A look at economic developments around the globe

AP News
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Posted: Oct 24, 2011 1:01 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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BERLIN _ The eurozone bailout fund will see its firepower increased to more than $1.39 trillion to enable it to contain the debt turmoil that threatens to rip apart the 17-nation eurozone, according to German lawmakers briefed by Chancellor Angela Merkel.

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LONDON _ World markets rose on strong U.S. corporate earnings and a flurry of takeover news, coupled with hopes that European leaders are making progress on a long-awaited plan to fight the continent's 2-year-old debt crisis.

Britain's FTSE 100 gained 1.08 percent, and Germany's DAX rose 1.41 percent. France's CAC-40 gained 1.55 percent.

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TOKYO _ In Asia, Japan's Nikkei 225 index added 1.9 percent.

Hong Kong's Hang Seng rose 4.14 percent. In mainland China, the Shanghai Composite Index rose 2.29 percent.

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ATHENS, Greece _ Shares in Greek banks plunged on the Athens Stock Exchange amid expectations they will have to accept higher than agreed losses on the country's government bonds as part of a new eurozone debt deal.

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MILAN _ Premier Silvio Berlusconi summoned his Cabinet for an emergency meeting to discuss growth measures the European Union has demanded so that Italy does not get further dragged into Europe's growing debt crisis.

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BUDAPEST, Hungary _ Hungary will seek to expand the regulation of its banking sector, particularly links between investment and retail banking operations, the country's prime minister said.

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PARIS _ France's finance minister says that bringing European countries' budget policies closer together is inevitable to avoid future crises.

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BERLIN _ Officials say the full German parliament is expected to hold a vote Wednesday on plans to increase the firepower of the eurozone's rescue fund.

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TOKYO _ Japan's exports rose for a second straight month in September, showing a recovery is under way from the tsunami disaster even as manufacturers face a strong yen and weak global economy.

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BEIJING _ China urged ally North Korea to improve its strained ties with longtime foes the United States and South Korea, state media reported, as U.S. and North Korean diplomats prepared to talk about restarting negotiations on Pyongyang's nuclear programs.

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CAIRO _ Egypt's state news agency says natural gas shipments to Israel and Jordan have resumed on a trial basis, more than three months after the latest attack on a desert terminal cut off the flow.

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BUENOS AIRES, Argentina _ President Cristina Fernandez has been re-elected with one of the widest victory margins in Argentine history by convincing voters that she alone, even without her late powerbroker husband, is best able to keep spreading the wealth of an economic boom.

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