China ends the week’s string of devaluations with a token move in the opposite direction, revaluing the currency by just 0.05%. Markets are mixed, however, as the Greek bailout battle returns to center stage. Greek legislators backed the austerity package that the government negotiated in Brussels, after an angry all-night debate. But Eurozone finance ministers return to the negotiating table this afternoon to discuss whether that’s enough to release the $96 billion bailout they agreed in outline last month. Germany still has issues, although other hardline countries are falling into line. The International Monetary Fund insists on debt relief. Spain and Greece are the fastest growing Eurozone economies in July. Glencore sells mining projects in the Philippines and elsewhere. Commerzbank has to pay a manager it downsized for the rest of his contract.
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