A Look At Economic Developments Around The Globe

The Associated Press

A look at economic developments and stock market activity around the world Thursday:

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BEIJING — The worst might be over for China's economy even as growth in the first quarter slumped to its lowest rate since at least 1997 and possibly as early as 1992. The world's third-largest economy expanded by 6.1 percent from a year earlier, down from 6.8 percent the previous quarter, the National Bureau of Statistics reported Thursday. But it said industrial activity, retail sales and bank lending improved.

In markets, the Shanghai index edged down 1.92, or 0.1 percent, to 2, 534.13.

Elsewhere in Asia, Hong Kong's Hang Seng finished down 86.63 points, or 0.6 percent, at 15,582.99. South Korea's Kospi added 0.3 percent and Australia's main index rose 0.7 percent. Benchmarks in India and Singapore fell.

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HELSINKI — Nokia Corp. said profits plummeted 90 percent in the first quarter because of fading demand for mobile phones amid the worldwide downturn — but its shares surged more than 11 percent, because analysts had expected an even gloomier report.