Quick Overview

• Bank of Japan Policy Board member Atsushi Mizuno said on Wednesday it would be a mistake to think there will be no more rate rises this year, although the central bank has said future rate moves will be gradual
  
  

• The Reserve Bank of Australia has lifted interest rates to 6%. This is the second increase this year.
  
  

• The U.S. Department of Energy said that::
  Supplies of crude oil were down 1.8 million barrels to 333.7 million barrels.
  Supplies of unleaded gasoline were down 100,000 barrels
  Supplies of heating oil were up 1.7 million barrels.
  

• The International Cotton Advisory Committee expects 2006-2007 world ending stocks to total 45 million bales, less than the USDA's 47.5 million bale estimate
  

• The Mortgage Bankers Association said its index of mortgage applications is at the lowest level since May 2002.