Thursday, July 2, 2015

Busy week for economic reports at Q3 closes

New home sales start things off Monday, while other releases will highlight confidence, manufacturing, personal income and the wider economy.

Busy week for economic reports at Q3 closes

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As Monday grinds into gear, we await a Senate vote that could avert a federal government shutdown later this week.

The futures markets don't seem to be obsessing about that as trading there indicates a higher open on the stock market. But questions remain about Europe's response to the Greek sovereign debt crisis.

The only economic report due out is new home sales for August. Later this week, we'll get consumer confidence (Tuesday), durable goods (Wednesday), gross domestic product for the 2nd quarter (Thursday) and personal income and personal spending (Friday).

Still, public companies may sit on their hands with the end of the 3rd quarter in sight. So, barring any blockbuster news, I'd recommend reading Inquirer staff writer Andrew Maykuth's tale of the solar-cell factory that never made it to Philadelphia from Sunday's paper.

Closer to home, Teva Pharmaceutical Industries (which has its North American HQ in North Wales, Pa.) will pay $150M to buy out the stake of its partner in a 3-year-old Japanese joint venture that generated $200M in sales in 2010. It's the second large deal Teva's done in Japan, having acquired Taiyo Pharmaceutical for $934M in July.

Inquirer Columnist
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About this blog
Mike Armstrong blogs about Philadelphia corporations and business-related topics. Contact him at 215-854-2980. Reach Mike at marmstrong@phillynews.com.

Mike Armstrong Inquirer Columnist
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