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First-time claims for U.S. unemployment benefits unexpectedly saw another modest decrease in the week ended May 4th, according to a report released by the Labor Department on Thursday, with jobless claims falling to a new five-year low. The Labor Department said initial jobless claims edged down to 323,000, a decrease of 4,000 from the previous week's revised figure of 327,000.

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Japan posted a current account surplus of 1.25 trillion yen in March, the Ministry of Finance said on Friday - holding in the green for the second straight month after three consecutive months of deficit.

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Japan saw a current account surplus of 1.25 trillion yen in March, the Ministry of Finance said on Friday.

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India's industrial production rose at a faster pace in March, helped by strong performance in manufacturing and energy sectors, adding to hopes of a recovery after the central bank lowered interest rates further last week to revive the flagging economic growth.

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German exports recovered as expected in March, boosting hopes of economic revival by the end of the first quarter itself, official data revealed Friday. Export of goods grew 0.5 percent month-on-month in March, partially offsetting the 1.2 percent drop in February, the Federal Statistical Office said. The monthly rate of expansion matched economists' expectations.

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Food prices in New Zealand were up a seasonally adjusted 0.2 percent on month in April, Statistics New Zealand said on Monday - following the 1.3 percent contraction in March.

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China is scheduled to release key data on Monday, highlighting a modest day for Asia-Pacific economic activity. On tap are April figures for industrial production, fixed asset investment and retail sales.

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Home loan approvals in Australia surged the most in four years in March as a series of interest rate reductions by the central bank since 2011 boosted demand for mortgage. The number of owner-occupied dwelling finance commitments rose 5.2 percent year-on-year in March after adjusting to seasonal variation, the Australian Bureau of Statistics said Monday. This was the biggest gain since March 2009.

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The Group of Seven industrialized nations have agreed to push ahead with reforms in the banking sector in order to protect taxpayers from the impact of bank failures. They also indicated support to Japan's efforts to boost economic recovery.

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India's trade deficit for April widened from last year as the marked increase in imports driven by gold, outpaced the modest improvement in exports, data released by the Ministry of Commerce revealed on Monday.

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