This morning the Bank of Italy announced that bad loans in the country rose 20 percent year-on-year in August – and lending to companies and families shrank equally dramatically.
In just 3 months, oil has suffered a 20 percent plunge into bear-market territory as average petrol prices hit their cheapest level for nearly four years. Brent crude fell more than a dollar to a 27-month low of $90.76 at one point.
China, the world’s top coal importer, is to levy import tariffs on it of between 3 per cent and 6 per cent from October 15th in its latest attempt to support ailing domestic miners. Australia and Russia will be hit very hard indeed.