A look at economic developments around the globe

AP News
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Posted: Apr 03, 2012 5:43 PM
A look at economic developments around the globe

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

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MADRID _ Spain's debt burden will rise substantially this year because of the country's high cost of borrowing and the government's pledge to guarantee loans for local governments to pay back companies, Finance Ministry officials said.

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LONDON _Stock markets in Europe gave up some of the previous session's gains before the minutes from the last rate-setting meeting of the Federal Reserve were released.

In Europe the FTSE 100 index of leading British shares was down 0.6 percent while the CAC-40 in France fell 1.6 percent. Germany's DAX was down 1.1 percent.

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TOKYO _ In Asia, stocks mostly rallied on the back of the previous session's gains in Europe and the U.S.

Hong Kong's Hang Seng jumped 1.3 percent, while South Korea's Kospi added 1 percent. Japan's Nikkei 225 index fell 0.6 percent.

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WASHINGTON _ The managing director of the International Monetary Fund made an impassioned plea for American leadership in the global economy as she called for the international community to give her organization "more firepower" to bolster tottering economies.

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PRAGUE _ German Chancellor Angela Merkel told Czech leaders that their decision to reject a new EU fiscal treaty would not pose a threat to the plan to limit government overspending in Europe.

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YANGON, Myanmar _ Myanmar staged its first foreign exchange auction under a new currency regime that sets the kyat currency free from its previous fixed rate.

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WARSAW, Poland _ Government figures show that Poland's jobless rate rose to 13.5 percent in February, up 0.3 percentage point from the previous month.

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MUMBAI, India _ Indian ratings agency Crisil says corporate defaults are at a 10-year high because of a weak economy and tight credit.

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