The Bloomberg Corporate Bankruptcy Index ended the second quarter of 2013 at a reading of 72, down 3.8 percent from the first quarter and down 42.5 percent from the second quarter of 2012. To read more and view graph, click here.
WHAT TO WATCH: U.S. consumer confidence was probably higher this month than initially estimated, adding to signs the recovery is gaining momentum, 9:55 a.m. Moody’s warned that China may allow its first onshore bond default as local government financing vehicles need to repay a record amount of debt this year. To read more, click here.
NEWS: Japan consumer prices rose the most since 2008 in June. China ordered more than 1,400 companies in 19 industries to cut excess production capacity. Former ECB chief economist Juergen Stark told Handelsblatt there’ll be “a lot of pressure” from France to buy its government bonds, even without applying for a bailout. To read more, click here.
Lyxor Asset Management plans to allocate almost 500 million euros ($660 million) to Japanese long-short equity managers over the rest of the year, according to Jeanne Asseraf-Bitton, global head of cross-asset research. To read more, click here.
Detroit’s bankruptcy is providing a buying opportunity in the city’s $5.4 billion of water and sewer debt as investors bet that bonds trading at the deepest discount since 2011 will get paid in full. To read more, click here.
Banks are selling the least structured notes tied to commodities in nine years as investors shun the securities amid a slowdown in China’s economy and the prospect of the U.S. Federal Reserve winding down stimulus. Global issuance in the first half of the year fell to just over $2 billion, 41 percent lower than the [...]
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WHAT TO WATCH: U.S. durable goods orders probably climbed 1 percent in June, a third consecutive gain, 8:30 a.m. U.S. initial jobless claims may have climbed to 340,000 in the week ended July 20 from 334,000 a week prior, 8:30 a.m. U.K. economic growth accelerated in the second quarter as all main industries showed expansion for the first [...]
Detroit obtained federal protection from lawsuits while in bankruptcy, opening the way for a hearing near the end of the year over whether the city belongs in bankruptcy court in the first place. To read more, click here.
NEWS: German Vice Chancellor Philipp Roesler ruled out another debt cut for Greece. German companies are the most pessimistic in more than a year on the euro. See page 3. Anglo Irish Bank will have 3 billion euros less to repay creditors. A train derailment in northern Spain killed at least 60 and injured more [...]