Less than 24 hours after heads of state gathering in Brisbane, Australia, agreed to take measures that would boost their economies, the Cabinet Office delivered news in Tokyo that Japan’s gross domestic product unexpectedly shrank an annualized 1.6%.
Crude dropped below $90 for the first time in 17 months as oil and gas companies led European stocks lower. The dollar declined as the number of Americans filing for unemployment benefits unexpectedly fell.
U.S. stocks fluctuated after equities posted their first weekly drop in a month as investors weighed growing unrest in Iraq and an International Monetary Fund report saying the Federal Reserve may be able to keep rates lower for longer.
The International Monetary Fund raised its forecast for global growth this year as expansions in the U.S. and U.K. accelerate, and urged advanced economies to maintain monetary accommodation to strengthen the recovery.