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Yellen: Stronger Economy Only Needs 'Modest' Financial-Rule Tweaks

Yellen: Stronger Economy Only Needs 'Modest' Financial-Rule Tweaks

Yellen's term as Fed chair will expire Feb. 3.

Yellen said "substanial progress"?had been made in the nearly 10 years since the crisis on reducing unemployment and keeping inflation in check and lowering the risks to financial stability.

Yellen said that overall, the regulatory change put banks, and the economy, back on their feet.

Market participants will be also watching for any signals that the ECB is close to paring its bond purchases, though two sources have told Reuters that Draghi will not deliver any new policy message at the event. South Korea's Kospi added 0.1%, with Samsung Electronics in focus after Vice Chair Jay Y. Lee was found guilty of bribery and embezzlement, and sentenced to a five-year jail term.

European share markets closed lower, with the pan-regional FTSEurofirst 300 index slipping 0.14 percent and the FTSE 100 index in London off 0.08 percent.

Trentin wins 10th stage, Froome keeps Volta lead
Simon Yates made his move, departing from the peloton to chase the leader, and he soon made ground with 40 kilometres remaining. The climbing legs proved dangerous as the break stretched out 30 seconds more to 1.30 over the peloton at the top of the climb.

Some changes to individual regulations may be warranted, Yellen said, specifically mentioning possible relaxation of the Volcker rule limit on banks' equity trading, and further relaxation of rules that apply to medium-sized and smaller banks. The S&P 500 gained 8.09 points, or 0.33 percent, to 2,447.06. The yield on Treasury bills due October 5 jumped to 1.175% on Thursday, its highest since August 10, over anxiety Congress won't be able to reach an agreement to raise the debt ceiling. Any sign from Draghi that he's considering an unwinding could boost the euro and weigh on bonds, as we saw earlier this summer when investors interpreted a Draghi speech as hawkish.

Producer prices in Japan were up 0.6% on year in July, the Bank of Japan said on Friday.

"She didn't say anything that the market wanted to know about Fed policy", Marc Chandler, chief global currency strategist at Brown Brothers Harriman & Co.

Those jitters have encouraged investors to unwind carry trades - borrowing in low-yielding assets to invest in higher-yielding ones such as peripheral government bonds. The single-session equity put/call ratio jumped to 0.69, and the 21-day moving average remained at 0.71. Hong Kong's Hang Seng (+1.2%) led the gains in Asia, and Germany's DAX (+0.41%) paces the advance in Europe.

Oil prices rose as the dollar fell and as the U.S. petroleum industry braced for Hurricane Harvey, which could become the biggest storm to hit the U.S. mainland in more than a decade. The German DAX, meanwhile, has tacked on 0.2%, following a slight drop in Ifo's business sentiment reading and data confirming the economy is on track for its best year of growth since 2011.