The KUIK Market Update for Wednesday, January 13:
Markets are down.
Index Direction Change Units Time
Dow Down (59) points 16,463 8:11 AM
S&P500 Down -0.3% percent 1,933
Nasdaq Composite Down -0.6% percent 4,657
30 Year Treasury Up 2 Basis Points 2.90 Annual Yield
China’s the General Administration of Customs reports China’s exports fell 1.4% in December in dollar terms from a year earlier, after a drop of 6.8% in November. That was less than the 8.0% fall forecast by economists, and exports rose in yuan terms. Imports fell 7.6% from a year earlier, compared with an 8.7% drop in November.
The Shanghai Composite Index finished down 2.4%. at 2,950.21. Its losses picked up in the last hour of trading. It is now less than 23 points off from its summer low hit on Aug. 26.
The expectation from the Federal Reserve’s own forecasts of four quarter-point interest rate hikes in 2016 is a “reasonable estimate,” but that forecast has “downside risks,” said Boston Fed President Eric Rosengren. These risks include weakness overseas and only “limited data” supporting the Fed’s forecast that inflation will rise to the its 2% target by 2018, Rosengren said in a speech to the Greater Boston Chamber of Commerce. He is a voting member of the Fed’s policy committee this year.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
http://www.marketwatch.com/story/chinese-exports-post-biggest-decline-since-2009-2016-01-13
http://www.marketwatch.com/story/asian-markets-rise-on-better-than-expected-china-exports-2016-01-12
http://www.marketwatch.com/story/feds-forecast-of-4-rate-hikes-in-2016-has-risks-rosengren-2016-01-13
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