Australia's fault
Steel exports from China will surge to more than 100 million metric tons this year as local mills benefit from a rising tide of cheap iron ore, according to Cliffs Natural Resources. "It's like a bad virus," Lourenco Goncalves, chief executive officer of the largest US iron ore producer said. "Australia continues to give iron ore to China almost for free, allowing them to produce more than they need." BLOOMBERG 
Rabo going well
Rabobank, the biggest Dutch mortgage lender, said profit rose in the first six months of the year as loan impairment charges fell 70 per cent. Net income grew to EUR1.52 billion from EUR1.08 billion euros a year earlier. BLOOMBERG
Pimco likes bonds
Pacific Investment Management Company likes bonds designed to become part of European banks' capital cushion in times of stress because it sees little risk that they'll end up being needed to shore up balance sheets. The company, which manages about $US1.5 trillion in assets, is attracted to the additional yield of bank debt, according to Pimco executive vice president Anthony Crescenzi. BLOOMBERG
Thailand reshuffle
Thailand's King formally endorsed a cabinet reshuffle on Thursday that includes a new finance minister and a new deputy premier overseeing the economy. REUTERS