The KUIK Morning Market Report for Monday, February 29:
Markets are mixed.
Index Direction Change Units Time
Dow Down (17) points 16,623 6:00 PM
S&P500 Down -0.1% percent 1,946
Nasdaq Composite Up 0.1% percent 4,594
30 Year Treasury Down (3) Basis Points 2.61 Annual Yield
The Shanghai Composite Index closed 2.9% lower at 2687.98 and the Shenzhen Composite Index finished down 5.4%. The losses came after the People’s Bank of China guided the Chinese yuan lower against the doller, hitting its lowest level in the onshore market since Feb. 5. The yuanhas fallen nearly 1% against the dollar since mid-February. The central bank also cut the reserve-ratio requirement for banks by 0.5%. Analysts estimate that will free up about $108 billion for banks to make loans.
Crude oil prices are up 1.3% to $33.19 a barrel on the New York Merc. Last week Baker Hughes reports the number of U.S. oil-rigs fell by 26 to 413. There are now about 68% fewer rigs of all kinds from a peak of 1,609 in October 2014.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
http://www.marketwatch.com/story/china-stocks-drop-sharply-as-yuan-dips-to-3-week-low-2016-02-28
http://www.marketwatch.com/story/oil-prices-fight-for-gains-as-investors-look-for-signs-of-rising-demand-2016-02-29
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