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 Thursday:

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LONDON — European stock markets gave up earlier gains as the Standard & Poor's 500 index once again failed to sustain a break above the 1,100 mark — a level many analysts think could act as a catalyst to a further rally around the world. In Europe, the FTSE 100 index of leading British shares closed up 9.75 points, or 0.2 percent, at 5,276.50 with British Airways PLC the top riser as its board weighed a merger deal with Spain's Iberia. Germany's DAX was down 4.39 points, or 0.1 percent, at 5,663.96, while France's CAC-40 rose 6.32 points, or 0.2 percent, to 3,808.07.

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MOSCOW — President Dmitry Medvedev laid out his plan to move Russia's economy into the modern age and overcome the grim industrial legacy of the Soviet Union. In his annual state-of-the-nation address, he took a few digs at Vladimir Putin, his predecessor and mentor, but made clear that the tightly controlled political system Putin created is here to stay. Medvedev warned the opposition that any attempts to upset the current order will not be tolerated. He ordered a sweeping modernization of the Soviet-built military arsenals. But he also called for a "pragmatic" foreign policy aimed at attracting investment and improving living standards, rather than "chaotic actions driven by nostalgia and prejudice."