Telebras (TBH) & Brazil Message Board

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Strategies & Market Trends : Telebras (TBH) & Brazil

TBH 0.476

-5.8%

11:37 AM EST

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To: Jay8088 who wrote (7647)	9/8/1998 1:20:00 PM
From: Steve Fancy	of 22640

Brazil Bovespa (INDEX:$BVSP.X) up 3.78 pct on fiscal steps Reuters, Tuesday, September 08, 1998 at 09:43 SAO PAULO, Sept 8 (Reuters) - Brazil's key Bovespa index surged 3.78 percent in the first 10 minutes of trading on expectations of new fiscal measures and optimism over U.S. markets, traders said. "Fiscal measures would help the Bolsa and calm interest rate futures," said a trader at Banco Patente said. "Today's move is a reflection of expectations of a cut in interest rates in the United States," he added. The Bovespa jumped to 6,058 in the first few minutes of trading. The government said it will announce Tuesday measures to cut the country's budget deficit. The steps were expected after the Central Bank effectively raised interest rates 50 percent late Friday, boosting debt payments. Stocks were also boosted by expectations of a cut in interest rates in the United States, which would make emerging market debt instruments and U.S. equities more attractive. The Dow Jones Industrial Average is often used as a benchmark for Latin American markets during times of crisis. Copyright 1998, Reuters News Service

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