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Morning briefing: Ireland's credit rating downgraded

1. The yen fell back from a 15-year-high after a report said Japan's central bank was considering weakening the currency.

2. Business sentiment in Germany unexpectedly climbed to the highest level since June 2007 despite signs that the economy is cooling.

3. Ireland's credit rating was downgraded by Standard & Poor's on worries that it will face substantially higher costs to bail out its banking sector.

4. Crude oil rose for the first time in six days on forecasts that U.S. gasoline inventories decreased.

5. China's shares fell sharply on Wednesday as investors worried about a possible property tax introduced by Beijing to cool the housing market.

By Ariana Eunjung Cha  |  August 25, 2010; 6:40 AM ET
Categories:  *Morning briefing  
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