| The KUIK Market Update for Wednesday, May 29: | |||||||
| Markets are down. | |||||||
| Index | Direction | Change | Units | Last | Time | Change | |
| Dow | Down | (153) | points | 15,253 | 7:58 AM | ||
| S&P500 | Down | -1.05% | percent | 1,643 | (17.43) | points | |
| Nasdaq Composite | Down | -0.93% | percent | 3,456 | (33.01) | points | |
| 30 Year Treasury | Down | (1) | Basis Points | 3.28 | Annual Yield | ||
| The Organisation for Economic Co-operation and Development warned that when central banks stop monetary-easing it will probably cause spikes in government-bond yields, posing a risk to the outlook of the global economy. The OECD said it expects the US economy to grow 1.9% in 2013, and 2.8% in 2014. It expects Europe’s to shrink .6% in 2013. | |||||||
| Swiss Banking secrecy isn’t what it used to be. Swiss banks will be able to deal directly with the Department of Justice to settle legal issues over suspected tax evasion by Americans under a framework agreed to by the Swiss cabinet. The Swiss Parliament will act on the proposed deal during its summer session. The announcement comes as pressure builds on Swiss politicians and the financial services industry to break with decades of banking secrecy. Since the onset of the financial crisis, the U.S. has ramped up efforts to track down undeclared assets in order to recover lost tax revenue. | |||||||
| Marketwatch reports the International Monetary Fund has cut its estimate for China’s economic growth in 2013 and 2014 to 7.75%. It had previously estimated growth at 8% for 2013 and 8.2% for 2014. | |||||||
| Serving the West Side first, I am Bill Roller of BR Capital for AM 1360 KUIK. | |||||||
| http://www.marketwatch.com/story/oecd-warns-of-risks-in-exiting-qe-2013-05-29 | |||||||
| http://www.marketwatch.com/story/switzerland-moves-toward-us-tax-deal-2013-05-29-10103376 | |||||||
| http://www.marketwatch.com/story/imf-cuts-growth-forecast-for-china-2013-05-29-14851810 | |||||||
| For today’s Market Update Report click to listen-> | |||||||