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

　　LONDON ? Britain's Treasury chief unveiled the toughest cuts to public spending in decades, a raft of tax rises and a new levy on banks in an emergency budget aimed at restoring the country's ravaged public finances.

　　George Osborne told lawmakers his austerity package was necessary to quickly reduce crippling national debts racked up during the global financial crisis.

　　The measures will cut welfare payments and spending programs.

　　PARIS ? Shares of European banking giant BNP Paribas SA fell 2 percent in Paris a day after credit ratings agency Fitch downgraded its debt, renewing worries about Europe's debt crisis.

　　Fitch slashed BNP's long-term rating from AA to AA-minus, citing a "marked deterioration" in asset quality. Fitch said the bank "remains exposed to many of the asset portfolios which are currently proving to be vulnerable."