A look at economic developments around the globe

AP News
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Posted: May 03, 2012 6:26 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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BARCELONA, Spain _ European Central Bank President Mario Draghi offered little prospect that the bank would deliver more support for the struggling economies of the 17-country eurozone, instead urging governments to agree on a growth strategy that would work alongside tough spending cuts.

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LONDON _ Stocks turned lower after the European Central Bank indicated it would not, for now, take further steps to fight the debt crisis and U.S. economic data disappointed.

Germany's DAX closed down 0.2 percent while the CAC-40 in France lost 0.1 percent. The FTSE 100 index of leading British shares ended up 0.2 percent.

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TOKYO _ In Asia, Hong Kong's Hang Seng fell 0.3 percent, a day after posting strong gains. Mainland Chinese shares edged higher, with the benchmark Shanghai Composite Index up 0.1 percent and the Shenzhen Composite Index gaining 0.6 percent. Markets in Japan were closed for a public holiday.

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PARIS _ France's borrowing costs fell in a bond auction that sold (EURO)7.4 billion ($9.7 billion) in long-term debt.

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MADRID _ Spain managed to beat its targets for an auction of medium-term debt, but at sharply higher interest rates, in its first bond sale since its credit rating was downgraded over fears that it may seek a bailout.

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MANILA, Philippines _ Southeast Asian countries and their major trading partners China, Japan and South Korea agreed to double a regional financial crisis fund to $240 billion.

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BEIJING _ U.S. Treasury Secretary Timothy Geithner urged Beijing to let its tightly controlled currency strengthen and open its markets wider amid trade strains at a high-level economic dialogue.

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LONDON _ The governor of the Bank of England says the bank was slow in comprehending the fragility of the banking system before the global credit crisis hit.

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