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Strategies & Market Trends : JAPAN-Nikkei-Time to go back up? -- Ignore unavailable to you. Want to Upgrade?

To: fut_trade who wrote (1258)	7/13/1998 4:53:00 AM
From: fut_trade	Read Replies (1) \| Respond to of 3902

German shares inch higher as Japanese PM resigns FRANKFURT, July 13 (Reuters) - German shares inched higher on Monday after the resignation of Japan's prime minister sparked hopes the pace of reform in the world's second-largest economy would accelerate. By 0743 GMT, the benchmark DAX index had risen 37.75 points, or 0.63 percent, to 6020.17. The electronically traded Xetra DAX rose 0.27 percent to 6,017.42. Earlier, Japanese Prime Minister Ryutaro Hashimoto resigned as president of the Liberal Democratic Party after the party posted a weaker-than-expected showing in elections there. The move was seen as a formality before quitting as prime minister. ''The situation in Japan can only get better,'' one trader said. BASF (BASF.F) was among the morning's leading advancers amid unconfirmed reports a large U.S. investment house had raised its rating. The chemical group climbed 1.9 percent to 93.70 marks. SAP (SAPG_p.F) also gained, paring some of Friday's losses after the software maker said first half pre-tax profit rose a less-than-expected 40 percent. SAP shares were up 2.8 percent at 1,100 marks. Mannesmann (MMWG.F) shares rose 1.80 marks to 196.80. The diversified engineering company's mobile phone division said it will cut by 30 percent prices for business users of its D2 network and introduce local tariffs and discounts for frequent callers. Tempering the gains, Daimler (DAIG.F) dropped 1.20 marks to 177.50. Deutsche Bank (DBKG.F) Chief Executive Rolf Breuer hinted over the weekend that the bank might be willing to reduce its 21.8 percent stake in the car maker. Deutsche is Daimler's largest single shareholder. Among other decliners, Viag (VIAG.F) fell five marks to 1,340 and Allianz (ALVG.F) lost 4.50 marks to 673.50. Trader said the session was generally quiet with modest volumes. Neither the dollar, which fell to 1.8082 marks, or the outlook for Wall Street was having much effect on shares for the moment, traders said. The September S&P future fell 1.60 points to 1,170.80.