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Strategies & Market Trends : Waiting for the big Kahuna

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To: James F. Hopkins who wrote (24501)	8/17/1998 11:35:00 AM
From: yard_man	Read Replies (1) of 94695

DAX regains most ground lost to Russian worry FRANKFURT, Aug 17 (Reuters) - Germany's DAX recouped most of the losses made earlier on Monday after Russia effectively devalued the rouble and imposed a 90-day debt moratorium as investors stepped in seeking bargains. Amid a deepening Asian financial crisis, dealers warned the German market remained volatile and worried that Russian economic woes could lead to political instability. By 1333 GMT the DAX was 0.47 percent weaker at 5,422.24 points while the Xetra DAX was 0.94 percent weaker at 5,422.21 points after having fallen as far as 5,307.76. German banks, Russia's biggest creditors, were hard hit earlier but recovered. By 1338 GMT Dresdner(quote from Yahoo! UK & Ireland: DRSD.F) was the weakest of the banks and was 3.47 percent down at 91.50 marks. Deutsche Bank (quote from Yahoo! UK & Ireland: DBKG.F) was 75 pfennigs firmer at 137.55 marks and Commerzbank (quote from Yahoo! UK & Ireland: CBKG.F) was 1.69 marks down at 58.45 marks. ''Russia is obviously making people very nervous. The German banks are the biggest creditors. The financial sector doesn't like that,'' one dealer said.

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