Morning Market Report 7/19/2013 | Beacon Rock Wealth Advisors

The KUIK Morning Market Report for Friday, July 19:

Markets are down.

Index	Direction	Change	Units	Last	Time	Change
Dow	Down	(41)	points	15,507	7:06 AM
S&P500	Down	-0.17%	percent	1,686		(2.89)
Nasdaq Composite	Down	-0.81%	percent	3,582		(29.73)
30 Year Treasury	Down	(3)	Basis Points	3.60	Annual Yield

China’s central bank saidit will scrap all controls on lending interest rates and let financial institutions set rates by themselves. The move is a key step in plans for liberalizing the country’s interest rate regime, will remove a floor on lending rates set at 70% of benchmark lending levels set by the central bank. The goal is to reduce financing costs of domestic companies and improve the allocation of financial resources. The central bank didn’t make any changes to its curbs on deposit rates or its policies on mortgage lending,

Detroit filed for bankruptcy yesterday in Federal court. It is the country’s largest ever municipal bankruptcy. It will unleash a fierce fight among more than 100,000 creditors over who will get paid — and how much. Most at risk in the bankruptcy case are those holding $11 billion in unsecured debt. The total includes nearly $6 billion in health and other benefits for retirees, more than $3 billion for retiree pensions and $530 million in general-obligation bonds.

Microsoft shares are down almost 10% to $ after the software giant was downgraded by at two brokerages following a disappointing earnings report for its fourth fiscal quarter. Both Raymond James and Cowen and Co. cut their ratings on the stock to market perform.



Serving the West Side first, I am Bill Roller of BR Capital for AM 1360 KUIK.

http://www.marketwatch.com/story/china-to-scrap-controls-on-lending-interest-rates-2013-07-19
http://www.marketwatch.com/story/detroit-bankruptcy-to-spark-battle-among-creditors-2013-07-19
http://www.marketwatch.com/story/us-stocks-drop-microsoft-slammed-2013-07-19


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