Morning briefing: Japan unveils new stimulus, reports higher GDP growth
The Burj Dubai Tower, the tallest tower in the world, on the day of its inauguration, pm January 4, 2010. It was started at the height of the economic boom before the economy of the United Arab Emirates ran into trouble like the rest of the world's.
(Photo Credit: Ahmed Jadallah/Reuters)
1. Japan unveiled a new $11 billion stimulus package and reported that its economy expanded faster than economists had expected. The country's GDP grew at an annualized rate of 1.5 percent in April through June. A preliminary report had estimated a meager 0.4 percent growth.
2. China reported that its August trade surplus hit $20 billion, the second highest this year. The consistently high surplus will be bolster the arguments of some Washington lawmakers who are calling for increased pressure on China to ease controls on its currency that they say keep it undervalued and give Chinese exporters an unfair advantage. Hearings are scheduled to be held on this subject on Capitol Hill this month.
3. India's industrial output grew 13.8 percent, far more than expected.
4. Dubai World finalized the restructuring of $24.9 billion worth of debt. The UAE's investment arm sent fears across global markets last November when it said it would delay interest payments on debt it owed.
5. Japanese Finance Minister Yoshihiko Noda is raising questions about the quick pace at which China is buying Japanese government bonds. China purchased $27 billion's worth of Japanese bonds this year, which is six times what it bought in the past five years together.
Ariana Eunjung Cha
September 10, 2010; 6:00 AM ET
Categories: *Morning briefing
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