Morning briefing: Weaker-than-expected Japanese GDP
1. China jumped past Japan to become the world's No. 2 economy after the United States.
2. Weaker-than-expected Japanese GDP data contributed to fears about the global recovery and further boosted the yen and sent Asian and European markets and U.S. stock futures tumbling.
3. China's yuan fell to a more than seven-week-low against the U.S. dollar after the People's Bank of China reset the central parity rate again. It was set at 6.8064 yuan per dollar, above market expectations and the highest since late June.
4. European inflation hit the fastest pace in 20 months in July due to rising energy prices, while India's inflation rate fell to its lowest level since February.
Ariana Eunjung Cha
August 16, 2010; 9:25 AM ET
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