The KUIK Morning Market Report for Monday, January 11:
Markets are mixed.
Index Direction Change Units Time
Dow Up 11 points 16,360 8:19 AM
S&P500 Down -0.1% percent 1,920
Nasdaq Composite Down -0.4% percent 4,626
30 Year Treasury Up 3 Basis Points 2.95 Annual Yield
The Shanghai Composite Index fell 5.3% to 3,016.70, for the lowest finish in three and a half months. It’s lost 15% so far this year. Another 3% drop would put it below its close of 2,927.29, reached on Aug. 26, during the last correction. The smaller Shenzhen Composite fell 6.6% to 1,848.10. In Hong Kong the Hang Seng Index was off 2.8% at 19,888.50, closing below 20,000 for the first time since June 2013.
Rock legend David Bowie has died of cancer at the age of 69. In 1997 he rocked Wall Street by issuing bonds backed by the revenue of the 25 albums he had recorded before 1990, paying 7.9% interest rate over 10 years. The bond issue earned Bowie $55 million, which he reportedly used to buy back songs from his catalog owned by his former manager.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
http://www.marketwatch.com/story/china-stocks-drop-sharply-in-early-trading-2016-01-10
http://www.marketwatch.com/story/rock-legend-david-bowie-was-a-financial-innovator-too-2016-01-11?link=MW_latest_news
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