Japanese 2Q Q/Q reading showed the Japanese economy contracted by 1.7% in the second quarter, slipping to from the +1.5% registered for the first quarter. The annualized figure for the same period was of -6.8%. As a preliminary gauge of sentiment we note that the major equity indices in Asia manifested mixed performances. The Japanese Nikkei still managed some gains despite the negative GDP reading. The handover that Asia took from its US counterparts was fairly poor with the latter closing in the negative yesterday.