Egyptian President Abdel Fattah al-Sisi said on Saturday he would not shy from tough economic reforms he said previous rulers had avoided fearing unrest.

Sisi's comments come after an initial agreement with the International Monetary Fund for $12 billion in financing that hinges on a reform package slashing state spending and the devaluation of the Egyptian pound.

The British government pledged Saturday to match European Union funding for farmers, universities and infrastructure projects after Britain leaves the bloc, to stem fears that key sectors will be left struggling.

The commitment, intended to address uncertainty over the impact of the June 23 vote for Brexit, could cost around £4.5 billion ($5.8 billion, 5.2 billion euros) a year, finance minister Philip Hammond said. 

China must take "urgent" action to reform its economy or risk "permanently lower growth", the International Monetary Fund said in a report Friday, citing mounting corporate debt as a major concern.

Crude prices slipped Friday on profit-taking, following gains triggered by Saudi Arabia oil minister who hinted that producers could agree to limit production.

Danish oil and shipping conglomerate A.P. Moller-Maersk on Friday reported a plunge in profits in the second quarter in the face of tough market conditions, but beat expectations as it continued to cut costs.

Net profit in the period plummeted to $101 million (90.5 million euros) from $1.07 billion as revenue fell 16 percent to $8.86 billion.

Inflation in the German economy, Europe's largest, picked up slightly in July, final official data confirmed on Friday.

Germany's national inflation yardstick, the consumer price index, grew by 0.4 percent, the federal statistics office Destatis said.

The International Monetary Fund has reached an initial agreement with Egypt for $12 billion in funding over three years, the fund said on Thursday.

The Egyptian government hopes the deal will provide a lifeline amid a dollar shortage, dwindling foreign reserves and an economy battered by years of unrest.

Demand for gold soared in the second quarter as investors sheltered from global turmoil including Brexit, the World Gold Council said Thursday.

Total gold demand stood at 1,050 tonnes in April-June period, an increase of 15 percent compared with the second quarter of 2015.

Oil prices fell for a third day in Asia trade Thursday after figures showing high US crude stockpiles and increased Saudi production.  

French industrial production dropped for a second straight month in June, statistics bureau Insee said Wednesday, alarming analysts who had been looking for a modest increase.

Output fell 0.8 percent in June, after dropping 0.5 percent in May, with oil refining posting the largest single decline after strikes in France's oil industry.