A look at economic developments around the globe

AP News
|
Posted: Sep 15, 2011 2:23 PM
A look at economic developments around the globe

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

___

LONDON _ Five of the world's top central banks acted jointly to provide unlimited dollar loans to banks, a move aimed at easing the growing tensions in the eurozone's financial sector and shielding the global economy from its jitters.

___

LONDON _ Stocks posted strong gains after the European Central Bank said it would provide unlimited amounts of dollars to its banking sector for three months, easing one of the concerns that has been behind the recent turbulence in financial markets of late.

Germany's DAX closed 3.2 percent higher while the CAC-40 in France rose 3.3 percent. The FTSE 100 index of leading British shares ended 2.1 percent higher.

___

TOKYO _ In Asia, Japan's Nikkei 225 index rose 1.7 percent while South Korea's Kospi advanced 1.4 percent. Hong Kong's Hang Seng ended 0.7 percent higher but China's main index in Shanghai fell 0.2 percent.

___

ATHENS, Greece _ Debt-hobbled Greece must brace for a fourth year of recession, the finance minister warned as unemployment set a record and the government debated new public sector cuts to secure the cash lifeline protecting the country from a chaotic bankruptcy.

___

BERLIN _ German exports rose 14.7 percent in the first half of 2011 compared with the same time period the previous year, driven in part by a healthy increase in the value of goods shipped outside the European Union, official figures showed.

___

MADRID _ Spain raised nearly $5.5 billion in bonds in an auction that showed good investor interest despite the turmoil hitting markets on the fringes of the eurozone.

___

LONDON _ The EU Commission Thursday said that economic growth in the eurozone will come to a near standstill by the end of the year due to the European debt crisis and the turmoil in financial markets.

___

PARIS _ France's finance minister says that French banks are solid and do not need to be recapitalized despite being heavily exposed to Greece's debts.