The KUIK Morning Market Report for Thursday, February 11:
Markets are up.
Index Direction Change Units Time
Dow Down (179) points 15,743 7:01 AM
S&P500 Down -1.0% percent 1,833
Nasdaq Composite Down -0.6% percent 4,258
30 Year Treasury Down (6) Basis Points 2.47 Annual Yield
Sweden’s central bank pushed a key interest rate deeper into negative territory today concerns about low inflation. The Riksbank cut the repo rate to negative 0.50% from negative 0.35%. it said “The economy continues to strengthen but inflation is expected to be lower during 2016 than previously forecast.” The move comes a year after the Riksbank cut its main interest rate below zero percent for the first time ever.
The U.S. Energy Information Administration yesterday reported that crude inventories fell by almost 800,000 barrels for the week ended February 5. That normally would have supported prices. But total stocks showed weekly growth for the 11th week out of 14 with unexpectedly large additions to inventories. The International Energy Agency and the EIA both said this week they expect oversupply to persist for months, keeping prices low. OPEC cut its forecasts for global oil-demand growth, citing lower consumer appetite in Russia and Brazil. March crude is currently donw 2% to $26.95 a barrel.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
http://www.marketwatch.com/story/swedens-central-bank-cuts-repo-rate-to-negative-050-2016-02-11
http://www.marketwatch.com/story/crude-shrugs-off-supply-decline-pushes-below-27-a-barrel-2016-02-11
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