News Today - July 31

*US Stocks surged Thursday, hitting their highest levels in nearly 9 months, as investors eyed the latest batch of better-than-expected profits and forecasts and a report that suggested the labor market is starting to stabilize.

* Japan’s unemployment rate rose to a six-year high in June and consumer prices fell at a record pace, adding to evidence the domestic economy is struggling to recover even as exports start to improve. Japan Consumer Prices Fell Record 1.7% in June, Stoking Deflation Concern

* The budget deficits of the U.S. and U.K. will be the largest this year of the world’s top 20 advanced and emerging economies and clear plans to cut spending are needed to ease investor concerns, an International Monetary Fund staff report said.

* President Barack Obama said on Thursday that despite signs of a US economic recovery, figures will likely show gross domestic product contracting in the 2nd quarter.

* Japan's second largest bank Mizuho posts an unexpected group loss of $47 million, with its results dragged down by valuation losses on stock-holdings and credit and equity derivatives



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