The KUIK Morning Market Report for Wednesday, December 30:
Markets are down.
Index Direction Change Units Time
Dow Down (39) points 17,682 7:00 AM
S&P500 Down -0.3% percent 2,073
Nasdaq Composite Down -0.4% percent 5,088
30 Year Treasury Up 2 Basis Points 3.06 Annual Yield
Global growth is set to disappoint in 2016, as higher rates in the U.S. and a slowdown in China take a toll on the world economy, Christine Lagarde, head of the International Monetary Fund, warned in an article in German newspaper Handelsblatt. She explained that while higher interest rates in the U.S. were necessary they, along with the stronger dollar, could lead to more defaults and pressure the banking system and world economy.
Oil is down with February crude of 2.6% to $36.91 a barrel on the New York Merc. Oil futures were up 3% yesterday as the chance of colder weather raised expectations for stronger demand for heating fuels. Prices went downafter the American Petroleum Institute said its estimates show U.S. crude stocks probably grew by 2.9 million barrels in the week ended December 25. The Energy Information Administration will release its report later today. Analysts surveyed by The Wall Street Journal forecast a 1 million barrel drop in inventories . Saudi Arabia’s oil minister, Ali al-Naimi told reporters today the country no longer limits oil production and stands ready to meet any rise in demand.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
http://www.marketwatch.com/story/imf-head-lagarde-warns-of-disappointing-growth-in-2016-2015-12-30
http://www.marketwatch.com/story/crude-prices-fall-on-indications-of-a-big-us-supply-jump-2015-12-30
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