Moody's downgraded India's ratings to Baa3 from Baa2 on Monday, saying that the country's policymaking institutions will be challenged to mitigate the risks of a prolonged period of slower growth, rising debt and stress in the financial sector.
Brazilian manufacturing shrank rapidly in May although not quite at the previous month's record pace, a survey of purchasing managers' activity showed on Monday, confirming that the sector remains in a state of near paralysis from the COVID-19 crisis.
Zimbabwean film Cook Off, a romance about a struggling single mother who finds love during a cooking competition, premiered on Netflix on Monday, a debut that its makers hope will propel the country's small film sector to global audiences. Zimbabwe often grabs headlines for its economic woes and political crises, but producer Joe Njagu said the film sought to project a different image.
Hong Kong's retail sales slumped by 36% in value terms in April from a year earlier, falling for the 15th consecutive month, pummeled by the outbreak of the coronavirus that has put many retailers on the brink of collapse. Months of anti-government unrest have also weighed on the retail sector in Hong Kong. Sales dropped to HK$24.1 billion, government data showed on Monday.
Activity in China's services sector expanded at a faster clip in May as measures to contain the coronavirus outbreak were lifted, official data showed on Sunday, suggesting business and consumer confidence may slowly be improving. The official non-manufacturing Purchasing Managers' Index rose to 53.6 in May, from 53.2 in April, the National Bureau of Statistics said.
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