A sales tax refund counter of a shop in Osaka, Japan. Reuters
Japan’s industrial output rebounded more than expected in July, but retail sales declined sharply and production was set to contract again next month, signalling a bumpy road for an economy facing growing global strains.
Japan’s retail sales tumbled at their fastest pace in more than 4-1/2 years in October as a sales tax hike prompted consumers to cut spending, raising a red flag over the strength of domestic demand.
Japanese households cut their spending for the first time in almost a year in October as a sales tax hike prompted consumers to rein in expenses and natural disasters disrupted business.
Robust earnings from Google-owner Alphabet and Twitter took the S&P 500 and Nasdaq indexes close to record levels on Friday, with data showing the domestic economy slowed lesser than expected in the second quarter providing support.
The blue-chip NSE Nifty 50 index rose 0.4% to 14,574 and the benchmark S&P BSE Sensex was up 0.3% at 49,544.75. The Nifty and Sensex rose 1.7% on Tuesday.
Speculations have been going on for weeks about his whereabouts after he disappeared from the public following an October speech criticizing China’s financial system.
US West Texas Intermediate (WTI) crude futures climbed 37 cents, or 0.7%, to $53.35 a barrel while Brent crude futures rose 35 cents, or 0.6%, to $56.25 a barrel.