Thread: Europe about 9.45 a.m. news of Yeltsin's new nominee for PM (can't spell his name). He's presently foreign minister, acceptable to the communists because he is a bit feisty towards the US and West, acceptable to liberals because he is essentially a technocrat with no strong, reactionary ideological identity. Formerly head of intelligence. Probably to be confirmed on Sunday or Monday. This will be supportive of the markets, on balance, because it removes some doubt.
European markets down between 1-2%: causes, concern that the need for Japan and the US to coordinate reduced interest may be because growth trends are slower than was previously thought - this no more than a nagging worry; Wall Street and its irrational fascination with Presidential politics is also a secondary worry.
I liked the report that CPQ is cutting most of the 17,000 surplus jobs after the DEC merger, this quarter. If true, this, in itself, should boost the share price. The "marginal" growth in Latin America should be offset by stronger growth elsewhere, but we will have to keep an eye on any slowdown in economic growth in the US and Europe in case it depresses CPQ sales during the Christmas holiday season. If the US introduces a rate cut in September or October, this might help.
Victor
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