A look at economic developments around the globe

AP News
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Posted: Jul 10, 2012 1:31 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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BRUSSELS — The European Union worked towards stabilizing Spain's finances as it backed up the blueprint for the country's €100 billion ($123 billion) bank bailout plan with plans to grant the country an extra year to cut its budget deficit.

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KARLSRUHE, Germany — Germany's finance minister urged the country's highest court not to delay Europe's new permanent bailout fund and budget discipline pact, warning any postponement to the country signing up to the measures could lead to market turmoil.

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LONDON — European markets gave back some of their earlier gains with U.S. stocks mixed as enthusiasm about prospects for resolving Spain's banking crisis faded.

Britain's FTSE 100 finished up 0.65 percent. France's CAC-40 was up 0.6 percent, while Germany's DAX rose 0.79 percent.

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TOKYO — Japan's Nikkei 225 index fell 0.4 percent and Hong Kong's Hang Seng was off 0.2 percent. South Korea's Kospi slipped 0.4 percent. China's Shanghai Composite shed 0.3 percent.

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BEIJING — China's trade growth plunged in June, hurt by weak U.S. and European demand and a Chinese slowdown, with a potential impact on economies as far-flung as Africa and Australia.

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LONDON — Factory output in the United Kingdom rose by 1.2 percent in May compared to April, beating the market consensus of a 0.9 percent gain.

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