| The KUIK Market Update for Tuesday, December 9: | |||||||
| Markets are down on China worries. | |||||||
| Index | Direction | Change | Units | Time | Change | ||
| Dow | Down | (170) | points | 17,683 | 8:00 AM | ||
| S&P500 | Down | -0.9% | percent | 2,042 | (18.39) | ||
| Nasdaq Composite | Down | -0.9% | percent | 4,700 | (40.49) | ||
| 30 Year Treasury | Down | (5) | Basis Points | 2.85 | Annual Yield | ||
| China’s stocks, currency, and bonds had big selloffs after Beijing took steps to rein in risks in the country’s debt-laden financial system. The selloff started in the bond market, as traders rushed to sell and raise cash after a regulator banned investors from using low-grade corporate debt as collateral to borrow cash. The turmoil then spread to the yuan, which recorded its biggest two-day tumble ever. The Shanghai stock index fell 5.4% for its biggest fall since 2009. | |||||||
| Fannie Mae, Freddie Mac, and the Federal Housing Finance Agency gave details yesterday on low down-payment mortgage programs, which could open home ownership to thousands of cash-strapped buyers. The companies said borrowers could be able to get mortgages with as little as 3% down. The loans will be for first-time buyers, buyers who haven’t owned a home for few years, and those with lower incomes. Many of the loans will also require borrowers to get counseling before buying. | |||||||
| Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK. | |||||||
| http://www.marketwatch.com/story/yuan-chinese-stocks-slide-after-beijing-moves-on-repo-risks-2014-12-09?dist=lcountdown | |||||||
| http://www.marketwatch.com/story/fannie-freddie-detail-3-down-payment-mortgage-program-2014-12-08 | |||||||
| For today’s Market Update Report click to listen-> | |||||||