Key Takeaways:
- The U.S. Treasury conducted a 4-week bill auction with a high yield of 4.230% and a bid-to-cover ratio of 2.91, indicating continued demand for short-term government debt.
- Upcoming Treasury auctions include $82 billion in 3-month bills, $73 billion in 6-month bills, and increased offerings for 10-year TIPS, 20-year bonds, and 6-week bills.
- German politician Friedrich Merz firmly stated that an EU-wide corporate tax to finance the bloc's budget is unacceptable and not a legal option.
- Governor Kugler delivered a speech providing insights into the U.S. housing market and the broader economic outlook.
- Elon Musk has been granted an extension until August 29, 2025, to respond to the SEC lawsuit concerning his delayed disclosure of a Twitter (now X Corp) stake.
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U.S. Treasury Auctions Show Steady Demand Amid New Offerings
The U.S. Treasury completed its 4-week bill auction today, with a high yield of 4.230%, a slight decrease from the previous 4.235%. The auction saw a bid-to-cover ratio of 2.91, down from 3.080 previously, suggesting consistent but slightly less aggressive demand for the short-term debt. Looking ahead, the Treasury is set to auction $82 billion in 3-month bills and $73 billion in 6-month bills on July 21, with settlement scheduled for July 24. Additionally, the Treasury plans to sell $21 billion in 10-year TIPS and $13 billion in 20-year bonds, while boosting the size of its 6-week bill sale by $10 billion to $80 billion. -
Germany's Merz Rejects EU-Wide Corporate Tax for Budget Financing
In a series of statements, German politician Friedrich Merz firmly rejected the concept of financing the European Union budget through an EU-wide corporate tax. Merz asserted that such taxation of companies is not a legal option for the European Union and that the EU must manage with its available funds. He indicated that he was "not surprised" by the EU budget discussions, describing it as "a process". Merz also held a joint talk with UK Labour Leader Keir Starmer. -
Governor Kugler Addresses U.S. Housing Market and Economic Outlook
Today, Governor Kugler delivered a significant speech focusing on the U.S. housing market and the broader U.S. economic outlook. Insights from this address will be closely watched by investors and analysts for signals on future monetary policy and economic trends. -
Elon Musk Granted Extension in SEC Lawsuit Over Twitter Stake Disclosure
Elon Musk, CEO of Tesla (TSLA) and owner of X Corp (formerly Twitter), has been granted more time to respond to the SEC lawsuit concerning his delayed disclosure of a Twitter stake. The new deadline for his response is now set for August 29, 2025. -
U.S. Solar Panel Makers Seek Tariffs on Imports from Asia
U.S. solar panel manufacturers are urging the Commerce Department to impose tariffs on solar panel imports from India, Indonesia, and Laos. This request highlights ongoing trade tensions and the domestic industry's efforts to compete with foreign manufacturers. -
Ferrari's Strong Q1 2023 Results Highlighted by Newsquawk
Before recent market movements, Newsquawk clients received details on Ferrari's (RACE) strong Q1 2023 results, which included revenue of 1.43 billion euros (exceeding expectations of 1.38 billion euros), net profit of 297 million euros (above the 267 million euros expected), and adjusted EBITDA of 537 million euros (surpassing the 508 million euros expectation). While these results are from a previous year, they underscore the company's strong financial performance at the time.
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications.