A look at economic developments and activity in major stock markets around the world Thursday:/ `6 v! z8 M3 f9 k$ D7 E7 f
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1 M c7 I4 [, z# {# E/ W- N LONDON — World stock markets mostly rose as traders put aside uncertainty about the size of the Federal Reserve's economy-boosting bond purchase plan to sort through a raft of earnings reports. Q# q* g/ O3 l) f% b7 E# }
Britain's FTSE 100 index was up 1 percent at 5,699.84 and Germany's DAX was up 0.9 percent at 6,626.35. France's CAC-40 was 1.1 percent higher at 3,857.79. Earlier in Asia, Japan's benchmark Nikkei 225 stock index closed down 0.2 percent to 9,366.03.
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BRUSSELS — Germany and France sought to convince skeptical EU partners to back new rules on state spending, which they say are needed to prevent another government debt crisis in Europe.! R& O9 F7 j6 R4 [ H& w$ |( k8 i
German Chancellor Angela Merkel and French President Nicolas Sarkozy arrived at a two-day EU summit in Brussels seeking a permanent crisis resolution mechanism, which would force private creditors to bear some of the cost of bailing out a highly indebted country.0 I8 D* A4 r4 M
They also called for stripping EU voting rights from repeat overspenders — a radical measure that some say will not pass.6 w& P6 I& h/ U1 V5 P
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+ \8 L2 \: @, s5 o E DUBLIN — The interest rate on Ireland's national debt reached a new euro-era high as investors sold off Irish bonds on skepticism that the country can meet a European Union deadline for reversing its deficits.6 P7 v7 B; }& W' ?0 K7 K
The yield on Ireland's 10-year bonds rose above 7 percent for the first time since the euro's launch 11 years ago. That broke a previous high of 6.9 percent reached last month as doubts swelled over Ireland's ability to tame its deficit, which is forecast this year to reach 32 percent of GDP, a modern European record.# e! X/ M3 P0 C: p) y
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& i# m3 I% c* _- E) c BERLIN — The number of Germans out of work sank below 3 million in October for the first time in two years, a sign of the country's resilient labor market.
4 ~$ k, A+ t* [$ T/ z/ G+ Y* p; x The unadjusted jobless rate sank to 7 percent in October from 7.2 percent in September, with 2.945 million people out of work, the Federal Labor Agency said. That was down 86,000 from September, a drop the agency credited both to a traditional seasonal improvement and economic recovery.
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/ B0 q# E+ `/ i4 Q* Y' P ATHENS, Greece — Contract workers at Greece's Culture Ministry have staged another protest at the ancient Acropolis, in an effort to press the government to extend their short-term work agreements.+ j0 ]) r9 C( e* B0 ^
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0 e4 y: ]& c8 T2 U: n PARIS — More nationwide street protests and strikes caused travel woes even though parliament has already approved President Nicolas Sarkozy's unpopular plan to raise the retirement age.: l) J# q+ T. w% Q5 M, j) L$ T
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y$ y9 m# d0 s; O8 D LONDON — A major British mortgage lender says that average house prices fell 0.7 percent in October, continuing a modest downturn since the start of the summer.* G. L7 D& a# c, T
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" ?# N. ?+ B" p7 Z4 C+ o& m BEIJING — China's leaders are promising to narrow its huge trade surplus and curb surging emissions of climate-changing greenhouse gases in an ambitious five-year plan to make its economy cleaner and more high-tech.2 B, n) v; B# O5 p
The Communist Party plan also promises to encourage consumer spending to reduce reliance on exports to power growth. The plan was approved last week by party leaders.2 ]9 U) g6 B. I4 h# l
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TOKYO — Japan's central bank cut its economic growth forecasts and kept interest rates near zero, as the export-reliant nation confronts a strong yen and waning overseas demand.
6 M3 x$ f4 |" X* v9 H+ N In its October outlook report, the Bank of Japan forecast the world's No. 3 economy to grow 2.1 percent in the year through March 2011 and 1.8 percent the following year. Its July assessment projected growth of 2.6 percent and 1.9 percent respectively.
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BEIJING — China said it will not use exports of rare earths, exotic minerals required by high-tech industry, as a diplomatic "bargaining tool" while Washington pressed Beijing to clarify its policy following its de facto ban on supplies to Japan.
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4 j# @5 u$ h1 h SHANGHAI — China and the European Union have agreed to pursue jointly financed research focused on sharing and developing technologies for cleaner, less polluting and safer aircraft. |