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 Tuesday:

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LONDON — Britain's two biggest banks, HSBC Holdings PLC and Barclays PLC, reported strong investment banking profits and signaled that bad debts may be nearing their peak, raising hopes the worst of the financial crisis is over for them.

The success of HSBC and Barclays in weathering the storm — both rebuffed a government bailout of the banking system — contrasts with their beleaguered taxpayer-supported counterparts, including Lloyds Banking Group PLC, which announced plans to shed 5,000 more jobs.

European stocks were mixed after Monday's big gains. The FTSE 100 index of leading British shares and Germany's DAX both closed down 0.1 percent, while the CAC-40 in France ended a minuscule 0.1 point higher at 3,785.59.

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BRUSSELS — European Union finance ministers confirmed they would start withdrawing billions of euros in government support for their economies by 2011 at the latest.