower inflation from 6.1% to its goal of 2%.

Qatar and Iraq inked a series of economic and energy deals during a visit to Baghdad by the Qatari emir, Sheikh Tamim bin Hamad Al Thani.

The two countries signed a broad agreement to expand "cooperation in politics, economics, energy, and investment," Iraqi Prime Minister Mohammed Shia al-Sudani said in a statement.

China's consumer and factory activity weakened in May and record-breaking unemployment among young people in cities rose as an economic rebound following the end of anti-virus controls slowed.

Surveys found 20.8% of potential workers in cities aged 16-24 were unemployed, up from April's previous record of 20.4%, the government reported Thursday.

Microsoft Corp. co-founder Bill Gates says he is in Beijing, joining a series of foreign business figures who have visited China as the ruling Communist Party tries to revive investor interest in the country.

Gates, who stepped down as Microsoft chairman in 2014, said on Twitter late Wednesday that he would meet partners who have worked with his charitable foundation. However, Gates is revered in China as an entrepreneur, giving Chinese leaders a chance to show their interest in foreign business by publicizing any meetings with him.

The U.S. Federal Reserve may have hit "pause" on interest rate hikes, but the European Central Bank still has its finger on "fast forward" as inflation plagues consumers with higher costs for everything from groceries to utility bills and summer vacations.

Analysts say an increase of a quarter-percentage point is a foregone conclusion when the ECB's governing council meets Thursday, a day after the Fed took at least a temporary breather after 10 straight hikes.

Turkish President Recep Tayyip said his economic policies have not changed but he suggested that his finance minister will have leeway to move away from an unconventional approach that many have blamed for a worsening cost-of-living crisis.

Erdogan, who was reelected to a third term last month, appointed Mehmet Simsek, an internationally respected banker who served in the Cabinet previously, as treasury and finance minister. He also picked Hafize Gaye Erkan, a former U.S.-based bank executive, to head the central bank, the first woman hold the role.

Shell has effectively abandoned a plan to cut oil production by 1-2% per year until the end of the decade, instead maintaining output at current levels in a move that risks angering climate activists.

Ahead of an investor update in New York on Wednesday, Europe's largest energy company argued that it had already met the target it had set for itself in 2021 through asset sales.

European Union antitrust regulators took aim at Google's lucrative digital advertising business in an unprecedented decision, saying Wednesday that the tech giant must sell off some of its ad business to address competition concerns.

The European Commission, the bloc's executive branch and top antitrust enforcer, said its preliminary view after an investigation is that "only the mandatory divestment by Google of part of its services" would satisfy the concerns.