JAPAN ECONOMY: Asia`s second-biggest economy contracted 1.6 percent in the April-June quarter on bad weather and slowing China demand, according to the latest government data. Prime Minister Shinzo Abe has championed a huge stimulus program aimed at kickstarting economic growth but analysts say the poor results so far suggest that the central bank may pump in even more money in the months to come, a move that would also support the stock market.
ANALYST VIEW: ""These numbers are in no way positive as the Japanese economy teeters on the brink of full contraction," said Stephen Innes, senior foreign exchange trader at OANDA. "The data continues to lend support for additional quantitative easing in Japan."
YUAN STEADIES: Chinese authorities raised by a smidgen the daily level for the country`s currency, which is allowed to rise or fall by 2 percent against the dollar each day in the spot markets. Monday`s rate fix further calmed Asia markets after Beijing last week devalued the yuan, which resulted in the currency weakening as much as 3 percent.
WALL STREET: Major U.S. benchmarks ended higher Friday as investor sentiment steadied after a rocky week. The Dow Jones industrial average rose 0.4 percent to end at 17,477.40 and the S&P 500 climbed 0.4 percent to 2,091.54. The Nasdaq composite rose 0.3 percent to 5,048.24.
ENERGY: U.S. crude oil fell 55 cents to $41.95 in electronic trading on the New York Mercantile Exchange. The contract rose 27 cents Friday to close at $42.50. Brent crude, a benchmark for international oils used by many U.S. refineries, fell 55 cents to $48.64 in London.
More about:
