Morning briefing: dollar weak vs. euro, pound
*The United Arab Emirates said it will suspend some key BlackBerry services beginning Oct. 11, following up on its proclamation last week that the devices present a potential national security threat.
*The Chinese government's efforts to cool its housing market and boost consumption seem to be working, according to new data released Monday: Home prices in 100 Chinese cities dropped 1.32 percent in July from a month earlier. Meanwhile, passenger-car sales grew at a faster pace--up 15.4 percent from a year earlier to 822,300 in July--thanks to government subsidies for fuel-efficient models.
But there was worrying news in China's manufacturing sector about the effects of government efforts to discourage investment in polluting and energy-intensive factories. In July, manufacturing activity contracted for the first time in 16 months.
*Manufacturing growth in the U.K. declined more in June than originally reported, but stayed higher than some predictions, and offered more evidence the country's gradual economic recovery is persisting.
*As the recovery in Asia and Europe gains momentum, the yen fell for the first time in four days versus the euro, while the dollar fell to a three-month low against the euro and the pound rose to a five-month high against the dollar.
Ariana Eunjung Cha
August 2, 2010; 7:11 AM ET
Categories: *Morning briefing
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