Morning Report: NYSE shuts down on software error 7/9/15

There is a definite risk-on feel this morning after Chinese shares rebounded overnight. Bonds and MBS are down.

Actually a bit of a slow news day

Initial Jobless Claims rose 15k to 297,000 last week.

The FOMC minutes from the June meeting were generally taken as dovish. Housing was still characterized as “slow” and inflation remains below their target. Between Greece and China, it is hard to see how the Fed moves in September.

The New York Stock Exchange is blaming a software update for the trading suspension yesterday afternoon. Lots of people were thinking “cyber attack” yesterday.

This Sunday’s deadline for Greece might actually be a deadline. It’s “really and truly the final wake-up call for Greece, but also for us — our last chance,” EU President Donald Tusk said on Wednesday.

Wonder why so many stocks are suspended in China? It turns out many companies have been using their own stock as collateral for bank loans. These stocks have been suspended at the request of the companies themselves.

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