| The KUIK Morning Market Report for Wednesday, July 24: | |||||||
| Markets are up. | |||||||
| Index | Direction | Change | Units | Last | Time | Change | |
| Dow | Down | (16) | points | 15,551 | 7:30 AM | ||
| S&P500 | Down | -0.25% | percent | 1,688 | (4.15) | ||
| Nasdaq Composite | Up | 0.39% | percent | 3,593 | 4.45 | ||
| 30 Year Treasury | Up | 4 | Basis Points | 3.63 | Annual Yield | ||
| The U.S. flash manufacturing purchasing managers’ index rose to a 53.2 reading in July from 51.9 in June, Markit said today. This is the highest level in four months. Details of the report were strong as new orders and employment increased. In a note, Markit’s chief economist said “The pace of manufacturing growth… remains well below that seen at the start of the year, reflecting weaker demand from export markets, notably China and other emerging economies | |||||||
| China’s version of that index also was out showing China’s manufacturing-sector activity slowed further in July, with new factory orders dropping at a faster pace, according to preliminary data from HSBC and Markit. The flash version of HSBC’s Chinese manufacturing Purchasing Managers’ Index dropped to 47.7, an 11-month low and down from a final result of 48.2 for June. Any reading below 50 indicates contraction. | |||||||
| Banking analyst Meredith Whitney says the effects of Detroit’s declaration of bankruptcy last week on the multi-trillion dollar U.S. municipal bond markets will be “staggering.” Whitney has faced a good deal of ridicule since her prediction late in 2010 that a wave of “50 to 100 sizeable” municipal bankruptcies would strike across the U.S. In a commentary in the Financial Times today, Whitney remained adamant that the fiscal structure of America’s cities is unsustainable. Whitney noted in the piece that “there are five more towns like Detroit in Michigan alone.” | |||||||
| Serving the West Side first, I am Bill Roller of BR Capital for AM 1360 KUIK. | |||||||
| http://www.marketwatch.com/story/us-july-flash-factory-pmi-rises-to-4-month-high-2013-07-24 | |||||||
| http://www.marketwatch.com/story/china-manufacturing-gauge-hits-11-month-low-hsbc-2013-07-23 | |||||||
| http://blogs.marketwatch.com/thetell/2013/07/23/meredith-whitney-says-detroit-will-start-a-wave-of-municipal-bankruptcies-ft/ | |||||||
| For today’s Morning Market Report click to listen-> | |||||||