A Look At Global Economic Developments
The Associated Press
A look at economic developments and activity in major stock markets around the world Tuesday:
LONDON â¿¿ Stock markets were mixed. The FTSE 100 index of leading British shares closed down just less than a point at 5,396.48 while France's CAC-40 fell 0.1 percent and Germany's DAX ended 0.3 percent higher.Earlier in Asia, Japan's benchmark Nikkei 225 stock average jumped 1.3 percent, South Korea's Kospi rose 0.5 percent, Australia's S&P/ASX 200 added 0.7 percent and Hong Kong's Hang Seng advanced 0.2 percent. China's Shanghai Composite Index ended 1.7 percent lower. ___ BERLIN â¿¿ Exports of German cars rose again in July as global markets recovered, though the growth rate was less spectacular than in previous months, an industry group said. ___ LONDON â¿¿ The new company holding the risky assets of nationalized British mortgage lender Northern Rock said it earned a net profit of 359 million pounds ($571 million) in the first half of the year, following a corporate restructuring on Jan. 1. ___ BERLIN â¿¿ German mail and logistics company Deutsche Post AG said Tuesday that a recovery in the world economy and global trade helped push up second-quarter earnings by 23 percent, with unit DHL leading the way. ___ MADRID â¿¿ Spain says the number of people filing for unemployment benefits dropped by nearly 74,000 in July as seasonal tourism jobs helped ease the country's employment crisis. ___ BEIJING â¿¿ Ford Motor Co. reports China lower sales for July versus last year, the first major automaker to suffer a decline as rapid Chinese market growth eases. ___ SEOUL, South Korea â¿¿ South Korea's foreign currency reserves rise to record high in July, enlarging the country's buffer against economic turmoil following a sharp decrease during the global financial crisis.
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