A Look At Economic Developments Around The Globe

The Associated Press

A look at economic developments and activity in major stock markets around the world Monday:

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BEIJING — Powered by tax cuts and stimulus spending, China's October auto sales soared 72 percent from a year earlier, outpacing U.S. sales for another month.

Automakers sold a total of 1.2 million cars and trucks, the government-sanctioned China Association of Auto Manufacturers announced.

That was down from September's 1.3 million but well ahead of the 838,000 vehicles sold in the United States in October. China's sales this year rose to 10.9 million vehicles, compared with 8.6 million in the United States, according to Autodata Corp.

Global automakers are looking to China's fast-growing market to drive sales amid slack demand elsewhere. Sales have been spurred by tax cuts and subsidies meant to help nurture China's auto industry and encourage purchases of more fuel-efficient vehicles.

Meanwhile, shares rose in Asian trading. Hong Kong's Hang Seng index rose 1.7 percent and Japan's Nikkei stock average edged up 0.2 percent. Benchmarks in mainland China, South Korea, Taiwan, Singapore, Australia and New Zealand also advanced.