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Pastimes : Clown-Free Zone... sorry, no clowns allowed -- Ignore unavailable to you. Want to Upgrade?

To: Lucretius who wrote (96659)	4/19/2001 10:36:48 PM
From: MythMan	Read Replies (2) \| Respond to of 436258

does anyone (heinz perhaps) have charts on money supply growth of other major currencies? ps bobby is hitting the ripple hard tonight.

To: Lucretius who wrote (96659)	4/19/2001 10:36:50 PM
From: Box-By-The-Riviera™	Respond to of 436258

ADR REPORT- ADRs slip as profit worries overcome rate cut By Chelsea Emery NEW YORK, April 19 (Reuters) - U.S.-traded shares of foreign companies slumped on Thursday as euphoria over the U.S. interest rate cut wore off and investors braced for more bad news after French-Italian chipmaker STMicroelectronics <STM.N> said it sees the global chip market shrinking this year. "After a huge Nasdaq day, there's hesitation about stepping in," said Charles Gushee, a trader with SG Cowen. "Much of that is related to company reports. There's disappointing guidance, analysts are cutting estimates and we're not seeing the bottom, at least in the semis in Europe." In addition, other countries have not cut interest rates to the same extent as the United States, Gushee said. That weighs on investors who want lower rates to boost economic and corporate-profit growth. "Not aggressive rate cutting outside of the U.S. is having a damping effect and there are signs in Europe that the European Central Bank will be slow to bring the number down," said Gushee. The Bank of New York index of American Depositary Receipts (ADRs) <.BKADR> lost 1.13 percent at 117.42, paring some of Wednesday's 4.1 percent surge, which occurred after the Federal Reserve surprised the market with a half-percentage point cut in its key short-term interest rates. U.S. markets soared on Wednesday after the rate cut, prompting a furious buying spree for technology shares and sending the tech-heavy Nasdaq Composite index soaring 8.1 percent. On Thursday, trading was more muted, though still positive. The Nasdaq gained 66.07 points, or 3.2 percent, to 2,145.51 at mid-afternoon, while the blue-chip Dow Jones industrial average rose 40.99, or 0.38 percent, to 10,656.82. The broader Standard & Poor's 500 index was up 9.85 points, or 0.80 percent, at 1,248.09. Mexican ADRs struggled amid worries approval of the government's much-awaited fiscal reforms will be delayed further after the country's lower house of Congress said on Wednesday it cannot debate the government's reform package during its current session, which ends April 30. Among Mexican receipts to decline, Telefonos de Mexico <TMX.N> lost 0.92 percent to $34.53 and America Movil <AMX.N> slipped 0.59 percent to $16.75. The Bony index of Latin American ADRs <.BKLATAM> lost 1.3 percent to 90.64. The BONY index of leading European ADRs <.BKEUR> lost 0.39 percent to 125.29 as investors shied away from tech issues ahead of an expected quarterly earnings report from cell phone maker Nokia <NOK.N> and after STMicroelectronics slashed its market forecasts and predicted its own sales would slip this quarter. Nokia, which is expected to report earnings on Friday, was the most actively traded ADR and lost 0.9 percent to $30.71, while STMicroelectronics lost 0.4 percent to $40. Still, ADRs of Europe's biggest software firm, SAP <SAP.N>, bucked the weak trend by gaining 9.5 percent to $38.11 after reporting first-quarter results that beat estimates. The company also said it was optimistic about the next six months -- a stark contrast to the grim outlooks given by many European and U.S. tech companies in recent weeks. Swedish telecommunications equipment maker Ericsson <ERICY.O> climbed 7.2 percent after it said it was in talks with Japan's Sony Corp. <SNE.N> regarding cooperation in mobile phones. While investors welcomed the news in the short term, some said it was too early to bet on the end of Ericsson's troubled consumer-products division. "Ericsson is having a strong day on the news but I think we still have heard too little," said a trader, who declined to be identified. Investors will also watch for Ericsson's quarterly profit report, expected on Friday. Sony Corp lost 1.3 percent to $75.15. The BONY index of Asian ADRs <.BKASIA>, slid 0.6 percent to 107.40. Among other active Japanese ADRs, electronics parts maker TDK Corp. <TDK.N> gained 1.9 percent to...