The IMF said Thursday that Greece would need a lengthy period free from debt payments to achieve sustainable finances if the European Union does not agree to cutting the debt up front.

"It is possible to restore debt sustainability without upfront haircuts, although this would involve providing very concessional loan terms including long grace and maturity periods and very low interest rates," IMF spokesman Gerry Rice told reporters.

The International Monetary Fund (IMF) predicted Thursday that the Russian economy would contract by about 1.5 percent this year before experiencing moderate growth in 2017.

Israel is expected to finally ratify a deal to put a major offshore gas field online, the energy ministry announced, after a compromise was reached with the U.S.-led consortium of developers.

The supreme court in March struck down a complex agreement on development of the Leviathan gas field, off Israel's Mediterranean coast, with justices objecting to a clause that guaranteed the terms of the deal would not change for a decade.

U.S. retail giant Walmart reported slightly higher quarterly sales Thursday, and offered a confident outlook despite reporting a dip in earnings.

The results bested analyst expectations, standing out from a plethora of largely-disappointing retailer earnings in recent days and sending Walmart shares up nearly nine percent in pre-market trade to $68.50.

Spain's state-rescued lender Bankia said Thursday it has paid out 1.2 billion euros ($1.35 billion) in compensation to small investors who bought into its failed stock market listing in 2011.

The dollar soared against emerging market currencies on Thursday as investors sought safety after minutes showed the Federal Reserve was more likely to raise interest rates than previously believed.

Traders moved back into the U.S. currency after the minutes to the Fed's April meeting suggested on Wednesday that a U.S. interest rate hike in June was increasingly likely.

Japan sidestepped a recession after its economy grew in the first quarter, preliminary data showed Wednesday, but efforts to cement recovery in the world's number three economy were gaining little traction.

Gross domestic product expanded by 0.4 percent between January and March -- or 1.7 percent at an annualised rate -- after a contraction in the last three months of 2015.

Bank of Spain figures show that the country's public debt is now worth more than the value of the economy.

The bank said Wednesday that Spain's public debt stockpile stood at 1.09 trillion euros ($1.23 trillion) in the first quarter of the year. That represents 101 percent of the country's annual GDP — 1.08 trillion euros — in 2015.

Crude prices hit fresh 2016 highs in its march toward $50 in Asia Wednesday, fanned by escalating wildfires in Canada's oil sands region and hopes of an easing in a global supply glut.

Prices shot up this week after U.S. banking giant Goldman Sachs said supply disruptions in Africa's biggest oil producer Nigeria -- along with better demand -- had created a surprising short-term deficit.

Chinese appliance giant Midea on Wednesday launched a takeover offer for German industrial robotics supplier Kuka and is seeking at least a 30 percent stake, according to a statement, the latest major overseas Chinese investment.