A look at economic developments around the globe

AP News
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Posted: Jul 11, 2012 6:45 PM
A look at economic developments around the globe

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

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MADRID — Spain's government imposed further austerity measures on the country as it unveiled sales tax hikes and spending cuts aimed at shaving €65 billion ($79.85 billion) off the state budget over the next two and a half years.

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LONDON — Global stock markets struggled, as Europe's debt crisis rolls on and investors brace themselves for mediocre second-quarter corporate profits.

Britain's FTSE 100 closed flat. France's CAC-40 shed 0.57 percent, while Germany's DAX rose 0.24 percent.

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TOKYO — In Asia, Japan's Nikkei 225 index fell 0.1 percent, while Hong Kong's Hang Seng added 0.1 percent at 19,419.87.

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BEIJING — China's auto sales rose 9 percent in June despite a slowing economy as buyers rushed to beat possible limits on car registrations aimed at curbing traffic.

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MADRID — Riot police fired rubber bullets at Spanish coal miners protesting in the streets of Madrid over subsidy cuts they fear will jeopardize their meager livelihood.

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LISBON, Portugal — Portuguese doctors staged a 48-hour strike to protest austerity measures they say are weakening the country's publicly-funded health service.

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WASHINGTON — The United States is poised to allow U.S. companies to invest with Myanmar's state oil and gas enterprise as the Obama administration takes its biggest step yet to roll back sanctions, marking a rare break from democracy leader Aung San Suu Kyi.

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