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A leading indicator of Chinese economic activity increased at a faster pace in June, suggesting that the economic conditions may not deteriorate much further into the third quarter, according to a report from the Conference Board released late Tuesday. However, the improvement in leading index can not be regarded as an indication of a possible recovery in the second half of the year.

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Moldova industrial production growth slowed in May, following a surge in the previous month, data released by the National Bureau of Statistics showed on Wednesday.

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Housing starts in the U.S. unexpectedly showed a notable decrease in the month of June, according to a report released by the Commerce Department on Wednesday. The report showed that housing starts tumbled 9.9 percent to an annual rate of 836,000 in June from the revised May estimate of 928,000. The steep drop came as a surprise to economists.

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Hong Kong will on Thursday post unemployment data for June, highlighting a modest day for Asia-Pacific economic activity. Analysts are expecting the rate to hold steady at 3.4 percent.

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The International Monetary Fund said Wednesday that the downside risks to its growth projections for China have increased and that the country must expedite transition to a new growth model, which is more consumption-based and inclusive. The IMF forecasts the economy to grow 7.8 percent this year and by 7.7 percent in 2014, lower than its projections in April.

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"The challenge for China now is to accelerate its transition to a more balanced and sustainable growth path with a decisive new round of reforms that address the growing risks in various parts of the economy and unleash new sources of growth," said Markus Rodlauer, the IMF's mission chief for China.

China's growth outlook is clouded by mounting domestic vulnerabilities in the financial, fiscal, and real estate sectors, the IMF staff noted. Potential spillovers from developments in the euro area and major advanced economies continue to pose external risks, they added.

Though China has the capacity to withstand shocks, IMF Directors felt that a further strengthening of policy buffers over time would be desirable.

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South Africa's wholesale sales rose for the second straight month in May, data released by Statistics South Africa revealed

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U.K. retail sales grew for a second consecutive month, led by higher department store sales in the wake of robust consumer spending, adding to signs of a consumer-led recovery. Retail sales volume, both excluding and including auto fuel, grew 0.2 percent each in June from May, data from the Office for National Statistics showed Thursday.

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With leading U.S. economic indicators turning in a mixed performance in June, the Conference Board released a report on Thursday showing that its leading economic index came in unchanged for the month. The Conference Board said its leading economic index was flat in June after edging up by 0.2 percent in May and jumping by 0.8 percent in April.

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Philadelphia-area manufacturers reported increased business activity in the month of July, according to a report released by the Federal Reserve Bank of Philadelphia on Thursday, with the index of regional manufacturing activity reaching a two-year high. The Philly Fed said its diffusion index of current activity surged up to 19.8 in July from 12.5 in June.

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Moody's Investors Service on Thursday upgraded the outlook on its triple-A rating on the United States to 'stable' from 'negative', citing improvement in the federal government's debt trajectory. The 'negative' outlook has been in place since August 2011. Moody's, at the same time, affirmed the country's sovereign rating at 'Aaa'.

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