A Look At Economic Developments Around The Globe

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CALGARY, Canada — Canada's Suncor Energy Inc. will acquire Petro-Canada in a 19.12 billion Canadian dollar ($15.4 billion) deal, the oil and gas companies announced. The move is expected to yield savings in operating costs of over 300 million Canadian dollars ($242 million) a year, and annual capital efficiencies above 1 billion Canadian dollars ($806 million), the companies said.

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LONDON — Britain's FTSE 100 closed up 2.9 percent to 3,952.81, Germany's DAX climbed 2.7 percent to 4,176.37, and France's CAC 40 advanced 2.8 percent to 2,869.57.

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BERLIN — The economic malaise that has gripped the world will deliver a heavy blow to export-oriented Germany, Commerzbank AG warned as it revised down its outlook for the continent's biggest economy. Joerg Kraemer, Commerzbank's chief economist, said that in light of plunging order intakes among German companies, gross domestic output in 2009 would drop not by 3 or 4 percent, as previously forecast, but by a massive 6 to 7 percent.

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