A look at economic developments around the globe

AP News
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Posted: Jul 20, 2012 5:33 PM
A look at economic developments around the globe

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

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BRUSSELS — Concerns about Spain's crippling financial problems flared again as even news that the country had been given the final go-ahead for a bank bailout loan of up to €100 billion ($122.9 billion) failed to take the sting out of a further round of bad economic news.

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MADRID — Spain's economic woes deepened after a heavily indebted region asked the central government for help to pay creditors, prompting investors to dump Spanish stocks and government bonds.

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MILAN — Italian Premier Mario Monti says the debt crisis has spread to Italy and that the country must try to avoid taking a bailout.

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LONDON — Concerns about Europe's debt crisis resurfaced, weighing heavily on the region's stock markets and pushing the euro to a two-year low.

Britain's FTSE 100 was down 1.09 percent while Germany's DAX lost 1.9 percent. France's CAC 40 shed 2.14 percent.

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TOKYO — In Asia, Japan's Nikkei 225 fell 1.4 percent while Hong Kong's Hang Seng added 0.4 percent. Australia's S&P/ASX 200 shed 0.1 percent and China's Shanghai Composite dropped 0.7 percent.

Markets in Singapore, India, Indonesia, Thailand, Malaysia and New Zealand also fell.

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LONDON — U.K. public sector borrowing rose more than expected in June, to 14.4 billion pounds ($22.6 billion), according to official data released Friday that raise doubts over the government's ability to meet its deficit targets.

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PARIS — France's lower house of parliament has passed a revised 2012 government budget to raise about €7 billion ($8.6 billion) in new revenue by targeting corporations and the wealthy with new taxes.

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BEIJING — Total profit for China's biggest state-owned companies fell by 16.4 percent in the first half from a year earlier as an economic slowdown deepened, the government said.