| The KUIK Market Update for Monday, April 8: | |||||||
| Markets are down slightly. | |||||||
| Index | Direction | Change | Units | Last | Time | Change | |
| Dow | Down | (37) | points | 14,528 | 7:59 AM | ||
| S&P500 | Down | -0.04% | percent | 1,553 | (0.57) | points | |
| Nasdaq Composite | Down | -0.06% | percent | 3,202 | (1.92) | points | |
| 30 Year Treasury | Up | 2 | Basis Points | 2.88 | Annual Yield | ||
| The European Commission warned Portugal that failure to implement its austerity program would result in the loss of future aid. The move came after Portugal’s high court struck down some of the austerity measures enacted as part of the nation’s bailout. Late Friday, Portugal’s high court ruled that wage and pension cuts to public sector workers, introduced as a condition of an international bailout, are unlawful because they don’t apply to all workers. That means Portugal’s government will have to come up with 1.3 billion euros or end up with a shortfall for this year’s budget. and 78 billion euro ($101 billion) bailout program in jeopardy. | |||||||
| Surging home prices could help shrink the Federal Housing Administration’s projected shortfall in President Barack Obama’s budget due on Wednesday. Democratic and Republican lawmakers have been pushing for changes at the FHA since a November actuarial report said its reserve fund for bad loans could require a taxpayer subsidy of as much as $16.3 billion in fiscal-year 2013, the first time in its 79-year history that it wouldn’t be self-supporting. | |||||||
| Japan’s currency dropped to levels not seen since mid-2009 as the country’s central bank got its massive stimulus program underway. The central bank said financial firms put in bids to sell 2.05 trillion yen ($20.8 billion) in Japanese government bonds maturing in five to 10 years, double the ¥1 trillion amount the bank offered to buy. Shares of Japanese exporters surged and the Nikkei closed up 3%. | |||||||
| Serving the West Side first, I am Bill Roller of BR Capital for AM 1360 KUIK. | |||||||
| http://www.marketwatch.com/story/europe-warns-portugal-over-austerity-measures-2013-04-07 | |||||||
| http://www.bloomberg.com/news/2013-04-08/rising-u-s-home-prices-may-shrink-fha-shortfall-in-obama-budget.html | |||||||
| http://www.marketwatch.com/story/yen-heads-lower-as-possible-bond-buy-looms-2013-04-07 | |||||||
| For today’s Market Update Report click to listen-> | |||||||