WTO and Swedish vote shrugged off

FINANCIAL markets were resilient in the face of two potentially massive blows to the global economy.

Despite Sweden's crushing rejection of the euro and the collapse of the World Trade Organisation's meeting in Cancun, Mexico amid a rich-poor rift, currency markets were unfazed and world stock markets forged ahead.

London's FTSE 100 index of leading shares rose 26.8 points to 4264.6. The euro edged up to $1.1285, although the Swedish krona hit a two-week low of 9.2 to the euro.

Sweden's rejection of the euro was overwhelming as 56.1% voted against the single currency and only 41.8% in favour, on a high turnout of 81.2%.

The Mexico talks collapsed amid serious differences between rich and poor nations. After four days of wrangling, there was deadlock over farm reform and new rules to cut red tape and corruption.