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Strategies & Market Trends : Stock Attack II - A Complete Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Jerry Olson who wrote (42855)	2/3/2003 4:31:52 PM
From: Lucretius	Read Replies (2) \| Respond to of 52237

you long yet?

To: Jerry Olson who wrote (42855)	2/3/2003 6:18:39 PM
From: Haim R. Branisteanu	Read Replies (1) \| Respond to of 52237

Monday, February 3, 2003. 16:55 GMT Daily Report By BNP Paribas bnpparibas.com Market Strategy Equity markets have confirmed a weekly reversal formation and with chief weapons inspector Hans Blix scheduled to travel to Baghdad next weekend, geo-political related financial market risk aversion should ease, allowing equity markets to rally. Rumours suggest Tony Blair has brokered a deal with the US administration, according to which a second UN resolution would allow the US to use force against Iraq, but weapon inspectors would be given another four to six weeks. If Wednesday’s UN Security Council meeting results in this kind of agreement, risk aversion should decline allowing the USD to rally further. Kyodo reported this morning that PM Koizumi would appoint ex-BoJ Nakahara as the next BoJ Governor. Subsequently, the yen came under selling pressure as Nakahara is known for is progressive "inflation targeting" policy stance. However, PM Koizumi had to deny the Kyodo report. We continue to expect Fukui to be appointed as the next Governor. Fukui has rejected the inflation targeting approach and would represent little difference in approach to the current BoJ Governor, Hayami. After BoJ current account data revealed that the BoJ/MoF had intervened in mid-January buying USDYEN 6bln, the market will speculate whether there will be more ‘invisible’ intervention, creating a higher degree of uncertainty, putting the yen under pressure in the short term (see Focus, page 2). The German local elections resulted in landslide losses for the SPD, increasing the inner party discussion concerning policy strategy. The party left and ex-Finance Minster Oscar Lafontaine intend to build up an inner party opposition against Chancellor Schroeder pushing him further into a political corner.