A look at economic developments around the globe (AP)

A look at economic developments and activity in major stock markets around the world Monday:

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ATHENS, Greece ? Moody's downgraded Greece's bond ratings by a further three notches Monday and warned that it is almost inevitable the country will be considered to be in default following last week's new bailout package.

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LONDON ? Global stocks started the week on a flat note as investors waited to see if U.S. political leaders can reach a deal to raise Washington's debt limit and avoid a default that would send shock waves through the global economy and financial markets.

The FTSE 100 index of leading British shares closed down 0.1 percent while France's CAC-40 fell 0.8 percent. Germany's DAX bucked the trend, closing 0.3 percent higher.

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TOKYO ? In Asia, Japan's Nikkei 225 closed down 0.8 percent, while Hong Kong's Hang Seng Index lost 0.7 percent. China's Shanghai Composite Index slid 3 percent.

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BEIJING ? Doubts about China's breakneck plans to expand high-speed rail across the country have been underscored by a bullet train wreck that killed at least 39 people.

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TOKYO ? Japanese lawmakers have approved nearly $25.5 billion in extra funds to pay for reconstruction from the March 11 earthquake and tsunami and the nuclear crisis that followed.

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TEHRAN, Iran ? Iran has signed a preliminary $10 billion deal with Syria and Iraq to export its natural gas.

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JAKARTA, Indonesia ? Hollywood blockbusters will soon return to Indonesian screens, with the final "Harry Potter" film leading the way to end a five-month drought caused by a standoff over the country's tax on imported movies, an official said.

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Source: http://us.rd.yahoo.com/dailynews/rss/business/*http%3A//news.yahoo.com/s/ap/20110725/ap_on_bi_ge/us_economy_countries_glance

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