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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 672.07

-1.7%

Nov 13 4:00 PM EST

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To: bobby beara who wrote (16889)	6/11/1999 2:53:00 PM
From: Les H	Read Replies (2) of 99985

The emergency Fed meeting talk seems to be making its way around the globe... Mexican stocks slip further on Fed meeting talk MEXICO CITY, June 11 (Reuters) - Mexican stocks slipped further in midday trade on Friday over market talk of an emergency U.S. Federal Reserve meeting which rekindled fears of a possible hike in U.S. interest rates, traders said. * The IPC index (^MXX - news) of leading shares dropped 113.71 points, or 2.12 percent, to 5252 points. * Traders said a hike in U.S. interest rates would lead investors to switch to the U.S. money market lured by more attractive yields. * The U.S. bond market fell after rumors of an emergency Federal Reserve meeting. The Federal Reserve declined to comment on the rumors. * The next regular Federal Reserve Open Market Committee meeting is set for June 29-30. * The benchmark 30-year U.S. Treasury bond yield hit the 6.13 percent mark, up from Thursday's close of 6.06 percent. Also, the U.S 10-year T-bill pushed its yield up to 6.0 percent for the first time in 20 months. * On Mexico's broad market , of 72 active issues, 12 gained, 49 declined and 11 were unchanged. Volume was thin at 33 million shares. * Market heavyweight Telefonos de Mexico (Telmex) slid 0.75 pesos to 34.4 pesos per L class share, while the telephone giant's ADRs (NYSE:TMX - news) eased 1-7/16 to 71-7/8 on Wall Street.

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