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To: H James Morris who wrote (14936)	8/28/1998 7:39:00 AM
From: Glenn D. Rudolph	Respond to of 164684

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To: H James Morris who wrote (14936)	8/28/1998 8:15:00 AM
From: Glenn D. Rudolph	Respond to of 164684

FOCUS-European bourses pare losses but still nervy Reuters Story - August 28, 1998 05:03 %GB %DE %FR %STX %FRX %US %ECI %MARKETS/ GKN.L SEBE.L TSCO.L BAYG.F HNKG_p.F V%REUTER P%RTR (updates with latest prices, Dow expectations) By Cheryl Juckes LONDON, Aug 28 (Reuters) - Major European bourses halved early losses of over four percent on Friday in the latest bout of global market turmoil, bolstered by improved expectations for the Dow open and some covering of short positions before the weekend. The markets remained extremely nervous as investors sought sanctuary from the domino effect from financial chaos in Russia and fears of escalating problems in Latin America. ------------------------------------------------------------ MARKET PRICES AT 1106 GMT MARK 1.7910/79 YEN 143.19/29 STERLING 1.6504/14 GOLD $274.50/275.00 -3.70 (pvs PM fix) BRENT $12.14 -0.14 FTSE 5263.2 -105.30 CAC 3,708.98 -36.66 X-DAX 4913.67 -99.06 ------------------------------------------------------------ Bond markets scaled back earlier gains, which saw record lows on yields in U.S. and British bonds, but flight-to-quality buying kept them well-supported. On the foreign exchanges, the safe haven Swiss franc led the pack, having little direct exposure to either of the two major trouble spots. The pound was also doing well. The latest round of stock market pummelling came as Russian President Boris Yeltsin returned to the Kremlin for the first time in several days and the central bank said it would issue one billion roubles in discount bonds next week in an effort to manage liquidity in the badly damaged banking system. "It's a cycle of one weak market triggering another weak market triggering another weak market," said Michael Wilkins, a dealer at Credit Lyonnais in Tokyo. "Where's the end?" Shares in Eastern and Central Europe remained under pressure as frantic investors sold even though economies there now have few strong economic lines to Russia. There were new 1998 lows from bourses in Budapest, Prague, Warsaw, Zagreb, Kiev and Bucharest. Czech shares lost 8.0 percent, Poland lost 9.5 percent and Slovenia 5.5. But Budapest was the hardest hit, down 13 percent. In Russia itself the equity market was down 1.0 percent having lost 3.0 percent in early trade with the RTS1-Interfax index hitting an historic low of 61.29, but trade was extremely thin. "Anything is possible in our country, so the best idea now is to do nothing," said ING Barings senior trader Oleg Galkin in Moscow. "So far everyone is scared by the uncertainty...That is even worse than bad news." In Western Europe, shares were crawling off the bottom. Shares in London, Germany and France recovered to show 2.0 percent losses in volatile trade. Dealers are now looking for the Dow to open only around 40 points weaker, compared with initial fears of a decline of more than 100 points. Wall Street started the latest phase of the market rout, plunging 357 points, 4.19 percent, overnight. Tokyo traders responded by pushing Japanese stocks to their lowest levels in 12 years, the Nikkei index sliding 3.46 percent. Iberian markets were also off their lows but worries over exposure to Latin America where shares tumbled on Thursday, kept them under pressure. In bonds, German Bunds and British gilts pushed to contract highs in the wake of gains by U.S. treasuries. Benchmark 10-year cash gilt and U.S. 30-year treasuries set fresh lows and were set to remain strong. "For a long time, bonds have been pricing in deflation from the current market turmoil and perhaps they don't have a lot further to go," Royal Bank of Scotland Treasury economist Marian Bell said. "But at the same time, while we continue to see this flight out of stocks and into bonds and hard currencies, it's hard to see a reversal anytime soon." In currency markets, the Swiss franc set 12-year highs against the dollar in overnight trade at 1.4710 per dollar. Sterling was also stronger, hitting its highest levels against the dollar in four weeks. Worries that Latin American economies will go into tailspin, hitting the U.S. economy, and concern that the ballooning U.S. current account deficit makes the country particularly vulnerable to market turbulence were holding the dollar back. "The market will lift up the dollar only if there is an outright national crisis in Russia as there was in Indonesia," said Klaus Kusber, currency analyst at Dresdner Kleinwort Benson in Frankfurt. But there were also signs that many institutional players were taking profits on dollar positions to fund losses in emerging markets and this was also hindering dollar gains. A denial from the Kremlin that Russian President Boris Yeltsin was set to resign also clipped the dollar's wings. Yeltsin was shown on television on Friday morning meeting Bulgarian President Petar Stoyanov, calming fears about his grip on the reins of power. Gold opened in Europe at an 18-1/2 year low of $275.40 an ounce as Australian gold producers continued to unload bullion and the market was gripped by fears that Russia might be forced to sell some of its gold reserves. Among featured shares, sterling's fresh strength added to existing worries for British exporters. GKN dropped 5.0 percent and Siebe fell 3.5 percent. But defensive stocks resisted the decline, with food retailer Tesco up 1.0 percent. In Germany, which has a significant exposure to Russia, banks and cars led the decliners but Bayer and Henkel benefited from bargain buying after recent heavy losses.