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To: djane who wrote (7826)	9/11/1998 2:21:00 AM
From: Steve Fancy	Respond to of 22640

Looks like this bloodletting may happen yet in the am. Fair value on S&P 500 futures closed between -6 and -8. Futures down 8 so they're actually off 12-16 points. Japan, Hong Kong and South Korea all hit hard. sf

To: djane who wrote (7826)	9/11/1998 2:27:00 AM
From: Steve Fancy	Respond to of 22640

FOCUS-Tokyo Nikkei slides five pct on global fears Friday September 11, 12:31 am Eastern Time By Keiko Takagi TOKYO, Sept 11 (Reuters) - Tokyo's Nikkei average plunged more than five percent and through the important 14,000-point level in Friday afternoon trade after a fall on Wall Street hit sentiment and renewed fears of a global equity meltdown. The special quotation, the settlement of index options and futures, exacerbated already volatile trading and inflated turnover to just shy of one billion shares. By 0340 GMT, the Nikkei had fallen 734.31 points, or 5.01 percent, to 13,931.72. Broad selling had pushed every sector into negative territory and only 181 of the 1,336 issues traded on the Tokyo Stock Exchange had managed to post rises. ''There are mounting bearish factors,'' said Kazue Mayuzumi, head of equities at Nikko Securities. "A deterioration in U.S. profits... would spill over onto Japan's ailing economy. Japan's battered economy was already deteriorating, with no recovery waiting around the corner, the Bank of Japan said on Friday in a monthly assesment of the world's second-largest economy. Gross domestic product data due to be announced on Friday afternoon was expected to show the economy shrank for a third straight quarter in the April-June period. The gloomy outlook, analysts say, means share prices will remain in jeopardy. ''Share prices are vulnerable to downside risks as sentiment was battered by falls in the New York market,'' said Yasuo Ueki, general manager of Nikko Securities. The Dow Jones Industrial Average fell more than three percent amid worries President Bill Clinton will be impeached and growing concern over the health of corporate earnings. Banking shares took the brunt of the Nikkei's beating with the banking subindex slumping 3.75 percent by midday. News that Bank of Tokyo-Mitsubishi (BTM), Japan's largest bank, would form an investment trust alliance with three of its sister companies failed to spark optimism. BTM was down 47 yen at 1,020 by the end of the morning session. Japanese government bonds were up in afternoon trade as stocks fell ahead of the GDP announcement. The dollar/yen rate was largely unaffected by the Nikkei index's fall through the pyschologically important 14,000 point level.