The KUIK Morning Market Report for Thursday, December 24:
Markets are down slightly.
Index Direction Change Units Time
Dow Down (53) points 17,551 7:09 AM
S&P500 Down -0.2% percent 2,059
Nasdaq Composite Down 0.0% percent 5,044
30 Year Treasury Down (2) Basis Points 2.98 Annual Yield
The Labor Department reports that initial claims for unemployment benefits fell by 5,000 to a seasonally adjusted 267,000 in the week ending December 19. Continuing claims fell by 47,000 to 2.2 million the week ended December 12.
Confidence in the Chinese economy among bankers and entrepreneurs has weakened, according to a survey by the People’s Bank of China. The index of bankers’ confidence in the economy stood at 37.9% in the fourth quarter, down 2.7 percentage points from the third. Entrepreneurs also said that they were less confident in the economy, and that companies’ profitability had further declined in the fourth quarter. China’s economy grew 6.9% in the third quarter, the slowest in six years. Fourth quarter data points to further weakness, raising concerns that China will miss its 7% growth target this year.
Yesterday the U.S. Energy Information Administration reported crude inventories fell by 5.9 million barrels in the week ended December 18. Analysts polled by The Wall Street Journal had forecast a 600,000 barrel increase. February crude is up 1.4% to $38.02 a barrel on the New York Merc.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
http://www.marketwatch.com/story/jobless-claims-fall-again-near-lowest-level-in-decades-2015-12-24
http://www.marketwatch.com/story/confidence-in-chinas-economy-falling-pboc-survey-2015-12-24
http://www.marketwatch.com/story/oil-continues-rebound-but-long-term-outlook-still-bleak-2015-12-24
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