NTMA to auction €500m of bonds
The National Treasury Management Agency (NTMA) is to auction €500m worth of short-term government debt tomorrow. It will be the seventh auction of treasury bills held by the NTMA this year and is expected to be followed by another auction in September.
Auctions of the short-term bonds have become an almost monthly fixture on the financial calendar since the "bills" programme was reactivated last summer for the first time since the bailout.
BOOST FOR US AS OUTPUT CLIMBS
Assembly lines in the US churned out more cars and computers in June, pointing to a rebound in manufactur-ing that will help the world's largest economy strengthen in the second half of 2013.
Output at factories, mines and utilities climbed 0.3pc, the biggest advance since February, after being little changed in May, according to Federal Reserve data issued in Washington. Improving car sales are helping overcome softer overseas markets. Another report showed homebuilders this month were the most confident in seven years.
GOLDMAN SACHS'S PROFIT DOUBLES
Goldman Sachs said quarterly profit doubled, helped by investment gains and a lower tax rate, but investors fretted that the results would not easily be repeated and sent the bank's shares lower.
Goldman's investing and lending segment, which tracks its investments in private equity deals, stocks, loans and bonds, produced nearly seven times as much revenue in the second quarter as it did in the same period last year, much more than analysts expected. Investors questioned how much revenue growth the bank can generate by investing its own capital under new regulations. The Volcker rule, part of the 2010 Dodd-Frank reform law, limits banks' market wagers with their own money.
DELL TO DELAY VOTE ON BUYOUT OFFER
Dell may delay by about a week a scheduled July 18 shareholder vote on a $24.4bn buyout offer from founder Michael Dell and private equity firm Silver Lake.
Dell's special board committee is considering the delay. It would allow Michael Dell and Silver Lake to either raise their bid or declare it their final offer, and would give shareholders an opportunity to change their minds and recast their votes.