A look at economic developments around the globe

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

BRUSSELS — European leaders clinched a deal they hope will mark a turning point in their two-year debt crisis, agreeing after a night of tense negotiations to have banks take bigger losses on Greece's debts and to boost the region's weapons against the market turmoil.—

LONDON — Global stock markets soared as investors waded into riskier assets, emboldened by EU leaders' pre-dawn agreement to slash Greece's massive debts and use their bailout fund to contain any further turmoil.

Britain's FTSE climbed 2.9 percent. Germany's DAX jumped 5.4 percent and France's CAC-40 gained 6.3 percent.—

TOKYO — In Asia, Japan's Nikkei 225 index rose 2 percent. South Korea's Kospi added 1.5 percent. Hong Kong's Hang Seng gained 3.3 percent. Australia's S&P/ASX 200 jumped 2.5 percent.—

ATHENS, Greece — Shares on Greece's stock market closed sharply up following a debt deal reached by European leaders that the country's finance minister described as a new starting point for the country.—

As Europe's leaders struggle toward a solution to its debt crisis, hopes are growing that cash-rich China will take a major role in a rescue — expectations that are likely to be dashed.—

ROME — Italian union leaders vowed to call strikes if Premier Silvio Berlusconi's government acts on its promise to make it easier to fire workers as a way to convince the European Union it is serious about reviving the country's anemic growth.—

BERLIN — An official estimate shows that Germany's annual inflation rate slipped to 2.5 percent in October after hitting a three-year high the previous month.—

NICOSIA, Cyprus — Cyprus' two largest banks which are heavily exposed to Greece say they can cover needed capital buffers and are moving to boost their liquidity.—

SHANGHAI — China's chronic fuel shortages are worsening with the onset of winter, as output lags behind surging demand following price cuts that are worsening refiners' losses.—

TOKYO — Japan's central bank kept its key interest rate at nearly zero and will expand the size of an asset buying program to lend stronger support to the economy.—

BEIJING — Hundreds of migrant small business owners in an eastern Chinese town have protested over a tax dispute, some of them torching vehicles, in the latest unrest resulting from growing economic pressure and anger over the unfair treatment of migrants.—

JOHANNESBURG — Young South Africans brought their frustration over poverty and joblessness to the streets, responding to a call by the tough-talking youth leader of the governing African National Congress who has clashed with older party leaders over economic policy.—

CAIRO — Moody's Investors Service says it has cut Egypt's government bond rating by one notch, citing the country's weak economy, political instability and declining foreign reserves.—

TBILISI, Georgia — Georgia has accepted a Swiss proposal that could open the way for Russia to join the World Trade Organization.—

WARSAW, Poland — Hundreds of business people from Poland and China are meeting at a major conference to establish ties and develop wide-ranging trade cooperation.—

SYDNEY — Australia's stock market was halted for several hours following a technical glitch.—