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Market Commentary and Intraday News
A look at economic developments around the globe
308 days ago
By The Associated Press
A look at economic developments and activity in major stock markets around the world Wednesday:
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LONDON _ The International Monetary Fund says the 17 countries that use the euro have to step up their efforts to integrate if they are to emerge intact from the economic crisis.
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BEIJING _ Some of China's biggest corporate names, from tech giants to airlines to retailers, are warning of unexpectedly sharp drops in profit of up to 80 percent. That adds to pressure on Beijing to reverse a painful economic slump.
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LONDON _ Unemployment in the United Kingdom fell to 8.1 percent in the March-May quarter, down from 8.3 percent in the previous three months.
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LONDON _ Markets were buoyant as investors continued to hope the U.S. Federal Reserve would provide new monetary stimulus even though its chairman, Ben Bernanke, gave no indication that any action was imminent.
The FTSE 100 index of leading British shares was up 1 percent while Germany's DAX rose 1.62 percent. The CAC-40 in France was 1.84 percent higher.
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TOKYO _ In Asia, Hong Kong's Hang Seng fell 1.1 percent and South Korea's Kospi dropped 1.5 percent. Japan's Nikkei 225 shed 0.3 percent but China's Shanghai Composite Index gained 0.4 percent.
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BERLIN _ Germany's finance minister dismissed concerns that Spain's government may itself need a bailout on top of an international rescue for its ailing banks. The German Parliament is to vote on the bank bailout this week.
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FRANKFURT, Germany _ Investors are paying for the privilege to lend Germany money as they look for a safe haven from the financial and economic crisis hitting the rest of Europe.
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LISBON, Portugal _ Bailed-out Portugal has managed to sell (EURO)2 billion ($2.5 billion) in short-term bonds at a lower cost than Spain _ suggesting the much larger country's troubles are not spilling over to its neighbor.
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WASHINGTON _ A Russia trade bill that could double U.S. exports to the former Communist superpower but complicate already frosty relations with Russia advanced in the Senate.
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Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
