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Strategies & Market Trends : Waiting for the big Kahuna -- Ignore unavailable to you. Want to Upgrade?

To: Haim R. Branisteanu who wrote (25767)	8/31/1998 9:13:00 AM
From: N	Read Replies (1) \| Respond to of 94695

ft. 8/31/98 Tomorrow the US and Russian presidents will begin a two-day summit in Moscow, in the midst of global financial turmoil. It should be a moment for the sort of clear leadership and firm decisions needed to steady the nerves of the financial markets, and provide support for the Russian economy. The chances of such an outcome are almost non-existent.... ...and now Bresil, one of the key SA economies ft. 8/31/98. The Brazilian economy will experience a "substantial contraction" next year because of the turmoil in world financial markets, according to JP Morgan, the US investment bank, which has slashed its forecast for 1999 growth to negative 2 per cent.... ft. 8/31/98. Hong Kong...raises specter..of life without the peg. Capital flight and confusion would follow a change in the territory's currency peg to the US dollar, warns Tung Chee-hwa, Hong Kong's chief executive. The even more stark prediction of Antony Leung, a senior banker and a member of the government's advisory cabinet, is that Hong Kong could become another Indonesia.... There might seem scope for optimism, or at least reasons why Hong Kong might avoid the worst fate of its neighbours. With property prices already down 50 per cent since their peak, other asset markets showing a substantial correction and wages subdued by the impact of unemployment, much of the adjustment to a post-bubble economy may already have been achieved. Unlike Indonesia, the Hong Kong government has no foreign debt... Nancy