Quick Overview

• The University of Michigan's consumer sentiment index fell from 69.5 to 62.6 -- the lowest in 26 years.
  

• U.K.'s GDP rose 0.4% QoQ
  

• Japan's CPI rose 1.2% YoY
  

• (Reuters) - A cargo ship hired by the U.S. military fired warning shots at approaching boats in the Gulf; the U.S. Navy said on Friday, underscoring tension in the region as the Pentagon sharpened its warnings to Iran.
  

• Bush said tax rebates that start going out Monday will help shore up the sluggish U.S. economy.
  

• (FT) The US and Europe could open their markets to more ethanol from Brazil, where the impact on agriculture is smaller.
  

• Texas filed an application to be exempted from the federal renewable fuels standard. The food industry prompted the state’s request to waive 50% of the state’s ethanol blending.
  

• Thailand and Brazil said they won't curb rice exports.
  

• YoY, Guangdong’s foreign trade volume grew 14.3% to US$149.9 billion, this compares to 24.6% China-wide.