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To: Alohal who wrote (146031)	10/29/1999 3:59:00 AM
From: Alohal	Read Replies (1) \| Respond to of 176387

Yahoo!! cnnfn.com Tokyo vaults 528 points Japan, Hong Kong surge more than 3% as Asia hails Dow Jones rally October 29, 1999: 3:11 a.m. ET LONDON (CNNfn) - Asian stocks sprung sharply higher Friday as traders toasted a sharp overnight surge on Wall Street following a fresh batch of economic data that showed U.S. inflation is in check. Japan's leading Nikkei 225 average soared 3.03 percent, or 528.37 points, to 17,942.08, after the market-friendly mix of strong U.S. quarterly output and lower-than-expected employment costs soothed investors who had feared a downturn in U.S. stocks that could ripple over into Europe and Asia. Export-driven stocks benefited from a rebound in the dollar above 105 yen. But after the stock market closed, the Japanese currency firmed slightly to around 104.79 against the dollar, up from 105.01 late Thursday in New York. Sony Corp. romped up 3.5 percent, to 16,260 yen, boosted by the dollar's gain against the yen, while Fujitsu added 3.3 percent to end at 3,140 yen. Toshiba shares, by contrast, tumbled more than 6 percent, closing at 656 yen, after the company said it would post an extraordinary loss of 110 billion yen in 1999-2000 in order to settle a U.S. lawsuit related to its floppy disk controllers. Hong Kong's Hang Seng had sprinted up 3 percent, or 385.92 points, to 13,1444.80 by Friday afternoon, propelled by Wall Street's shining performance and a positive reception to a 560 million new share placement by index heavyweight China Telecom. But the index eased off earlier highs as caution kept the giddy mood in check ahead of the government's pricing next week of a giant public offering that represents a portion of the portfolio it amassed during last year's market intervention. The rallies rippled across the region, with South Korea surging more than 3 percent, Singapore advancing nearly 2 percent and Australia climbing about 1.5 percent. The gains followed a sharply higher session Thursday on the Dow Jones industrial average, which finished up 2.2 percent, or 227.64 points after the latest U.S. GDP and employment cost figures provided tonic to investors wary of a possible market correction in the wake of recent comments by Federal Reserve Chairman Alan Greenspan. The broader S&P 500 index climbed 3.5 percent, or 45.72 points, its second-biggest point gain ever. The tech-heavy Nasdaq forged ahead 2.6 percent. In Seoul, the Kospi advanced 1.5 percent to 833.51 after trading in a tight range throughout the session. Strong bank and insurance stocks led the charge on Australia's All Ordinaries, which ended 1.04 percent higher at 2,885.1. Media conglomerate News Corp. ended at its highest level in nearly six weeks despite a sharp drop in first-quarter earnings as it's film unit suffered in comparison to 1998. Buying slowed in Malaysia late Friday as traders awaited the country's 2000 budget. The index was up marginally at 751.81, while Jakarta leapt 1.2 percent as investors went bargain hunting on the back of the Dow surge. Manila stocks scored a two-week high, ending up 3.4 percent as amid brisk buying in blue chips and index-related stocks. The weighted index in Taiwan climbed 0.3 percent amid encouragement over earnings in the high-tech sector and the Wall Street rally. The electronics index ended 1.5 percent higher. Thai stocks were up almost 2 percent on strong retail buying. On the corporate front, China Telecom soared more than 6 percent in Hong Kong amid news that it had successfully placed 560.7 million new shares at HK$24.10 per share. A trio of conglomerates - Cheung Kong Holdings, Sun Hung Kai Properties and Swire Pacific - were outperformers. Thirty-two of the 33 blue chips on the Hang Seng were higher Friday afternoon. In Tokyo, local traders said the market drew momentum from the establishment of several new trust funds that are expected to pump extra liquidity into the Nikkei.

To: Alohal who wrote (146031)	10/29/1999 7:24:00 AM
From: Lee	Read Replies (2) \| Respond to of 176387

Hello Aloha1,..Re:.Gosh, looks like AG is finally getting it!! Actually, he's been getting it for a long, long time. Here is a link to his actual speech, and other speeches, which echo themes he's talked about for well over a year now. <g> In particular, look at the Oct. 15th speech as well as the one from Jackson Hole, Wyoming. It all depends on how the media chooses to spin things. Remarks by Chairman Alan Greenspan Information, productivity, and capital investment Before The Business Council, Boca Raton, Florida October 28, 1999 bog.frb.fed.us One result of the more-rapid pace of innovation has been an evident acceleration of the process of "creative destruction," which has been reflected in the shifting of capital from failing technologies into those technologies at the cutting edge. In particular, technological synergies appear to be currently engendering an ever-widening array of prospective new capital investments that offer profitable cost displacement. In a consolidated sense, reduced cost is reflected mainly in reduced labor cost or, in productivity terms, fewer hours worked per unit of output bog.frb.fed.us Cheers, Lee