A look at economic developments around the globe

AP News
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Posted: Nov 07, 2011 3:24 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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ROME _ Italy became the latest target in Europe's financial crisis, as soaring borrowing rates intensified pressure on Premier Silvio Berlusconi to resign and let a new government reform the country's spendthrift ways.

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ATHENS, Greece _ Rival Greek political parties were hammering out a historic power-sharing deal to secure a $179 billion rescue package, but markets remained wary and European leaders kept up pressure by holding back a vital bailout loan.

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LONDON _ Stocks recovered from big losses and Italy's borrowing costs eased from euro-era highs hit earlier on speculation that Italian Premier Silvio Berlusconi could soon resign.

France's CAC-40 was fell 0.64 percent while Germany's DAX fell 0.63 percent. Britain's FTSE 100 was 0.3 percent higher.

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TOKYO _ In Asia, Japan's Nikkei 225 index dropped 0.4 percent. South Korea's Kospi lost 0.5 percent and Australia's S&P/ASX 200 was down 0.2 percent.

Hong Kong's Hang Seng sank 0.8 percent. Mainland China's benchmark Shanghai Composite Index lost 0.7 percent and the Shenzhen Composite Index lost 0.6 percent.

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BRUSSELS _ Finance chiefs from around Europe gathered in Brussels for urgent talks on how to ease the continent's debt crisis, calm markets and _ as one of them put it _ "stop the rot."

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BERLIN _ Germany's central bank says borrowing costs have reached a new record low as investors flee to German government bonds as a safe haven amid Europe's debt crisis.

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PARIS _ France's prime minister warned that his country faces a long road of belt-tightening if it's going to avoid the fate of other eurozone members, as he announced another round of austerity measures.

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TAIPEI, Taiwan _ Taiwan's exports grew 11.7 percent in October to $27 billion from a year earlier, though sales of goods in the key electronics sector rose only 1.8 percent to $7.4 billion.

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MOSCOW _ The member states of a security pact dominated by Russia and China pledged to boost their financial and energy cooperation, despite the global economic slowdown.

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