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Strategies & Market Trends : Telebras (TBH) & Brazil -- Ignore unavailable to you. Want to Upgrade?

To: Steve Fancy who wrote (8446)	9/23/1998 2:10:00 PM
From: Steve Fancy	Respond to of 22640

Whoops, wrong thread. - sf <eom>

To: Steve Fancy who wrote (8446)	9/23/1998 2:19:00 PM
From: Steve Fancy	Respond to of 22640

Brazil's Bovespa extends gains on Cardoso speech Reuters, Wednesday, September 23, 1998 at 11:27 SAO PAULO, Sept 23 (Reuters) - Brazil's Bovespa (INDEX:$BVSP.X) rose 5.08 percent in light midday trade on Wednesday after a speech by President Fernando Henrique Cardoso pushed stocks already rising amid global gains a bit higher, traders said. "The rise is closely tied to gains in international markets, especially Dow Jones," said a trader at Solidus brokerage. "It also rose a little more on the president's words." Sao Paulo's key Bovespa index rose to 6,893 points. Cardoso urged industrialized countries and international lending agencies to create a "contingency fund" to help Latin America fend off a crisis in a speech Wednesday morning in Brasilia. While Cardoso didn't detail a possible support package that has dominated markets for the last few days, his reference to aid gave stocks a boost, traders said. Telebras receipts (SAO:RCTB40) and Eletrobras preferred (SAO:ELET6) led gaining shares. Copyright 1998, Reuters News Service

To: Steve Fancy who wrote (8446)	9/23/1998 2:19:00 PM
From: Steve Fancy	Respond to of 22640

Brazil budget measures not enough -S&P's Reuters, Wednesday, September 23, 1998 at 12:19 The government acted to stop a free-fall in markets sparked by the financial crisis in Russia. Brazil's bloated nominal fiscal deficit, which is over 7 percent of gross domestic product, and its dollar-pegged currency had started to scare investors off. Still, Gallagher said she doesn't think Brazil will be forced to devalue its currency. "S&P does not expect a maxi-devaluation of Brazil's real at this moment," she said. Copyright 1998, Reuters News Service