The International Monetary Fund has flagged concerns the Middle East is sliding into recession, with the Iran conflict causing an economic slump across the region and pushing oil prices higher. Corporate outlooks have taken a hit in response to the spike in oil prices.

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 showing up in the property market, where auction clearance rates have now fallen below 50% for two weeks running and house prices are softening across the country.