A look at economic developments around the globe

AP News
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Posted: Jan 19, 2012 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 Thursday:

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PARIS _ France and Spain sailed through their first long-term debt auctions since their credit ratings were downgraded by Standard & Poor's, a sign that politicians and the central bank have at least temporarily stemmed the spread of Europe's debt crisis.

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LONDON _ Another set of successful bond auctions in Europe and renewed confidence in the continent's banks helped markets rally as investors awaited developments in Greece's debt-reduction talks with private creditors.

France's CAC-40 closed 2 percent higher, while Germany's DAX rose 1 percent. The FTSE 100 index of leading British shares ended 0.7 percent higher.

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TOKYO _ In Asia, Japan's Nikkei 225 index rose 1 percent. South Korea's Kospi rebounded 1.2 percent after a losing session Wednesday. Hong Kong's Hang Seng rose 1.3 percent.

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ATHENS, Greece _ Eurozone countries won't increase financial support for Greece if it fails to secure a bond-swap deal with private creditors, the country's foreign minister warned.

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DUBLIN _ Ireland has achieved all austerity goals required to keep international loans flowing, having cut its 2011 deficit back below 10 percent of the value of the economy, the government and its international creditors said.

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CAIRO _ Revenue in Egypt's vital tourism sector plunged almost 30 percent last year, the government said, as unrest following the ouster of former President Hosni Mubarak stunted economic growth and forced the country to turn to the International Monetary Fund for help.

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MANILA, Philippines _ The Philippines' central bank cut interest rates by a quarter percentage point to boost the economy while the inflation outlook is benign and the world economy is tilted toward a slowdown.

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