Overnight

China was really the big news overnight as its economy grew 6.7% on-year in the April-June quarter. Economists had predicted 6.6% growth, so the minor higher blip was welcomed by many and no doubt will be twisted by others into positive spin. Reuters reported: Retail sales for June in China were up 10.6 percent on-year, industrial output for June grew 6.2 percent on-year, while fixed asset investment for the January-June period was up 9 percent on-year.

The news helped push Asian shares higher Friday with some other help from the U.S. where markets recorded another record close. The Nikkei 225 was up slightly, 0.82%; Australia's ASX 200 rose 0.64%; the South Korean Kospi rallied 0.6%; the Hang Send Index was up 0.29%. In China the Shanghai Composite added 0.18% with the Shenzhen Composite flat at 2,044.86. The broader Topix and the JPX-Nikkei Index 400 each gained 0.9 percent to 1,322.75 and 11,886.93. 


 Currencies captured some attention when the Bank of England voted to hold its interest rate stready for now at 0.5% and not to change its current QE program. The UK pound traded at $1.34126 to the dollar with the dollar trading at 96.13 against a basket of currencies. the Japanese yen weakened against the buck, 105.89, as opposed to its stringer levels last week.