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To: goldsnow who wrote (16893)	8/29/1998 10:36:00 AM
From: John Mansfield	Respond to of 116825

'Fundamentally, earnings are clearly slowing from that of 1997. We suspect that they will NOT meet expectations during the second half of 1998. The Y2K problem will impact earnings as industry continues to try to cope with the 2000 deadline. However, European profits may fall even worse as companies prepare not merely for Y2K, but also with keeping two sets of books for the next 4 year transition period in the Euro. Combined these issues with continued problems in Japan, China and Russia, and it is hard to see where double digit growth can be expected going into the second half of 1998 or 1999. ... pei-intl.com