Afternoon Coffee: Mining Stocks Slammed, Vietnam Apparel Imports Accelerate

European mining stocks took big hits this morning, following a reduction in growth forecasts for China by the Asian Development Bank. Industrial metal prices continued to fall on the revised projections, while coal prices in Europe dipped to record lows.

US apparel imports from Vietnam exceeded $1 billion in July, according to data from the Office of Textiles and Apparel (OTEXA). While the country is still the No. 2 source of apparel imports for the US, imports from Vietnam have grown the fastest of all top trading partners, up 15%.

Mara Group, the Dubai-based business services company, is launching an Africa-wide online marketplace, The Wall Street Journal reported. The potential market for e-commerce in Africa is huge – potentially $75 billion by 2025 – according to a McKinsey analysis, and Mara hopes to be the leading provider there within 4 years.

Australia reported strong economic data earlier today. The bank ANZ’s consumer confidence index rose to 114.5, the most ever recorded, possibly due to the ousting of former prime minister Tony Abbott.

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