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Pastimes : The Justa & Lars Honors Bob Brinker Investment Club -- Ignore unavailable to you. Want to Upgrade?

To: Justa Werkenstiff who wrote (14475)	6/15/2000 2:44:00 PM
From: Justa Werkenstiff	Respond to of 15132

S.Korea bonds shrug off historic summit, end mixed SEOUL, June 15 (Reuters) - South Korea's domestic bonds ended mixed on Thursday as the undervalued two-year sector stole the spotlight from the benchmark three-year treasuries. Dealers said the day's activity was driven by market fundamentals with investors continuing to remain cool-headed about the first-ever historic summit between leaders of North and South Korea. The benchmark three-year treasury yield remained unchanged throughout the day and closed at 8.71 percent while the yield two-year monetary stabilisation bond yield eased two basis points to 8.74 percent. close prev close * 5-yr treasury bonds 9.05 pct 9.05 pct * 3-yr treasury bonds 8.71 pct 8.71 pct * 3-yr corporate bonds 9.78 pct 9.78 pct * 2-yr monetary stabilisation bonds 8.74 pct 8.76 pct * 1-yr treasury bonds 8.26 pct 8.26 pct * 1-yr monetary stabilisation bonds 8.30 pct 8.31 pct * 3-mth CDs 7.18 pct 7.18 pct * Average interbank call 5.14 pct 4.70 pct NOTE - Data from the Korea Securities Dealers Association and Korea Money Broker Corp. Call average as of 0751 GMT. -------------------------------------------------------------- South Korean President Kim Dae-jung and North Korean leader Kim Jong-il capped three days of talks by agreeing to reduce tensions on the divided peninsula and to hold reunions of families torn apart when the Korean War broke out 50 years ago. But traders and fund managers said the results of the summit as described in a pact signed late Wednesday was too broad for the debt market to price-in. "It is too early for the market to move on this news," one fund manager at an investment trust management firm said. "We need more details like an estimated size of the assistance and a time table before we can begin to price this in," he said. The market instead focused on taking advantage of the spike in the two-year portion of the yield curve, which made the two-year monetary stabilisation bonds cheaper than the three-year treasuries despite the same credit risk and the shorter maturity. Pension funds were seen snapping up the undervalued two-year MSBs in earlier trading, driving the yield down by two-basis points to 8.74 percent by the midday break. But the market failed to carry-over the early session rally into the afternoon, with profit-taking and renewed concerns over the impact of incomplete corporate restructuring on the financial sector denting the market sentiment. And dealers said bond yields were likely to remain trapped in tight ranges of two to three basis points on Friday with the market's ample demand for credit-free sovereign bonds and corporate restructuring concerns offsetting each other's impact on the market. On the Korea Futures Exchange, the key September contract on three-year treasury bonds closed down 0.09 point at 96.64 while the June contract rose 0.01 to 97.81 04:16 06-15-00

To: Justa Werkenstiff who wrote (14475)	6/15/2000 5:10:00 PM
From: Justa Werkenstiff	Read Replies (1) \| Respond to of 15132

OPEC President Says Group Reached Decision on Output Caracas, June 15 (Bloomberg) -- OPEC President Ali Rodriguez said the group has decided on whether to boost oil output at next week's meeting in Vienna but he's not saying what the decision is. Asked if the group had decided its output policy for the third quarter, Rodriguez said, yes. ``We have known for some time now.'' He declined to say what that decision was. OPEC ministers meet in Vienna Wednesday. Rodriguez, who is Venezuela's energy and mines minister, denied a report by Reuters that Venezuelan officials had requested that output be raised by more than 500,000 barrels a day. ``Maybe that's what you think, but no Venezuelan official has said anything like that,'' he said. OPEC failed to carry out an automatic boost of 500,000 barrel a day boost when the 20-day average of an oil index it monitors rose above $28 a barrel this month. OPEC members said they needed more time to analyze market conditions before pumping more oil. OPEC agreed to boost output quotas for the first time since 1998 during its last meeting in March, raising the amount by about 1.7 million barrels a day. ``The market, while propped up by gasoline prices, looks like it needs some crude, and I think they'll add about 500,000 barrels a day,'' said Bill O'Grady, director of fundamental futures research at A.G. Edwards & Sons in St. Louis. ``They're already producing over quotas, but I think they'll supply the market with new barrels.'' Rodriguez, who spoke to reporters after a strategy meeting with Venezuelan President Hugo Chavez before leaving for Europe, denied reports he will meet his Saudi and Mexican counterparts during a stopover in London. Crude oil for July delivery rose 15 cents, or 0.5 percent, to $33 on the New York Mercantile Exchange. Jun/15/2000 16:46 ET