Global economic recovery is still "too slow" and "too fragile" in the face of growing risks from a slowdown in China and subdued growth in developing economies, International Monetary Fund chief Christine Lagarde said Tuesday.

"The good news is that the recovery continues; we have growth; we are not in crisis," Lagarde said in a speech in Frankfurt. 

India's central bank on Tuesday cut its key interest rate to a five-year low of 6.5 percent citing a dip in inflation, and signaled there could be further rate cuts to come.

In a widely expected move, the Reserve Bank of India (RBI) said it would lower the benchmark repo rate, the level at which it lends to commercial banks, by 25 basis points down from 6.75 percent. 

Australia's central bank Tuesday held interest rates at a record low but indicated it could cut them in the future as recent strength in the domestic currency threatens to derail economic growth.

The economy's bumpy transition away from resource-based growth after an unprecedented surge in mining investment has been hurt by a slowdown in China, its largest trading partner, and plunging commodity prices.

The yen pushed towards an 18-month high against the dollar Tuesday as investors seek refuge from an equity market sell-off and expectations of a near-term U.S. interest rate hike fade.

Strong U.S. jobs and manufacturing data last week were not enough to fire up the greenback after the Federal Reserve's earlier comments that borrowing costs would remain unchanged until the second half of the year.

Israel has authorized another 500 Jordanians to work in hotels in its  Red Sea resort of Eilat to make up for a domestic labor shortage, the tourism ministry said Monday.

Israel's state-owned energy company reduced power to a number of Palestinian areas including Bethlehem on Monday, officials said, citing unpaid debt by the Palestinian Authority.

Greece on Monday resumes reform talks with its international creditors, including the IMF, amid leaks claiming the global lender was toying with the idea of a Greek default.

Middle Eastern and North African nations can make a "net benefit" of $750 billion if they achieve their set targets on the use of renewable energy, a senior official said Monday.

World oil prices steadied Monday as Saudi Arabia cast doubt on whether a key producers meeting would reach an agreement to freeze output to address a global supply glut.

The eurozone unemployment rate improved only marginally in February, official data showed Monday, stoking concerns the economy could be slowing after only a modest recovery.