Submitted by Fox First at Ten on June 12th
By The Associated Press
A look at economic developments and activity in major stock markets around the world Tuesday:
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MADRID - Spain's benchmark borrowing rate hit its highest level since the country adopted the euro currency, after ratings agency Fitch downgraded 18 banks and investors continued to find more questions than answers in the country's decision to seek help for its ailing banking sector by tapping a €100 billion ($125 billion) eurozone bailout fund.
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ROME - Italian Premier Mario Monti has insisted that Italy won't need a European bailout as concerns mount that his country could be Europe's next debt crisis victim.
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LONDON - European markets edged higher amid uncertainty over whether the plan to rescue Spain's ailing banks would be enough to prevent the continent's debt crisis from infecting other economies.
France's CAC-40 closed 0.1 percent higher, while the DAX in Germany gained 0.3 percent. The FTSE index of British shares climbed 0.8 percent.
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In Asia, Japan's Nikkei 225 index lost 1 percent. South Korea's Kospi dropped 0.7 percent and Hong Kong's Hang Seng was 0.4 percent lower.
Mainland Chinese shares lost ground, with the benchmark Shanghai Composite Index shedding 0.5 percent. The Shenzhen Composite Index lost 0.4 percent.
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LONDON - In a fresh sign that U.K.'s economy is struggling to return to growth, official data showed factory output falling by 0.7 percent in April.
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ATHENS, Greece - Greece's debt management agency says the country has raised €1.625 billion ($2 billion) in an auction of 26-week treasury bills, but at a relatively hefty interest rates that were higher than in a similar debt sale last month.
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