Pakistan and Russia signed an agreement on Friday to build a gas pipeline stretching hundreds of kilometers from Karachi on the Arabian Sea to the eastern city of Lahore.

Russian Energy Minister Alexander Novak and Pakistan Petroleum Minister Shahid Khaqan Abbasi signed the agreement at a ceremony witnessed by Pakistani Prime Minister Nawaz Sharif and broadcast live.

Oil prices advanced in Asia Friday, ending four days of straight losses on news that Russia was prepared to talk about output cuts in a meeting with OPEC crude producers next week.

Oil prices had been tumbling since Monday on data showing that a global crude supply glut could persist well into next year.

U.S. funding needs will top its borrowing limit on November 3, leaving the government short of the cash necessary to fund budgeted operations, Treasury Secretary Jacob Lew warned Thursday.

Lew said in a letter to Congress that the legislature's failure to raise the country's borrowing ceiling by then would leave the Treasury unable to fully pay all of the government's obligations, which include salaries, retirement benefits, debt service, and other commitments.

Volkswagen said Thursday it will recall a total of 8.5 million diesel vehicles Europe-wide as police raided the carmaker's office in Italy and those of its sports car unit Lamborghini over a global pollution-cheating scandal.

The massive recall in all 28 of the EU's member states would begin in January 2016 while for countries outside the bloc, the company is still examining which vehicles were affected, VW said in a statement.

Spanish oil giant Repsol said Thursday it will sell just over six billion euros ($6.8 billion) in assets and slash capital spending over the next five years as it tries to protect investors' dividends.

The global firm said its new five year strategic plan "guarantees Repsol's strength and ability to create value even with low oil prices."

Oil prices diverged in Asia Thursday as a report showing increased production by the OPEC cartel bolstered expectations a supply glut will persist well into next year.

Weak economic data from the United States and China further confirmed the global economic slowdown this year and next projected by the World Bank and International Monetary Fund, likely denting oil demand.

Australia's unemployment rate remained stable at 6.2 percent in September, data showed Thursday, with some analysts suggesting it may have peaked as the economy moves away from a dependence on mining.

The Australian Bureau of Statistics figures showed that in rounded terms, some 5,100 jobs were lost from the economy, with full-time positions falling by about 13,900 and part-time roles increasing by around 8,900.

The German government Wednesday slightly trimmed its 2015 growth forecast due to the slowdown in emerging economies, but said domestic consumption would likely more than offset the external weakness.

Output growth was now expected to reach 1.7 percent for 2015, and 1.8 percent for 2016, said Economy Minister Sigmar Gabriel, who six months ago had predicted growth for both years at 1.8 percent.

ChemChina has completed the acquisition of just under 87 percent of Pirelli's ordinary shares, leaving it within touching distance of its goal of delisting the iconic Italian tire-maker.

Marco Polo Industrial Holding, a company created to facilitate the takeover and 65 percent owned by ChemChina, said its 15-euros-a-share offer valuing Pirelli at 7.4 billion euros (8.4 billion dollars) would be extended until October 27.

The dollar declined against the yen on Wednesday on expectations a U.S. interest rate rise will be delayed while demand for safer assets increased on the back of volatile oil prices and worries about China's economy.

Concerns about the slowdown of Chinese growth kept the pressure on investors who, spooked by Tuesday's disappointing trade data and another weak inflation reading Wednesday, shifted into lower yield assets considered safer bets.