The KUIK Market Update for Monday, December 28:
Markets are down.
Index Direction Change Units Time
Dow Down (98) points 17,453 8:09 AM
S&P500 Down -0.7% percent 2,046
Nasdaq Composite Down -0.9% percent 5,005
30 Year Treasury Down (2) Basis Points 2.94 Annual Yield
Shares in China fell today with the Shanghai Composite down 2.6% to 3534. Its largest daily percentage loss since Nov. 27.
February crude is off 3.6% to $36.70 a barrel on the New York Merc. Last week’s oil rally was inspired by an unexpected fall in inventories and short covering.Upside momentum is stalling in early trading today on fears of slowing economic conditions in China and Europe. Remarks by Iranian officials were also putting renewed pressure on crude. Rokneddin Javadi, head of National Iranian Oil Co., said the country aims to add 500,000 barrels a day of exports within a week of the lifting of sanctions, accoridng to Bloomberg, citing the Shana news agency.
The Russian ruble fell 2.1% to 72.154 per dollar for its third day of losses, as crude oil falls. It is off almost 19 percent for the year and on track for its third annual decline as oil hits its lowest level in eleven years and U.S. and European governments kept sanctions in place as punishment for Russia’s role in the Ukraine crisis.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
http://www.marketwatch.com/story/japan-stocks-nudge-up-despite-signs-of-industrial-weakness-2015-12-27
http://www.marketwatch.com/story/last-weeks-rally-for-oil-set-to-dissipate-2015-12-28
http://www.bloomberg.com/news/articles/2015-12-28/ruble-drops-to-2015-low-on-year-end-budget-flows-as-oil-tumbles
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