The Bank of England has cut interest rates for the first time since the onset of the COVID-19 pandemic in early 2020.

In a statement Thursday, the bank said that by a 5-4 margin, its nine-member policymaking panel backed a quarter-point reduction in its main interest rate to 5%, from the 16-year of 5.25%.

Global markets were mostly lower and Japan's stock index tumbled Thursday as the U.S. dollar sank against the yen after the head of the Federal Reserve suggested a cut to interest rates will come soon.

France's CAC 40 slid 1.3% in early trading to 7,433.71. Germany's DAX declined 1.3% to 18,275.40, while Britain's FTSE 100 fell 0.3% to 8,347.45. The future for the S&P 500 edged 0.1% higher while that for the Dow industrials fell 0.1%.

Most indexes were sharply higher in early trading on Wall Street Wednesday amid a flurry of earnings ahead of the Federal Reserve's interest rate policy decision.

Oil prices jumped more than $2 a barrel after Hamas's top political leader died in an air strike in Tehran.

Frustrated with growing economic hardships, Nigerians are planning nationwide protests this week against the country's worst cost-of-living crisis in a generation.

And with momentum soaring on social media, authorities fear a replay of the deadly 2020 demonstrations against police brutality in this West African nation — or a wave of violence similar to last month's protests in Kenya, where a tax hike led to chaos in the capital, Nairobi.

China's powerful Politburo has endorsed the ruling Communist Party's long-term strategy for growing the economy by encouraging more consumer spending and weeding out unproductive companies to promote "survival of the fittest."

A statement issued after the meeting of the 24 highest leaders of the party warned that coming months would be tough, perhaps alluding to mounting global uncertainties ahead of the U.S. presidential election in November.

Europe's economy saw modest growth in the April-June quarter even as the U.S. outperformed expectations, highlighting a persistent transatlantic growth gap. Germany, the leading European economy, remained in the dumps while hesitant consumers saved more rather than spending on new houses or cars.

Gross domestic product, the total output of goods and services, rose 0.3% in the second quarter in the 20 countries that use the euro currency, according to official figures released Tuesday by European Union statistics agency Eurostat. Germany slid back into contraction, recording a 0.1% fall in output.

The eurozone economy grew faster than expected in the second quarter, official data showed on Tuesday, confirming the single currency area's rebound since January.

The EU's official data agency said the 20-country single currency zone recorded growth of 0.3 percent over the April-June period, higher than the 0.2 percent expected by analysts surveyed by FactSet and Bloomberg.

Addressing crowds of struggling farmers in flat caps and home-knit sweaters who helped vault him to power but have grown increasingly impatient with his progress, President Javier Milei vowed to scrap export taxes and rescue Argentina's key agricultural industry.

The country's powerful agricultural producers say they're willing to give the libertarian more time to deliver on his free-market promises. But many farmers are disillusioned that seven months into Milei's presidency, they remain hobbled by labyrinth currency controls, crushing export taxes and an uncompetitive exchange rate.

McDonald's posted weak sales in the second quarter as increasingly value-conscious consumers in the U.S., China and paid fewer visits to restaurants.

Sales at locations open at least a year fell 1% worldwide across every company segment in the April-June period, the first decline since the final quarter of 2020 when the pandemic shuttered stores and millions stayed home.

Britain's new Treasury chief is alleging that the previous government covered up the dire state of the nation's finances, as she prepares to deliver a major speech to Parliament on Monday that is widely expected to lay the groundwork for higher taxes.

In extracts of her speech released late Sunday, Rachel Reeves professed shock at the scale of the problems she discovered following a department-by-department review of public spending commissioned shortly after she took office three weeks ago. In a post on the social media platform X on Monday, the Labour Party confirmed that the Treasury review has identified a 20 billion-pound ($26 billion) shortfall in the public finances.