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To: Raiders who wrote (14857)	8/27/1998 5:40:00 PM
From: Raiders	Respond to of 164684

Stock Index futures News US stock index futures end sharply lower on Russia CHICAGO, Aug 27 (Reuters) - U.S. stock index futures ended sharply lower as Russia's economic turmoil underscored global financial and banking worries and added to nervousness about future U.S. earnings prospects, traders and analysts said. ''We now know Asia has cratered, it's now a question of whether Russia as we know it is still in existence and so it's reasonable to ask if the buy-the-dip strategy will work,'' one U.S. stock market analyst said. September S&Ps lost nearly five percent on Wednesday after falling to fresh six-month lows at 1,034.60 right before the closing bell rang. ''It was pure panic,'' one S&P futures trader said. ''The fact we traded eight points below cash indicates panic.'' September S&Ps settled at about a 6.50-point discount to the cash S&P index, suggesting to some traders the contract would continue to fall overnight and on Friday. ''It's developing a life force of its own,'' one analyst said as the selloff expanded in late trade. Fears Russia's deepening economic crisis will add pressure to the global banking system and unravel Russia's government was behind the steep selloff in the U.S. stock market and most of the index futures all day. The Kremlin on Thursday denied three times reports and rumors that Russian President Boris Yeltsin was resigning. On the third time, the Kremlin press service lambasted foreign media for ''spreading untrue information.'' September S&Ps managed to trim losses to 1,063 on local short-covering and light dealer buying. However, speculation about an imminent resignation by Yeltsin remained strong in the U.S. market and once again helped propel September S&Ps lower. ''It's almost as if Chernomyrdin is arranging a smooth transfer of power,'' the analyst said. Acting Prime Minister Viktor Chernomyrdin was quoted by Russian news agencies as saying on Thursday that the situation in Russia was under control. He was also quoted as saying that he admitted during his meeting with International Monetary Fund (IMF) managing director Michel Camdessus on Wednesday that mistakes by the Russian government were the main reason behind the crisis. IMF sources said Camdessus held special meetings in Washington on Thursday with senior IMF officials on Russia. The IMF also said it has invited Latin American finance ministers to meet the global economic situation. September Nikkeis almost tested 14,000 earlier in the session as September S&Ps broke through 1,048, which has represented the bottom of their sideways range since August 5. Volume was heavy in the Nikkei pit, with more than 2,500 September contracts trading. CME September Nikkeis ended at a discount to Tokyo's cash market and SIMEX futures. Retail selling was heavier-than-usual in the CBOT's Dow Industrial futures pit. At the end of pit trade, September S&Ps were off 51.80 at 1,036.00, the CBOT Dow contracts were off 448 at 8,110, KCBT Value Lines were 36.00 lower at 793.00, Nikkeis lost 665 at 14,100, Midcap 400s were off 15.80 at 303.20, Nasdaq 100s were off 76.50 at 1,304.00 and Russell 2000s were off 15.25 at 364.00.