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To: Alex who wrote (16235)	8/20/1998 2:56:00 PM
From: Roderick Francey	Read Replies (1) \| Respond to of 116764

Possible failure of Russian Banks: FRANKFURT, Aug 20 (Reuters) - German shares maintained moderate losses for most of Thursday before the latest round of news of Russian financial turmoil pummeled the blue-chip DAX index in the final two hours of trading. At 1415 GMT, the 30-share index was down 104.66 points or 1.87 percent at 5,496.13. In electronic trade, the Xetra DAX was off 101.42 points or 1.8 percent at 5,494.99. The market had been trading some 55 points higher when a Russian central bank deputy told Reuters Television some major banks could fail within the next few days. The news sent Frankfurt and other markets reeling. In New York, the Dow Jones Industrial Average opened shortly afterwards and fell sharply. At 1425 GMT, the Dow was down 65.14 points or 0.74 percent at 8,628.14 In Frankfurt the late slide left traders wincing that Friday will bring another gloomy session. ''There's a feeling that it's going to continue tomorrow,'' one trader said. ''The market hasn't worked through this news yet, so we'll probably go down again.'' German banks, which are heavily engaged in Russia were hit and their shares extended an already weak performance. biz.yahoo.com