China will pledge a multi-billion dollar investment in Europe's new infrastructure fund at a summit on June 29 in Brussels, according to a draft communique seen by Reuters - Beijing's latest round of chequebook diplomacy to win greater influence.

Ride-hailing service Uber Technologies Inc plans to invest more than $1 billion in China this year as the controversial ride-hailing app looks to rev up growth in the world's second largest economy, an executive at the firm said on Friday.

Vehicle sales in China fell for a second straight month in May, the first such consecutive drop since late 2011, highlighting the weakness in the world's second biggest economy.

Overseas markets bring in more advertising revenue than the United States for Facebook Inc, amounting to 51 percent of global ad sales in the first quarter, with growth in Asia the fastest in the world at 57 percent, company executives told Reuters.

Hungary has become the first European country to sign a cooperation agreement for China's new "Silk Road" initiative to develop trade and transport infrastructure across Asia and beyond, China's foreign ministry said late on Saturday.

European shares extended losses on Friday, on track for their worst week of the year as a losing streak for bonds rumbled on, with wary investors anticipating more Greek debt drama and a solid U.S. payrolls reading.

German debt yields added to their biggest jump in almost three years and the euro held on to its gains on Wednesday, as investors waited to hear the ECB's view of a turbulent run for markets and its hopes for a Greek aid deal.

China's economic growth, already at its slowest in decades, will get worse before it gets better, as economists say it will take time before liberalizing reforms turn net positive, and Beijing needs to bite more such bullets for a sustainable turnaround.

It may be impossible for the Federal Reserve to raise interest rates until the rest of the world economy improves, Fed board member Lael Brainard said on Tuesday, in the most direct acknowledgement yet of how weak global markets could handcuff the U.S. central bank.

A trial program allowing unauthorized dealers to sell imported cars will be extended to the northern city of Tianjin, China's state media said on Sunday, as the government moves to rein in high-end car prices.