Telebras (TBH) & Brazil Message Board

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Strategies & Market Trends : Telebras (TBH) & Brazil

TBH 1.090

+3.8%

Nov 14 9:30 AM EST

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To: Steve Fancy who wrote (6978)	8/21/1998 4:58:00 PM
From: Steve Fancy	Read Replies (1) of 22640

Brazil Malan:Mkt Fall Not Result Of Poor Econ Fundamentals Dow Jones Newswires BRASILIA -- Brazilian Finance Minister Pedro Malan said the market turbulence on Friday wasn't due to foreign investors' worries about the Brazilian economy's fundamentals. The Sao Paulo Stock Exchange's Bovespa Index closed 2.9% lower Friday according to preliminary figures, after dropping as much as 10% earlier in the day. The real (BRL) closed at BRL1.1750 against the dollar, 0.1% weaker than Thursday's closing of BRL1.1738. In a statement issued through his press office, Malan said that Brazil's economic fundamentals "are more solid than with the eruption of the Asian crisis" last October. The sharp falls in markets across Asia, Europe and the Americas are a product of the globalization affecting both developed and developing countries, Malan said. "Therefore, it doesn't stem from Brazil's internal economic situation," Malan said. Malan's press office said the minister went about his business as usual Friday. He spoke by phone with Brazilian Central Bank president Gustavo Franco, who was in Rio de Janeiro. The details of that conversation weren't disclosed.

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