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Money Daily Brief: China's economy growing faster

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Reuters

(Read caption) Employees work at a textile factory in Rizhao in China's Shandong Province. Chinese industrial output grew faster than expected in August, suggesting its recovery is accelerating.

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Reawakened dragon: A quickening recovery by China is stoking a wider regional turnaround as new figures showed its industrial production rose at a faster pace than forecast in August. Asian markets were cheered., led by a 2.2 percent gain on the Shanghai composite index. But Japan's economy grew less than initially estimated, with data showing its gross domestic product expanded at an annual 2.3 percent rate in the second quarter, slower than the 3.7 percent reported last month.

Mixed bag for Morgan: A judge who convicted a former Morgan Stanley banker on nine counts of insider dealing in a landmark case for Hong Kong regulators sharply criticized the Wall Street bank for compliance lapses that allowed the trading to take place. Markets, meanwhile, digested news of a changing of the guard at the brokerage, with Co-president James Gorman set to take over from CEO John Mack in January.

Doing good down under: Australia, the only major western economy to avoid recession, is set for another boost with US oil firm Chevron's agreement on $60 billion (Australian; US$51.9 billion) in deals to supply natural gas to Japan and South Korea from its Gorgon project in Australia, making it a leading liquefied natural gas player in the region.

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