| The KUIK Market Update for Tuesday, August 11: | |||||||
| Markets are down. | |||||||
| Index | Direction | Change | Units | Time | Change | ||
| Dow | Down | (166) | points | 17,450 | 7:37 AM | ||
| S&P500 | Down | -0.7% | percent | 2,090 | (14.53) | ||
| Nasdaq Composite | Down | -0.6% | percent | 5,072 | (29.67) | ||
| 30 Year Treasury | Down | (7) | Basis Points | 2.83 | Annual Yield | ||
| The People’s Bank of China’s devalued the yuan by 1.9% early today. The Chinese central bank stressed the move was a one-off depreciation to allow its currency to be driven by market forces. Analysts fear it could be the beginning of a currency war. It also fueling speculation that the move could delay the first interest-rate hike here in the US by the Federal Reserve in nearly a decade. The yuan had its largest one-day loss in twnety years following the surprise move and is an effort to protect Chinese export markets. | |||||||
| September crude fell 3.6%, to $43.36 a barrel on the New York Merc, trading below the six-year closing low of $43.46 set in March. China’s decision to devalue the yuan will make imports of commodities including crude more expensive. The drop saw oil futures give back most of the gains scored in yesterday’s rebound inspired in part by a weaker dollar. | |||||||
| Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK. | |||||||
| http://www.marketwatch.com/story/return-of-currency-war-and-a-drag-on-fed-rate-hike-analysts-on-the-surprise-yuan-devaluation-2015-08-11 | |||||||
| http://www.marketwatch.com/story/oil-prices-edge-lower-as-china-devalues-yuan-2015-08-11 | |||||||
| For today’s Market Update Report click to listen-> | |||||||