The KUIK Market Update for Monday, January 4:
Markets are down.
Index Direction Change Units Time
Dow Down (462) points 16,963 8:06 AM
S&P500 Down -2.6% percent 1,990
Nasdaq Composite Down -3.2% percent 4,847
30 Year Treasury Down (6) Basis Points 2.95 Annual Yield
Caixin Media said its China manufacturing purchasing managers’ was 48.2 for December, down from 48.6 in November. This is the 10th straight month below-50 signalling contraction. That caused an almost 7% slide in China’s Shanghai Composite Index and activated the new circuit-breaker system for Chinese stocks, halting trading for the rest of the day.
Here in the US, the Institute for Supply Management said its manufacturing index slipped to 48.2% last month from 48.6% in November.
U.S. construction spending fell 0.4% in November to a seasonally adjusted annual rate of $1.12 trillion, according to the Commerce Department. That was below the 0.9% gain expected by economists. October’s increase was originally reported as 1.0% gain, was revised down to only 0.3%. The Commerce Department revised 10 years’ worth of data to account for a processing error.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
http://www.marketwatch.com/story/chinese-manufacturing-index-slips-as-demand-stalls-2016-01-03
http://www.marketwatch.com/story/us-manufacturers-still-struggling-ism-finds-2016-01-04
http://www.marketwatch.com/story/construction-spending-dips-04-in-november-2016-01-04
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