Global markets rose on Thursday, boosted by hopes that Europe is preparing to give Spain financial aid to help it cope with the cost of saving its banks and that the Federal Reserve will consider additional support for the U.S. economy.

Spain's government cannot afford to rescue its banking sector but is reluctant to accept a full-fledged bailout from its eurozone partners, as that would mean giving up control over some of its domestic policies.

Organizers of Tokyo's bid to host the 2020 Olympics said Thursday bringing the games to the Japanese capital would generate economic activity worth $37.9 billion and create more than 152,000 jobs.

The $37.9 billion figure includes a $21.1 billion economic benefit for the Tokyo metropolitan area and 16.3 billion for the rest of the national economy.

Under the title “Shu Fi Bi Lebnen” (What’s New in Lebanon) Tourism Minister Fadi Abboud launched a campaign to promote and boost the tourism season, voicing hopes that Gulf countries would review their travel warnings to Lebanon.

The campaign was launched Wednesday at the Phoenicia Hotel in the presence of a number of representatives including Head of the ABC Group Robert Fadel, MEA board Member Marwan Salha, Head of the Syndicate of Maritime Firms Jean Beiruti, Head of the Syndicate of Furnished Apartments Ziad Labban, President of the Syndicate of Rental-Car Agencies in Lebanon Mohammad Daqdouq, Head of Lebanon's Tourism Union Amin Khayyat, Chairman of the Group Aishti Tony Salameh, Chairman of the Board of Directors of City Mall Michel Abche and many more.

Credit rating agency Moody's on Wednesday lowered its ratings for six German banks pointing to "the increased risk of further shocks emanating from the euro area debt crisis."

Moody's said in a statement it was downgrading by one notch the long-term credit ratings of Commerzbank, DekaBank, DZ Bank, regional banks LBBW, Helaba and NordLB.

Abu Dhabi-based carrier Etihad Airways denied it was in talks to take a stake in struggling Franco-Dutch airline Air France-KLM, a spokesman said on Wednesday.

"Etihad Airways denies the rumours according to which it would be in talks to enter the capital of Air France-KLM," a spokesman said.

Top European finance ministers vowed Tuesday to respond "speedily" to the continent's debt crisis as Spain pleaded for help for its struggling banking system so as to avoid a full and humbling bailout.

Eurozone member Cyprus also warned that there was a serious possibility it may need EU aid to save its banking system, which is heavily exposed to twice bailed-out Greece.

The European Central Bank is coming under increasing pressure to come to the rescue once again as the Eurozone debt crisis deepens, with analysts suggesting it could cut interest rates soon.

The ECB's governing council usually convenes on the first Thursday of every month for its regular policy-setting session but it is meeting in the bank's Eurotower headquarters on Wednesday owing to a public holiday.

Moody's on Wednesday cut its debt rating on Austria's three biggest banks -- Erste Bank, Raiffeisen Bank International (RBI) and Bank Austria, an offshoot of Italy's UniCredit group.

The move was largely due to their exposure to the financial crisis in eastern Europe.

U.S. auto giant General Motors said Tuesday that its China sales for May hit a record 231,183 vehicles, despite a looming slowdown in the world's second largest economy.

GM's sales in the country surged 21.3 percent in May from the same month last year and rose 1.7 percent from April, it said in a statement.

Etihad Airways, one of the Gulf region's fast-growing carriers, said Tuesday it has bought a 3.96 percent equity stake in Virgin Australia.

In an announcement posted by Virgin on the Australian stock market, Etihad said it built its holding over recent weeks through on-market share purchases.