A Look At Economic Developments Around The Globe
A look at economic developments and activity in major stock markets around the world Monday:
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CAIRO - A week of growing upheaval in Egypt with no quick end in sight enflamed investor concerns. A leading ratings agency cut the country's sovereign rating and warned other downgrades were possible. Some international companies suspended their operations, inflicting more economic damage to a nation once seen as a pinnacle of stability in a restive Middle East.
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LONDON - The tense stand-off in Egypt dominated market sentiment as investors sized up the potential impact on oil supplies and whether any other government in the region may soon face the wrath of its people.
In Europe, the FTSE 100 index of leading British shares closed down 0.3 percent, Germany's DAX fell 0.4 percent while the CAC-40 in France ended 0.1 percent firmer.
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TOKYO - Earlier in Asia, Japan's benchmark Nikkei 225 stock average dropped 1.2 percent, Australia's S&P/ASX 200 shed 0.4 percent, South Korea's Kospi slid 1.8 percent, and shares in New Zealand, India and Singapore were lower.
China's Shanghai Composite index gained 1.4 percent amid some last-minute buying ahead of the Chinese Lunar New Year that will shut down trading Feb. 2-8.
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LONDON - Consumer price increases in the 17 countries that use the euro have accelerated further above the European Central Bank's target, just days ahead of the central bank's monthly policy meeting.
Eurostat, the EU's statistics office, said that consumer prices were 2.4 percent higher in January than the year before - a 27-month high. The European Central Bank's aim is to keep inflation "close to, but below 2 percent."
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DUBLIN - The Central Bank of Ireland cut the nation's growth forecasts because of the government's severe austerity measures to contain a runaway deficit.
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BERLIN - German retail sales fell unexpectedly in December for the second straight month as frigid winter weather kept shoppers away from stores.
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TOKYO - Japan's industrial production expanded for a second straight month in December as strengthening global demand injected companies with renewed confidence.
Factory output rose 3.1 percent from November. Driving the gains were export-reliant industries including transport equipment, electronic devices and steel.
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GENEVA - Energy experts and commodities traders expect oil and gasoline prices to remain steady this year despite uncertainty surrounding the global economy's outlook.
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ATHENS, Greece - Greece's finance minister says he expects EU and IMF officials to approve the release of a new rescue loan installment after an inspection visit to Athens this week.
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MADRID - Spain's prime minister says his country's weak economy will achieve net job creation in the second half of 2011 if it continues to recover.
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BERLIN - German retail sales fell unexpectedly in December for the second straight month as frigid winter weather kept shoppers away from stores.
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MADRID - A Spanish savings bank group led by Caja Madrid agreed to restructure as a commercial bank and list its shares on the stock market to raise capital and meet new solvency requirements.
Spain's troubled savings banks - saddled with bad loans after the bursting of a real estate bubble - have been at the heart of concerns that the country might need an international bailout like Ireland and Greece.
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TAIPEI, Taiwan - Taiwan's economy rocketed 10.5 percent higher in 2010, surpassing expectations, but growth slowed in the final quarter of the year.
The government said the economy expanded 6.5 percent in the fourth quarter from a year earlier compared with 9.8 percent growth in the third quarter.