* The economy's sharp slide eased in the late spring and hopes for future business activity improved, suggesting that the worst of the recession has passed , Fed Beige book said.
The so-called Beige Book, a snapshot of economic conditions around the US, said five of the Fed's 12 regions reported that the "downward trend is showing signs of moderating."
* China’s exports fell by a record as the global recession cut demand for goods produced by the world’s third-largest economy. Overseas sales dropped 26.4 percent in May from a year earlier, the customs bureau said in a statement on its Web site today.
* Japan’s economy shrank less than the government initially estimated as business investment and inventories fell at a slower pace. Gross domestic product shrank at a record 14.2 percent annual pace in the three months ended March 31, less than the 15.2 percent reported last month, the Cabinet Office said today in Tokyo.
* Brazil, Russia, India and China’s plan to shift some foreign reserves into International Monetary Fund bonds may be more a signal of their growing financial clout than a lack of demand for U.S. assets , Goldman says.
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