A look at economic developments around the globe

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Associated Press

Posted on July 26, 2012 at 1:01 PM

Updated Thursday, Jul 26 at 1:01 PM

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

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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.

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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.

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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.

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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.

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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.

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