Money Daily Brief: US trade deficit narrows unexpectedly
鈥� Updated 10:50 EDT (14:50 UTC)
鈥�Trade deficit falls: The US trade gap narrowed an unexpected 3.5 percent in August as . Farm goods and autos and related parts led the export increase while , despite a rise in the price of oil.
鈥�China roars: Asian shares , with China's 4.8 percent at day's end. Japan's Nikkei average also jumped 1.9 percent. The gains amounted to a . General Motors announced a , totaling nearly 1.3 million vehicles, while a major Chinese industrial company to purchase former GM unit Hummer.
鈥�Japanese orders up: Core machinery orders , up from July's all-time low. The small gain indicated a cautious outlook by companies reluctant to spend despite slight improvements in demand.
鈥�South Korean interest rates: A key rate will remain at , South Korea's central bank announced. The jury is still out as to in the short term.
鈥�European stocks down: European shares posted after a raft of American economic indicators failed to hit projected marks. Separately, European countries are currently divided about extending (subscription required). The measures prevented imports from rising in the beginning of the year, but they have done little to improve exports from European Union shoe producers.
鈥�In my backyard: A new Chinese language school . As China expands its economic presence in Africa , it has also built 23 language schools on the continent.
-- Sarah Burton is a Monitor contributor based in Beijing. On the domestic front, the Obama administration is trumpeting a small victory against home foreclosures.
