FASHION BUSINESS: A window display at a Macy's store in San Fransisco, California. A commerce department report shows consumer spending rose for the fourth straight month with a seasonally adjusted increase of 0.3% in July. (Justin Sullivan, AFP)
In other news
Volkswagen boss has said it will take two to three years for his revamp to bear fruit as he faces internal opposition to his shift of the car maker toward new technologies.
Tokyo shares have ended the morning session flat as tepid data and profit-taking from the previous day's jump offset a weaker yen and a rally on Wall Street.
Asian markets have risen with Tokyo recovering from losses as expectations of a US rate hike and talk of Japanese monetary easing pushed the yen down against the dollar.
US shares have risen with investors' mood buoyed by hints from the US Federal Reserve of an interest rate hike because of strong growth.
Oil prices have edged up, a day after retreating on a stronger dollar, but worries about a global supply glut are keeping gains in check ahead of a key producers' next meeting.
Egypt's parliament has approved a long-awaited law introducing a Value Added Tax of 13% which will rise to 14% in the next fiscal year.
Brazil economists have forecast the central bank will be less aggressive when cutting interest rates in 2017 as they boosted their expectations for economic growth.
Oil prices have tumbled on a strong dollar and after key OPEC producers downplayed the prospects of limiting output at a meeting next month.