A look at economic developments around the globe
Tuesday - 7/31/2012, 6:00pm ET
(AP) - A look at economic developments and activity in major stock markets around the world Tuesday:
___
LONDON _ The number of people unemployed across the 17 countries that use the euro hit a record high in June, official figures showed Tuesday, in a stark reminder that Europe's debt crisis has ramifications beyond the financial markets.
___
MADRID _ Spain's central bank says (EURO)163 billion ($200 billion) has been pulled out of Spain in the first five months of the year, reflecting plunging confidence in the government's ability to manage its financial problems.
___
LONDON _ The stock markets' rally ran aground amid doubts over Europe's ability to solve its longer-term financial problems and expectations that the Federal Reserve will not seek to stimulate the U.S. economy further this week.
Germany's DAX fell 0.03 percent, while the CAC-40 in France fell 0.9 percent. The FTSE 100 index of leading British shares lost 1 percent.
___
TOKYO _ In Asia, Japan's Nikkei 225 stock average rose 0.7 percent and Hong Kong's Hang Seng gained 1.1 percent. South Korea's Kospi rose 2.1 percent while Australia's S&P/ASX 200 climbed 0.6 percent.
___
NEW DELHI _ New Delhi's Metro shut down, businesses switched to backup generators and hundreds of coal miners were trapped underground for a time after three major electric grids in India collapsed Tuesday, cutting power to 620 million people in the world's biggest blackout.
___
MUMBAI, India _ India's central bank kept its key interest rate on hold because of high inflation and warned that a weak monsoon and intensifying global risks will drive down growth faster than anticipated in Asia's third largest economy.
___
JOHANNESBURG _ Africa will continue its economic growth into the next year, but faces increasing threats from continued political instability, youth unemployment and the global recession dragging down oil and commodity prices, a leading economist said.
___
(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
