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

To: Steve Fancy who wrote (8545)	9/25/1998 10:09:00 AM
From: Steve Fancy	Read Replies (1) \| Respond to of 22640

Brazil's forex markets lost $308 million Thursday Reuters, Friday, September 25, 1998 at 08:43 SAO PAULO, Sept 25 (Reuters) - Brazil lost $308 million from foreign exchange markets Thursday as inflows to pay for a recent privatization offset continuing dollar flight, traders said Friday. So far in September, $17.095 billion has left Brazil's forex markets, bringing two-month losses to more than $30 billion. The markets posted only moderate outflows as Electricidade de Portugal brought in dollars to help pay for the stake in Brazilian utility Bandeirante that it bought last week. EDP brought in about $420 million total in the last two days. Dollar flight is expected to pick up again today as outflows continue without privatization inflows to offset them, traders said. A capital hemorrhage that averaged $1.5 billion a day earlier this month has drained reserves to below $50 billion, down from about $70 billion at the start of August, and pressured the government to devalue its currency. Some $103 million left the commercial forex market on Thursday, the Central Bank said, while $205 million left the floating forex market, traders said. Copyright 1998, Reuters News Service

To: Steve Fancy who wrote (8545)	9/25/1998 10:11:00 AM
From: Steve Fancy	Respond to of 22640

Brazil's Central Bank lowers its reais mini-band Reuters, Friday, September 25, 1998 at 09:19 SAO PAULO, Sept 25 (Reuters) - Brazil's Central Bank lowered its mini-band on the real currency by buying dollars at 1.1750 and selling at 1.1860 reais per dollar in the commercial foreign exchange market, dealers said. The previous mini-band was set on Tuesday at between 1.1740 and 1.1850 reais per dollar. Friday's auction was the sixth time this month the bank has nudged the mini-band lower and represents a 0.08 percent decline from the previous mini-band. The Central Bank usually changes the mini-band five to seven times each month. So far this month, the Central Bank has shifted the mini-band 0.51 percent lower. In the last six months, the Central Bank has lowered the mini-band between 0.60 percent and 0.63 percent each month. Copyright 1998, Reuters News Service

To: Steve Fancy who wrote (8545)	9/25/1998 10:13:00 AM
From: Steve Fancy	Respond to of 22640

Brazilian shares tumble 3 pct on fears of fallout Reuters, Friday, September 25, 1998 at 09:26 SAO PAULO, Sept 25 (Reuters) - Brazil's Bovespa (INDEX:$BVSP.X) index tumbled 3 percent in the first 15 minutes of trade on Friday after the bailout of a large U.S. investment fund raised fears around the globe of widespread fallout, traders said. Sao Paulo's key index slumped to 6,639 points following sharp declines in European and Asian bourses and on expectations of a steep fall at the open on Wall Street. "People are desperate with this situation with the American fund," a trader at a local brokerage said. "There have already been a lot of sale orders." A group of big banks and brokerages were forced to bail out Long-Term Capital Management, leaving investors wondering who might be the next victim of the global economic turmoil. Energy company Eletrobras preferred (SAO:ELET6) led declining stocks with a 7.37 percent plunge to 25.01 reais. Telebras receipts (SAO:RCTB40) slumped 4.68 percent to 81.50 reais. Copyright 1998, Reuters News Service