All the latest financial news, as Athens welcome the Troika back and mining giants cut thousands of jobs as prices slide againIntroduction: Troika back in town 8.27am BST It’s been a bleak weak for goldbugs too. 8.23am BST Copper is also getting hammered again today. That’s particularly concerning, as the metal is seen as a barometer of the health of the global economyCopper trading @ 2009 low pic.twitter.com/elXQT9LK2z 8.22am BST A quick glance at the platinum price explains why producers such as Lonmin are finding life so tough - it’s not been this low since the global recession of 2008-09. 8.16am BST Two mining giants are slashing thousands of jobs each, as the recent slide in commodity prices hits home.Lonmin, the platinum producer, is to close or mothball several mines in South Africa, putting 6,000 jobs at risk.“Lonmin is highly geared to platinum group metal prices. At current metal price levels, the company is EBITDA negative and our cost minimisation plans are designed to improve this position as much as possible.”“At the moment I am not sure we are at the bottom, I hope we are but you can never be sure. 8.05am BST Worrying news from China overnight - activity across its factories fell at the fastest pace since April 2014.The flash Caixin/Markit China Purchasing Managers’ Index (PMI) dropped to 48.2 in July. It’s the 5th month running that activity has been below the 50-point mark that separates contraction from expansion.TROUBLE: Activity in #China's factory sector contracted at fastest pace in 15 mths in Jul. http://t.co/bVoKOvsTJH pic.twitter.com/YNxrU0uf9d 8.01am BST Greece’s creditors are arriving back in a country that is hamstring by capital controls.The Irish Times’s Damian Mac Con Uladh reports seeing queues at banks in Corinth this morning, as people try to withdraw their maximum cash allowance for this week.#CapitalControls in #Greece. Queues outside every bank in Corinth #now pic.twitter.com/UbVtwvIopG@damomac Pensions paid today + last day of the week to withdraw up to €300. Otherwise €60 tomorrow.#Greece. Pensions paid today. Lots of shoving, pushing and horsing the queue at National Bank, Corinth, as doors open pic.twitter.com/44IMoc8eLT 7.55am BST Good morning, and welcome to our rolling coverage of the Greek debt crisis and other events across the world economy, the financial markets and business.The return of the triumvirate, a day after internationally mandated reforms were pushed through the parliament by MPs, marks a personal defeat for the prime minister, Alexis Tsipras, who had pledged never to allow the auditors to step foot in Greece again.How Greeks will react remains unclear, with much depending on media coverage. Related: Greece braces for troika creditors' return to Athens IMF spokesman Gerry Rice said on Thursday that Athens had not yet officially requested the Fund’s participation in the third program. “The modalities and the process for the discussions are still to be decided.” Bloomberg Commodity Index hits a fresh 13y low on Metals rout as Chinese demand grew at the slowest pace in 2 decades pic.twitter.com/56BFJaIadG Continue reading...
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