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AP Executive Morning Briefing
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Stores Post Disappointing January Sales
NEW YORK (AP) _ Here's a sign of how shaky the economy has become: Wal-Mart says its shoppers are redeeming their holiday gift cards for basic items _ pasta sauce, diapers, laundry detergent _ instead of iPods or DVDs. Merchants had hoped shoppers armed with gift cards would provide a lift after a dismal holiday shopping season _ partly because shoppers tend to spend even more than the value of the card. But that didn't seem to happen last month, and retailers are feeling the pain.
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Oil Prices Add to Overnight Rebound
BANGKOK, Thailand (AP) _ Oil prices in Asia rose Friday, adding to a rebound that started overnight as a more stable stock market calmed investors fears about the health of the U.S. economy. The Dow Jones industrials inched higher Thursday after the sharp sell-off of recent days. Energy investors often view the stock market as a barometer of economic health, worrying that any slowdown in growth will lead to a corresponding slump in energy demand.
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Gold Prices
LONDON (AP) _ Gold bullion opened Friday at a bid price of $909.55 a troy ounce, up from $904.80 late Thursday.
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Japan Markets
TOKYO (AP) _ Japanese stocks fell Friday as investors sold stocks to settle futures options, with many buyers remaining on the sidelines ahead of talks among the finance chiefs of the Group of Seven industrialized countries. The Nikkei 225 stock index fell 189.91 points, or 1.44 percent, to close at 13,017.24 on the Tokyo Stock Exchange. It rose 0.82 percent Thursday.
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Dollar-Yen
TOKYO (AP) _ The dollar was trading at 107.39 yen midafternoon Friday in Tokyo, down from 107.42 yen late Thursday in New York.
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A service of The Associated Press. Copyright 2008 All rights reserved.
