India’s power grid failed for the second day in a row, this time for more than half the country (BBC News). Is there much doubt about emerging market infrastructure development, as $80-trillion urban boost for mining projected at Mining Weekly. I lived in a third world mega city for six months; these pictures do not scratch the surface (BBC).
The dynamics become more interesting with mining projects are being delayed, as China slowdown hurts BHP at Bangkok Post. Iron ore prices continue to be hit (FT Alphaville). “A peak may be in sight for commodity prices” from the Economist.
Are Interest Rates at a Key Inflection Point? All Star Charts
“Unilever…sold $550 million worth of 5-year notes with a coupon of just 0.85 percent…Texas Instrument has broken a record for the lowest coupon on 3-year debt at just 0.45 percent…” Business Insider. Teck Resources sold 30 year paper at 5.4%.
Interesting macro idea of the day: “In order to avoid a debt spiral, a country must reach nominal GDP growth at least in line with average financing rates.” Ritholtz