Ratings agency Moody's on Wednesday cut its outlook on China's sovereign bonds from stable to negative, warning of increasing government debt and further capital outflows and questioning Beijing's ability to implement economic reforms.

The Chinese government's fiscal strength has weakened with borrowing increasing across the economy and financial system and stress mounting in state-owned enterprises, Moody's Investors Service said in a statement.

Iraq's oil exports and revenue dipped in February compared with the previous month as low global crude prices offered Baghdad no financial respite, a statement said on Tuesday.

Iraq's federal government exported a total of 93,536,000 barrels of crude last month, which amounts to a lower daily average than January, the oil ministry said.

German unemployment remained at current historic lows in February despite a massive influx of refugees, as the recovery in Europe's biggest economy remains on track, data showed on Tuesday. 

The unemployment rate -- which measures the jobless total against the working population as a whole -- stood at 6.2 percent in February, unchanged from January. 

Troubled renewable energy giant Abengoa on Tuesday posted a full-year loss of 1.2 billion euros ($1.3) for 2015, a month after unveiling plans to avoid becoming one of Spain's biggest bankruptcies. 

The Seville-based company reported the loss a year after posting a net profit of 125 million euros, an increase of 24 percent compared with that of 2013. 

Greek Prime Minister Alexis Tsipras said Tuesday that an EU-IMF audit of the debt-laden country's reforms would likely resume by March 10, hinting that the process was being delayed by divisions among the creditors.

"My estimate is that (senior creditor representatives will) return in the first ten days of March," Tsipras said in a televised interview.

India's government promised billions of dollars to help struggling farmers and boost the rural economy as it unveiled its annual budget on Monday, looking to kickstart growth and bolster its flagging popularity.

Eurozone inflation in February plunged sharply back into negative territory, data showed on Monday, in the clearest sign yet that several rounds of stimulus measures by the European Central Bank are not working.

The ECB is under huge pressure to revive prices and the economy in the single currency zone, with many of the 19 national governments that use the euro still not delivering a convincing recovery three years after the eurozone debt crisis.

Inflation across the 19-country eurozone turned negative in February, official figures showed Monday, in a development that will boost expectations that the European Central Bank will unveil another stimulus package at its next policy meeting on March 10.

Statistics agency Eurostat said consumer prices across the region were down 0.2 percent in February from the year before, against a 0.3 percent rise the previous month. The decline was way more than anticipated — the consensus in the markets was for a drop to zero.

China's central bank on Monday fixed its rate for the yuan currency at a four-week low, data showed, despite comments by chief Zhou Xiaochuan that there was no basis for further depreciation.

The People's Bank of China (PBoC) set the yuan at 6.5452 to $1.0, down 0.17 percent from Friday, according to the China Foreign Exchange Trade System. The fix was the weakest since February 3, previous figures showed.

Oil prices rose Monday, boosted by hopes strengthening growth in top consumer the United States will soak up some of the global supply glut that has weighed on markets.

At around 0600 GMT, the U.S. benchmark West Texas Intermediate for delivery in April had risen two cents to $32.80 a barrel on the New York Mercantile Exchange.