Moody's cuts China outlook to negative

US ratings agency Moody's has cut its outlook for China from "stable" to "negative".

While reaffirming its current debt rating, the agency warned that reforms were needed to avoid a downgrade. 

Moody's said the change in outlook was based on expectations that Beijing's fiscal strength would continue to decline.

The negative outlook comes on the heels of fresh data suggesting China's economy is continuing to lose steam.

BHP Billiton writes down $7.2bn of shale assets

The impairment charge adds to BHP's recent woes following a fatal dam collapse in Brazil and tumbling commodity prices.

Plummeting iron ore, coal, copper and other commodity prices led to a slump in earnings last year.

BHP's latest move means it has written down nearly two-thirds of its investment in US shale.