A look at economic developments around the globe

A look at economic developments and activity in major stock markets around the world Thursday:

___

FRANKFURT, Germany ? European Central Bank head Mario Draghi promised to do whatever it takes to save the European single currency and raised expectations that he could step in to lower the high borrowing costs that are crippling countries like Spain and Italy.

___

LONDON ? Global markets rallied after the European Central Bank's chief, Mario Draghi, vowed to save the 17-country euro from the financial crisis, possibly by intervening in markets to help weaker states like Spain.

Germany's DAX closed 2.8 percent higher while France's CAC 40 rose 4.1 percent. Britain's FTSE rose 1.4 percent.

___

TOKYO ? Japan's Nikkei 225 stock average climbed 0.9 percent and Hong Kong's Hang Seng added 0.1 percent. South Korea's Kospi gained 0.7 percent. Australia's benchmark rose 0.6 percent while the Shanghai Composite shed 0.4 percent.

___

LONDON ? Ireland sold more than ?5.2 billion ($6.4 billion) in long-term bonds for the first time in nearly two years, passing a major test of investor sentiment toward the bailed-out nation and improving its chances of returning full time to normal borrowing next year.

___

SEOUL, South Korea ? South Korea's economic growth fell to a nearly three-year low in the second quarter as exports and capital expenditures shrank due to a slowdown in China and debt-saddled Europe, reinforcing views that the central bank will further reduce borrowing costs to prop up the economy.

___

Source: http://news.yahoo.com/look-economic-developments-around-globe-203941839.html

shrimp scampi kate upton si cover lobster recipes hearts roses flower delivery e cards