The International Monetary Fund has flagged concerns the Middle East is sliding into recession, with the Iran conflict fuelling an economic slump across the region and sending energy costs up. Corporate outlooks have taken a hit in response to the surge in energy costs.

The IMF also revised Romania's outlook downward, projecting a 0.5% contraction in 2026 with inflation sitting at 8.2%. In Australia, the downturn is visible in the property market, where auction clearance rates have dropped under 50% for two weeks running and house prices are falling across the country.