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

To: Philipp who wrote (27158)	9/10/1998 6:13:00 AM
From: flickerful	Read Replies (1) \| Respond to of 94695

london financial times.... Clinton appeals for support President is urged to make repeated pleas for forgiveness as Starr report looms, writes Richard Wolffe in Washington US president Bill Clinton made an emotional appeal for support from Democratic party leaders yesterday as legislators from both parties began preparations to deal with the long-awaited report into the Monica Lewinsky sex scandal. In a 90-minute meeting at the White House, senior Democrats urged Mr Clinton to make repeated pleas for forgiveness in public to rescue his embattled presidency. David Bonior, the Democratic whip in the House of Representatives, said: "What we saw was a father, a husband, a leader of our country who was contrite and who was very sorry for his actions. He wants to carry on the business of the country, but he clearly understands the deep pain that he has caused his family, his colleagues, the people he works with, members of Congress and the country." Kenneth Starr, the independent counsel investigating allegations of sexual misconduct and perjury by the president, is expected to send his official report to the House of Representatives within a week. Republican and Democratic leaders of the House yesterday agreed to publish the main section of Mr Starr's report on the internet, and to deal with its findings in an impartial manner. Henry Hyde, chairman of the House judiciary committee which would begin any formal impeachment proceedings, said: "This is a lousy job but somebody has to do it. No one looks forward to this traumatic journey that we're about to enter on. We did agree this morning that we're going to do our level best, as much as humanly possible, to work in a bipartisan fashion, because we all agree any impeachment cannot succeed unless it is done in a bipartisan way." Democrats insisted they were not planning for impeachment. However Richard Gephardt, the leader of the House Democrats, said legislators should follow the process established during the Watergate scandal, which led to the resignation of president Richard Nixon. He said congressmen should "carefully consider and try to follow" the Watergate precedent. Democrats yesterday acknowledged that the president's failure to address the scandal had hurt the party's prospects in the mid-term congressional elections in November. However, they insisted that Mr Clinton would be able to remain in office. Mr Bonior said: "The American people do not want to see this president fail." Meanwhile, senators continued to debate impeachment and the investigation of the president both on the floor of the senate and in committee. Robert Byrd, the Democrat who is one of the most senior figures in the Senate, criticised the president for his "ill-timed, ill-formed and ill-advised" television address last month which attacked Mr Starr. But he also called on Congress to pause before beginning impeachment proceedings. "I respectfully urge everyone in this town to calm down for a little while and contemplate with seriousness the impact that our actions may have on the well-being of the nation, your children and my grandchildren," he said.

To: Philipp who wrote (27158)	9/10/1998 6:16:00 AM
From: flickerful	Respond to of 94695

Thursday September 10, 5:31 am Eastern Time Wall St losses spread to Europe, dollar weakens By Tony Austin LONDON, Sept 10 (Reuters) - European stock markets opened lower on Thursday, following Wall Street's 1.9 percent drop on worries about the Clinton sex scandal and U.S. corporate earnings warnings. The dollar traded above a 10-month low of 1.70 marks, its tone soft after the delivery of independent counsel Kenneth Starr's report on the White House scandal to Congress. ------------------------------------------------------------ MARKET PRICES AT 0908 GMT MARK 1.7050/71 YEN 134.94/04 STERLING 1.6734/44 GOLD $285.75/286.25 +0.60 (pvs PM fix) BRENT $12.95 +0.19 FTSE 5255.5 -55.80 CAC 3,708.24 -53.89 X-DAX 4863.36 -95.08 ------------------------------------------------------------ Markets showed little net impact from news that Russian President Boris Yeltsin had asked parliament to approve Acting Foreign Minister Yevgeny Primakov as new prime minister, after Acting Prime Minister Viktor Chernomyrdin withdrew his candidacy. The UK's FTSE was 1.1 percent off in early trading, amid concerns over U.S. company earnings and the scandal which continues to haunt President Clinton. ''Anything that looks like causing U.S. consumers to draw in their horns will have an adverse effect on us,'' said Jeremy Batstone, head of research at NatWest Stockbrokers. The Bank of England's rate-setting panel was meanwhile expected to leave rates on hold despite equities market talk of possible global action to stave off recession. Germany's DAX index was more than three percent off after an hour's floor trading, hurt by the weaker dollar which makes German chemical, car and machinery exports more expensive. All 30 DAX shares were lower, with chemicals Hoechst AG (quote from Yahoo! UK & Ireland: HOEG.F) in the spotlight after its chief executive told journalists Wednesday night that 1998 earnings per share could be lower than in 1997. On the bourse, Hoechst shares fell more than four percent to 70.50 marks, although Henkel KGaA (quote from Yahoo! UK & Ireland: HNKG_p.F) and Schering AG (quote from Yahoo! UK & Ireland: SCHG.F) were also down more than four percent. Software group SAP AG (quote from Yahoo! UK & Ireland: SAPG.F)(quote from Yahoo! UK & Ireland: SAPG_p.F) saw its widely traded preference shares slip five percent to 1,005 marks. Meanwhile, Deutsche Telekom (quote from Yahoo! UK & Ireland: DTEG.F) slumped four percent ot 51.50 marks. Newspaper reports said Telekom has begun talks to sell its cable TV network. European banks, which have been pressured by the Russian financial crisis, were broadly weaker, with German HypoVereinsbank tumbling 7.8 percent to 120 marks. Soc Gen was down 5.66 pct at 900 French francs and BNP down 4.73 pct at 352.5 francs. The dollar was trading above its overnight low of 1.70 marks and at around 135 yen, tending weak on the Clinton factor and the overnight fall on Wall Street. News from the Washington office of independent counsel Kenneth Starr that his report on the White House sex scandal contained ''substantial and credible'' information that could lead to the impeachment of Clinton hit the U.S. markets. Combined with earnings warnings from big U.S. blue-chip companies, the news prompted investors to take profits on stocks and head for the safety of U.S. treasuries. Analysts said U.S. financial markets would be braced for another volatile session on Thursday. Dealers, who have been following the twists of Clinton's relationship with a 25-year old former White House intern for months, have predicted the dollar could be especially hard hit against the yen. A flight of capital out of stocks pushed European bond yields lower, German government bond yields hitting fresh historic lows as debt and futures prices. The December Bund future sped past technical resistance levels to a new contract high of 113.52 and the benchmark 10-year bond yield hit an all-time low of 4.06 percent. ''We're still pretty much following the shares and all major stock markets are down,'' a trader at a major German bank said.