Credit ratings agency Moody's on Friday said it had downgraded South Africa a notch over gloomy growth prospects and the political instability unleashed by corruption scandals engulfing President Jacob Zuma.

The pound plunged two percent Friday as Prime Minister Theresa May lost her majority in Britain's general election, fueling political uncertainty just days before the start of Brexit talks.

May had called the snap vote in a bid to boost her party's hold over Westminster and give her a stronger hand in talks with EU leaders over the country's detachment from the bloc.

Near the Cuban seaside village of Boca de Camarioca, a giant drill runs into the ground and out to sea, probing for oil.

Standing in the middle of lettuce and onion fields that reek of gasoline, the farmers pause from their work to watch an army convoy drive by.

Gripping their machine guns, the soldiers return the farmers' wary gaze. It's impossible to know which villagers are involved in the multi-million-dollar oil theft racket that has become a way of life in this remote pocket of central Mexico.

The London stock market stalled on Thursday, bucking an upwards trend across Europe, with investors nervous as Britons vote in a snap general election.

The European Central Bank on Thursday signalled greater confidence in the eurozone economy, as it took what analysts describe as a tentative step towards an exit from its easy-money policy.

S&P Global Ratings on Wednesday cut Qatar's credit rating by one notch to AA- and put it on watch for further downgrades after Gulf Arab states severed ties.

"We believe this will exacerbate Qatar's external vulnerabilities and could put pressure on economic growth and fiscal metrics," the ratings agency said.

The EU unveiled an unprecedented plan for common defense spending on Wednesday to help Europe stand alone as a global military power, while urging the United States under Donald Trump to remain on the world stage.

The pound climbed Wednesday on the eve of the British general election, while European equities dipped ahead of a busy news day that will include an interest rate call in the eurozone and vital testimony from sacked FBI chief James Comey in the United States.

A wave of unauthorized transactions have hit a major Philippine bank, triggering fears of hacking even as company officials said Wednesday it was an internal computer error.