A look at economic developments around the world

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BERLIN--The German government approved a stimulus package of 23 billion euros ($29 billion) aimed at helping Europe's biggest economy weather the financial crisis. It includes tax breaks on new cars and credit assistance for companies. The package is aimed at triggering investments of up to 50 billion euros ($64 billion). The DAX stock index closed down 111.17 points, or 2.1 percent, at 5,166.87.

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BRUSSELS, Belgium--European Union regulators refused to give Commerzbank AG immediate clearance for a German government capital injection. Germany's second-largest bank by assets struck a deal Monday to get up to 23.2 billion euros ($29.6 billion) in government help as part of a German bank rescue package. But the European Commission believes the Commerzbank bailout goes beyond the rescue plan.

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LONDON--Pressure grew for the Bank of England to cut a key interest rate by a full percentage point as reports Wednesday showed Britain's manufacturing and services sectors are mired in recession. Markets have priced in a cut of around three-quarters of a percentage point to 3.75 percent when Britain's central bank meets on Thursday. Business and manufacturing groups have called for a cut of a full percentage point to 3.5 percent. The FTSE 100 index of leading British shares fell 108.77 points, or 2.3 percent, to close at 4,530.73.

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MUMBAI, India--Foreign direct investment to India more than tripled to $2.56 billion in September from a year ago, the Ministry of Commerce said, even as foreign institutions have pulled $12.5 billion so far this year from Indian equities. India's benchmark Sensex index plunged 4.8 percent to close at 10,120.01 as investors took profits after five days of gains.

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