To view Detroit by the Numbers, click here.
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 [...]
West Texas Intermediate crude’s advance is stalling as a measure of technical momentum slows. The 14-day moving average convergence-divergence indicator has pared a premium to its signal line to the narrowest level since July 1, according to data compiled by Bloomberg. To read more, click here.
AMERICAN ROADS FILES CHAPTER 11. The provider of toll road facilities and services listed debt of as much as $1 billion. New York’s southern district is the venue for the case. To read more, click here.
Lindsay Goldberg is talking to existing investors about its next buyout fund that will seek $4 billion, according to three people familiar with the situation. To read more, click here.
The bankruptcy of Detroit, which may cut retirement benefits of 30,000 current and former city workers, is causing investors to scrutinize billion-dollar shortfalls in government pensions in other parts of the country. To read more, click here.
WHAT TO WATCH: The euro-area PMI for July may show a slower pace of contraction. 9 a.m. (See chart below.) Euro-area finance officials hold conference call on Greek bailout. TBA. ECB publishes bank lending survey. 9 a.m. Portuguese Prime Minister Pedro Passos Coelho’s new Cabinet will be sworn in at 4 p.m. To read more, click here.
Hudson Bay Capital Management LP is starting a distressed strategy, with $250 million of internal capital, according to a summary obtained by Bloomberg. To read more, click here.