| The KUIK Market Update for Thursday, July 4: | |||||||
| Markets are closed in honor of the 4th of July holiday but here is what is happening. | |||||||
| The Bank of England on Thursday signaled it won’t be raising interest rates anytime soon, saying in a statement that the recovery is on track but it “remains weak by historical standards and a degree of slack is expected to persist for some time.” The FTSE 100 reacted to the upside, gaining 1.7% to 6,335 while the British pound fell 1.2% against the dollar. | |||||||
| The European Central Bank followed that up and kept its lending rate at a record low 0.5%, the same level it’s been at since it was cut from 0.75% back in May. That marked the first cut in 10 months. The ECB left its deposit rate, which it pays banks on reserves held at the central bank, at zero. Speaking to reporters, central bank president Mario Draghi said rates wouldn’t rise for “an extended period.” The Stoxx Europe index jumped 2% to 291.28 and the Euro fell .76% against the dollar. | |||||||
| The Securities and Exchange Commission plans to vote July 10 on a proposal that would remove the ban on advertising by hedge funds. The 2012 JOBS Act approved by Congress makes it easier for hedge funds and start-up companies to raise capital. It allows hedge funds, private equity firms, and angel investors to advertise but only members of the public who will be allowed to buy will be qualified high net worth individuals | |||||||
| Serving the West Side first, I am Bill Roller of BR Capital for AM 1360 KUIK. | |||||||
| http://www.marketwatch.com/story/ecb-keeps-main-lending-rate-unchanged-at-05-2013-07-04 | |||||||
| http://www.marketwatch.com/story/ecb-keeps-main-lending-rate-unchanged-at-05-2013-07-04 | |||||||
| http://www.marketwatch.com/story/sec-to-vote-on-hedge-fund-ad-rule-july-10-2013-07-03 | |||||||
| For today’s Market Update Report click to listen-> | |||||||