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

The KUIK Market Update for Friday, July 19:

Markets are down.

Index	Direction	Change	Units	Last	Time	Change
Dow	Down	(23)	points	15,526	8:08 AM
S&P500	Down	-0.12%	percent	1,687		(2.11)
Nasdaq Composite	Down	-0.67%	percent	3,587		(24.39)
30 Year Treasury	Down	(5)	Basis Points	3.58	Annual Yield

China’s central bank saidit will scrap all controls on lending 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 including nearly $6 billion in health and benefits for retirees, more than $3 billion for retiree pensions, and $530 million in general-obligation bonds.

Shares of Advanced Micro Devices have dropped more than 16% to $3.88 this morning after the chipmaker was downgraded by Morgan Stanley and Credit Suisse following its release of second-quarter results yesterday afternoon.



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/amd-downgraded-by-morgan-stanley-credit-suisse-2013-07-19


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