A look at economic developments around the globe

AP News
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Posted: Apr 16, 2012 5:31 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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MADRID _ The yield on Spain's 10-year government bonds shot past the 6 percent mark, as fears rose that the country may eventually need a financial bailout.

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WASHINGTON _ Jim Yong Kim, an American who is president of Dartmouth College, has been chosen to be the next president of the World Bank. His selection extends the U.S. hold on the top job at the 187-nation development agency.

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LONDON _ Upbeat U.S. economic indicators helped stock markets rise, offsetting concerns about Spain, which had seen its borrowing rates jump on fears it will eventually need a bailout.

Germany's DAX closed up 0.63 percent while France's CAC 40 rose 0.51 percent. Britain's FTSE 100 was up 0.26 percent.

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TOKYO _ In Asia, Japan's Nikkei slid 1.4 percent. South Korea's Kospi was down 0.9 percent.

Hong Kong's Hang Seng fell 0.7 percent and Australia's S&P/ASX 200 lost 0.4 percent. Benchmarks in Singapore, Taiwan, Mumbai and Indonesia also fell.

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FRANKFURT, Germany _ The European Central Bank did not step in to the markets to buy government debt last week _ despite rising bond market pressure on Spain and Italy.

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STOCKHOLM _ Sweden's government has cut its economic outlook for 2012, saying problems in the eurozone are also affecting the Nordic country.

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MUMBAI, India _ India's headline inflation rose 6.9 percent in March, faster than expected because of rising food prices, government data showed.

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JOHANNESBURG _ South Africa's finance minister said Monday he'll push for more international financial institution reforms as the World Bank picked the U.S. candidate for the financial institution's top post.

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ALMATY, Kazakhstan _ Uzbekistan says it has resumed supplying natural gas to energy-starved neighbor Tajikistan in a sign of reduced tensions between the two former Soviet nations.

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