A look at Economic Developments Around The World

The British economy contracted by 0.6 percent, slightly more than previously thought during the third quarter of 2008,
revised official figures showed, stoking market expectations that the Bank of England may cut interest rates to near zero in the New Year. Meanwhile, British mortgage approvals fell to their lowest level since at least 1997 in November as buyers were deterred by falling house prices and fears that the economic slowdown will hit their budgets, the British Bankers' Association said.

The association, which represents Britain's largest lenders, said banks approved just 17,773 loans for new home purchases in November -- 61 percent fewer than the same month last year, and the lowest number the association has ever recorded since it began keeping monthly records in 1997. It is also 14 percent lower than in October. The FTSE-100 share index closed up 6.82 points at 4,255.98, but Germany's DAX was 9.64 points, or 0.2 percent, lower at 4,629.38. The CAC-40 in France fell 22.95 points, or 0.7 percent, at 3,128.41.

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