A look at economic developments around the globe

AP News
|
Posted: Oct 25, 2011 2:40 PM
A look at economic developments around the globe

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

___

MILAN _ The Italian government and a broad European plan to save the euro were at risk, with Premier Silvio Berlusconi locked in a high-stakes battle with coalition partners to muster support for emergency growth measures demanded by the EU.

___

BRUSSELS _ A grand plan to resolve Europe's escalating debt crisis was once again in doubt after officials said that key parts of the package may not be ready in time for a leaders' summit on Wednesday.

___

LONDON _ Stock markets turned sharply lower on worries that European leaders would be unable to deliver a comprehensive solution to the debt crisis in time for a high stakes summit on Wednesday.

Britain's FTSE 100 was 0.5 percent lower, while Germany's DAX fell less than 0.1 percent. France's CAC-40 slipped 1.2 percent.

___

TOKYO _ In Asia, shares ended mostly higher after a skittish day of trading. Japan's Nikkei 225 index closed 0.9 percent lower.

Elsewhere, South Korea's Kospi lost 0.5 percent, while Hong Kong's Hang Seng index rose 1.1 percent. Benchmarks in mainland China, India, Taiwan, Singapore, and New Zealand also advanced.

___

ATHENS, Greece _ Commuters in Athens are struggling as public transport workers hold another 24-hour strike, leaving the Greek capital without metro trains, trams or buses as unions lash out against new austerity measures.

___

BANGKOK _ Thailand's devastating flood crisis deepened after floodwaters began pouring over sandbagged barriers into Bangkok's second airport, shutting it down after commercial airlines suspended flights and authorities closed its runways.

___

TORONTO _ Canada's central bank left its key interest rate unchanged and reduced its growth forecast for 2011 and 2012.

___

NEW DELHI _ India's central bank raised its key interest rate by 25 basis points, the 13th such hike in 18 months as the government struggles to contain persistently high inflation.

WARSAW, Poland _ Official figures show that Poland's jobless rate remained at 11.8 percent in September, the same as in the previous month.

___

MADRID _ Spain has raised nearly $4.9 billion in short-term debt, but at sharply higher interest rates due to jitters over the EU's sputtering efforts to contain the eurozone financial crisis.