- Chinese authorities' pledges to do more to boost stock markets fell on deaf ears, and Chinese stocks fell again on Tuesday, after Monday's 8% decline. The CSI300 index of the largest listed companies in Shanghai and Shenzhen fell 0.2%, while the Shanghai Composite Index shed 1.7%.
- Profit at China's biggest internet search company, Baidu (BIDU), came in below analyst expectations as the company invested to diversify away from the search advertising business, which is becoming more competitive. Net income attributable to Baidu rose 3.2% to 3.66 billion yuan ($590 million). On a per shares basis, Baidu earned 10.19 yuan per American depositary share, well short of analysts' expectations of 10.58 yuan.
- BP (BP) reported a fall of 64% in underlying replacement cost profits (analysts' preferred measure) in the second quarter to $1.3 billion from the same period of last year, a worse fall in profits than expected.
- Talks between the Greek government and the Troika of creditors ¿ the European Union, the IMF and the European Central Bank ¿ are due to start on Tuesday, almost a week later than planned. A new bailout program for Greece worth up to 86 billion euros ($95 billion) would have to be completed and approved by lawmakers in Greece, Germany and elsewhere by mid-August if Athens is to secure billions of euros to repay ECB-held bonds that mature on Aug. 20.
- Germany's famous competitiveness is beginning to be undermined by spiraling costs, the Wall Street Journal writes. Official German data published this month showed that real wages in the first quarter rose at their fastest rate since late 1992, when wages in East Germany shot up following the country's unification, and much faster than the eurozone as a whole.
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