The International Monetary Fund has warned the Middle East is moving toward 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 cut its Romania forecast, 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 now fallen below 50% for two weeks running and house prices are declining across the country.