A look at economic developments around the globe

AP News
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Posted: Jun 06, 2011 3:28 PM
A look at economic developments around the globe

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

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LONDON _ Weak U.S. jobs figures continued to weigh on stock markets as investors fretted about the state of the U.S. economy.

In Europe, the FTSE 100 index of leading British shares closed up 0.1 percent, while France's CAC-40 fell 0.7 percent. Germany's DAX ended 0.3 percent lower.

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TOKYO _ Earlier in Asia, Japan's Nikkei 225 stock average slid 1.2 percent.

Markets in Hong Kong, South Korea, Taiwan, New Zealand and mainland China were closed for holidays.

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ATHENS, Greece _ Greece's prime minister embarked on a drive Monday to push new austerity plans through Parliament, despite increasing dissent within his party and big demonstrations in the country's two largest cities.

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LISBON, Portugal _ Portugal's center-right Social Democrats had little time to savor their return to power Monday, launching immediately into getting a ruinous debt burden under control despite a shrinking economy.

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LONDON _ The British government should stick to its guns and continue with its deficit-reduction strategy despite weaker-than-anticipated economic growth, the International Monetary Fund said Monday.

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KUALA LUMPUR, Malaysia _ The chief of Malaysia's national oil company Petronas said Monday that global oil prices are too high and should fall back to between $75 and $80 a barrel.

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FRANKFURT, Germany _ Financially troubled Greece can pay its debts if it is willing to sell off billions in state property and carry through on plans for budget cuts, a top European Central Bank official said Monday.

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BERLIN _ Germany's Chancellor Angela Merkel has named the president of a renowned business school as her new economic policy adviser.

Government spokesman Steffen Seibert said Monday Lars-Hendrik Moeller, who heads Berlin's European School of Management and Technology, will counsel Merkel on economic issues.

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BERLIN _ In their second major retraction in a week, German officials said initial tests provided no evidence that sprouts from an organic farm in northern Germany were the cause of the deadly E. coli outbreak.