The yield on German two-year notes drops to a record low as China’s devaluation of the yuan added to concern the world’s second-largest economy will curb global growth. U.S. Treasuries climbed as the People’s Bank of China cut its reference rate for the yuan for a second day. Source Bloomberg
China’s economic growth cooled to its weakest pace since the global financial crisis in the third quarter, with regulators pledging further policy support as a years-long campaign to tackle debt risks and the trade war with the United States began to bite. Source: Reuters
One of the oldest coal companies in the U.S. with connections to Coshocton filed for bankruptcy protection Oct. 9 to deal with more than $1.4 billion in debt amid declining demand for the fuel. Englewood, Colorado-based Westmoreland Coal Co. filed for voluntary Chapter 11 protection in U.S. Bankruptcy Court in Houston as part of a restructuring agreement with an unnamed group of lenders. Source Coshocton
A Tennessee coal mining company that filed for bankruptcy this week is the second coal company to go bankrupt during Donald Trump’s pro-coal presidency. It’s also the fifth U.S. coal industry bankruptcy in the last three years as competitors in the energy market continue to drive coal into the dust pile. Source CBS
