A look at economic developments and activity in major stock markets around the worldBy AP
Monday, November 16, 2009
A look at economic developments around the globe
A look at economic developments and activity in major stock markets around the world Monday:
BRUSSELS — The surging economies of the East should be granted more power in the traditionally Western-dominated global financial institutions, Chinese Premier Wen Jiabao said at the opening of the Euro-Asian summit.
The start of the two-day 48-nation meeting, set amid the high security and gilded opulence at the Belgian royal palace, underscored the Asian nations’ demands for a rebalancing of international structures as they lead the world out of recession.
Wen stressed that Asian leaders expect Europe to give up some of its seats at the International Monetary Fund.
LONDON — European stock markets fell at the start of a busy week of economic news that will likely shape investor sentiment going into the last quarter of the year.
Germany’s DAX closed down 1.2 percent, the CAC-40 in France fell 1.0 percent and the FTSE 100 index of leading British shares ended 0.6 percent lower.
Earlier in Asia, most markets rose. While the Nikkei 225 stock average closed down 0.3 percent, Hong Kong’s Hang Seng index jumped 1.2 percent, South Korea’s Kospi rose 0.1 percent and Australia’s S&P/ASX 200 added 1 percent. Financial markets in mainland China are closed.
TOKYO — China’s recent halt of exotic metal shipments to Japan during a diplomatic spat has reverberated throughout the world’s high-tech manufacturing hubs — now on heightened alert to the risks of relying on one country for materials that do everything from helping hybrid engines run to creating the color red in televisions.
GENEVA — A Swiss government committee published new rules requiring the country’s two biggest banks to increase their capital reserves beyond international standards agreed last month.
The committee said it considered Credit Suisse Group and UBS AG to be “too big to fail,” but that implicit government bailout guarantees should in future be replaced with stricter capital requirements to prevent bankruptcy in the first place.
ATHENS, Greece — Crisis-hit Greece vowed to slash next year’s budget deficit beyond demands made by the European Union and International Monetary Fund, but braced for a surge in unemployment and another year of recession.
MADRID — Spain’s Labor Ministry says the number of people filing claims for unemployment benefits rose in September by about 48,000 as temporary summer work contracts ran out.
LONDON — Britain will cap payments to jobless families and scrap child benefits for high earners in a sweeping overhaul of the country’s welfare system, Treasury chief George Osborne said.
BUDAPEST, Hungary — Ildiko Papp can calmly discuss the collapse of her family company and break-ins at her home and business. Mention the Swiss franc, however, and she struggles to keep from crying. The burden of repaying Swiss franc loans with sharply devalued local currency is choking off consumer spending and hurting tax revenue in Hungary and several other countries in Eastern Europe.
MANILA, Philippines — Emerging East Asia’s local currency bond market grew by 18.8 percent in the year through June with $4.8 trillion in bonds outstanding amid strong foreign investment in the region.
SEOUL, South Korea — South Korea’s foreign currency reserves rose to their second record high in three months because of strength in the euro and British pound.
REGINA, Saskatchewan — A Saskatchewan government-commissioned report on BHP Billiton’s hostile bid for Potash Corp. says the potential takeover could reduce the government’s revenues by at least $2 billion over the next 10 years.
Australia’s BHP Billiton Ltd. launched a $39 billion takeover bid in August after Potash directors rejected its offer. Canada’s federal government can block a foreign takeover if it’s not a “net benefit” to Canada.
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