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To: Mark Fowler who wrote (113983)	1/2/2001 8:55:19 PM
From: H James Morris	Read Replies (1) \| Respond to of 164684

Mark, the S&P 500 has become too much tech driven! Btw The euro closed today above .95c. >Published: January 2 2001 11:07GMT \| Last Updated: January 2 2001 18:56GMT The euro reached a five-month high against the dollar and a 10-month high against the yen on Tuesday, fuelled by continued worries about the US and Japanese economies. The euro reached a high of $0.9476 against the dollar, Y108.83 against the yen and £0.6352 against the pound, and was still strong in afternoon trade after a weak set of US National Association of Purchasing Management figures. The NAPM index fell to 43.7 in December, well short of the 47.0 reading expected. By 1530 GMT, the euro was trading at $0.9455 against the dollar, Y108.15 against the yen and £0.6335 against the pound. The euro earlier shrugged off unexpectedly weak December euro-zone Purchasing Managers' Index data. The index fell for the eighth successive month to its lowest since June 1999. "At 53.4, the index is consistent with roughly 2 per cent annualised industrial production growth, compared with the current 4 per cent rate," said Robert Prior at HSBC in London. "It is certainly possible that the euro-zone will see an industrial recession later this year as the world trade cycle continues to weaken and the recent sharp rise in the euro starts to bite." Euro-zone officials played a part in the positive sentiment, with Jean-Claude Trichet, governor of the Bank of France, saying in a radio interview that he expected euro-zone countries to reach economic growth of about 3 per cent in 2001 without inflationary pressures. Hans-Jürgen Koebnick, a Bundesbank council member, said that the euro was still undervalued that parity with the dollar was a realistic value.