- The Chinese economy expanded by slightly more than expected in the second quarter, when GDP grew by 7%. However, Chinese stocks were unimpressed, with the Shanghai Composite falling again. Stocks were down in Hong Kong, too.
- Toyota (TM) will recall about 625,000 hybrid cars globally to fix a software glitch that could, in limited cases, shut down the hybrid system while the car is being driven. About 340,000 vehicles of the total are in Japan, 160,000 in Europe, and 120,000 in North America.
- The International Monetary Fund (IMF) has called for giving Greece more debt relief and raised questions over the future involvement of the Fund in the bailout. A senior IMF official told Reuters: "We have made it clear ... we need a concrete and ambitious solution to the debt problem. I don't think this is a gimmick or kicking the can down the road ... If you were to give them 30 years grace you are allowing them in the meantime to bring down debt by ... getting some growth back."
- The Bank of Japan lowered its economic growth forecast by 0.3 percentage points to 1.7% but held off on offering fresh stimulus, as it believes an expected pick up in consumption will help accelerate inflation toward its 2% target.
- British luxury fashion label Burberry said slowing sales in Asia continue to weigh on its results. The group said its sales in the Asia-Pacific region fell by a "low single digit" percentage in the three months to June, while comparable sales in Hong Kong saw a double-digit decline.
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