Market Update Report 6/29/2015 | Beacon Rock Wealth Advisors

The KUIK Market Update for Monday, June 29:

Markets are down.

Index	Direction	Change	Units		Time	Change
Dow	Down	(122)	points	17,824	7:18 AM
S&P500	Down	-0.7%	percent	2,087		(14.95)
Nasdaq Composite	Down	-0.8%	percent	5,040		(40.38)
30 Year Treasury	Down	(8)	Basis Points	3.17	Annual Yield

Greece looks like it will default on a repayment to the International Monetary Fund due tomorrow. That puts the debt-strapped country on the edge of fiscal collapse and raises the chances it could Grexit form the European Union — a “Grexit”. Greece’s Prime Minister Alexis Tsipras unexpectedly called for a referendum on whether to accept reform measures demanded by the country’s lenders. The country’s parliament approved the vote, which will be held July 5. Greek banks will open 850 branches on Thursday, but only to pay pensions, according to Reuters. The banks will remain shut for all other business. The Greek government over the weekend closed the country’s banks and imposed capital controls in a bid to halt deposit flight after talks with international creditors broke down. Banks aren’t scheduled to reopen until after July 5.

European stock markets were hit when trading opened today, with Germany’s DAX down more than 3%. Chinese stocks dropped, and the Shanghai Composite fell 3.3% further into bear-market territory despite a decision Saturday by China’s central bank to cut interest rates.

The Greek debt crisis put pressure on U.S. bank stocks. Citigroup led decliners, falling more than 2%, J.P. Morgan Chase fell 1.8%, Goldman Sachs dropped 1.6%.



Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.

http://www.marketwatch.com/story/greek-debt-crisis-latest-news-2015-06-29
http://www.marketwatch.com/story/us-stocks-set-for-sharp-losses-with-greece-on-brink-of-default-2015-06-29
http://www.marketwatch.com/story/us-stocks-set-for-sharp-losses-with-greece-on-brink-of-default-2015-06-29


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