Quick Overview

• U.S. Productivity rose 1.8%.
  

• U.S. Unit labor costs rose 2.1%.
  

• The Fed kept the federal funds rate unchanged and said that while tightening credit conditions had increased risks, inflation was still its main concern.
  

• YoY Retail sales in the U.K. were up 3.1%.
  

• The International Coffee Organization left its estimate of 2007-2008 world coffee production unchanged at 112.0 million bags. World consumption was raised from 119.5 million bags to 120 million bags.
  
• Australia's central bank announced Wednesday it is raising official interest rates by one-quarter percentage point to 6.5 percent — the first rate movement in nine months.
  

• Japan's bank lending rose 0.3% in July.
  

• Japan's July foreign reserves hit record high of $923 bil.