Europe closed mixed: France -0.03%, Germany +0.13%, UK -0.07%. Dow -0.44% to 12721. S&P -0.30%.
ZooZoos can’t seem to catch a break in India. When telecom licenses were first issued, companies couldn’t provide different services on the same frequencies before as they didn’t have the technologies. Now, when technology has finally caught up, they are being asked to pay more for the privilege for using the spectrum that they already have more efficiently. (WSJ)
What does the global Coal meltdown bode for Indian producers and consumers? Thermal coal prices are down 30% year-over-year and recently hit their lowest levels in two years. Wilbur Ross: “The current downturn is secular,” he says. “In the past it’s been cyclical but not now. The last time coal traded at these levels the industry turned higher but I don’t think that happens this time.” (FP, CNBC)
The US economy tipped into outright contraction in the second quarter. If ECRI is right, the implications for the global system are ugly. The Federal Reserve has drifted into fatalism, seeming to lose confidence in its own ability to shape events. Are things really so dire? (Telegraph)
Does politics really matter for investing? A very interesting read. (WaPo)