A look at economic developments around the globe

AP News
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Posted: Nov 11, 2011 1:23 PM
A look at economic developments around the globe

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

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ROME _ Italy's Senate approved economic reforms demanded by the European Union, the first step in paving the way for Premier Silvio Berlusconi to resign as early as this weekend and a transitional government to be formed.

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ATHENS, Greece _ Greece's new technocrat prime minister, Lucas Papademos, assumed power at the helm of an interim coalition government that will seek to push through tough economic reforms and ensure the country avoids a catastrophic default.

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LONDON _ The prospect of new governments in Greece and Italy helped support market sentiment, at the end of a hugely volatile week when investors fretted over the future of the euro currency and the outlook for the global economy.

Germany's DAX was up 3.2 percent, while the CAC-40 in France rose 2.8 percent. The FTSE 100 index of leading British shares was 1.9 percent higher.

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TOKYO _ In Asia, Japan's Nikkei 225 index closed up 0.2 percent. Hong Kong's Hang Seng gained 0.9 percent and mainland China's Shanghai Composite Index rose marginally.

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BERLIN _ Nearly four in five Germans believe the euro will survive and more than half think Chancellor Angela Merkel is doing a good job of handling Europe's debt crisis, according to a poll.

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PARIS _ France reacted with outrage after the Standard & Poor's ratings agency accidentally sent out a message saying it was downgrading France's prized "AAA" credit rating during a tumultuous week in Europe's protracted debt crisis.

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TOKYO _ Prime Minister Yoshihiko Noda announced Friday that Japan will participate in talks on joining a U.S.-backed Pacific Rim free trade zone, a decision strongly opposed by farmers who say the move will ruin them.

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HONG KONG _ Hong Kong's economy slowed again in the third quarter because of the weak global economy and the government warned of more pain to come.

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BUDAPEST, Hungary _ Fitch Ratings has revised down the outlook for Hungary's debt rating to "Negative" from "Stable" due to expectations of lower growth and eroding investor confidence.

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