Weak global economic data

The week started with mostly negative economic data.

In Japan, the government downgraded its assessment of the economy for the first time in 10 months.

In China, industrial profits fell 5.4 percent in July from a year ago, worse than the 1.7 percent fall in June.

In Germany, Ifo's business climate index fell from 103.2 in July to 102.3 in August, the lowest reading since March 2010.

In the US, the Dallas Fed's Texas manufacturing outlook survey showed mixed data. The manufacturing production index fell to 6.4 in August from 12.0 in July while the general business activity index rose to -1.6 from -13.2.