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To: nlam who wrote (14040)	9/30/1998 6:33:00 AM
From: TokyoMex	Respond to of 27307

I agree,, also ,,suspect a profit taking this morning,, Japan Nikkei 225 ^N225 2:04AM 13406.39 -415.04 -3.00% Chart France CAC 40 ^FCHI 6:09AM 3258.16 -78.89 -2.36% Chart , News Germany DAX ^GDAX 6:10AM 4510.03 -68.24 -1.49% Chart Wednesday September 30, 5:20 am Eastern Time Fed disappoints German stocks amid Asia, fund woes By Melanie Cheary FRANKFURT, Sept 30 (Reuters) - Germany's stock market fell on Wednesday with further weakness seen amid disappointment over an expected 25 basis point U.S. interest rate cut and ongoing anxiety about Japan and American hedge fund losses. Dealers said the market had hoped for a bigger rate cut of perhaps 50 percentage points but that this was not the key reason behind the decline in shares with a three percent fall on the Nikkei gnawing on already frayed nerves. ''The market is heading down. I'm afraid of this market and I think other people are too. If you feel safe you should get out and take a holiday,'' a dealer said. By 0841 GMT the computer traded Xetra DAX index was 1.60 percent lower at 4,526.68 points, while the floor-traded DAX was 0.94 percent weaker at 4,535.30 points. Dealers said it was possible the Xetra DAX could test the key 4,400 points support level later today and they did not rule out a breach of 4,000 points in the short-term. ''It was pretty diappointing. The (rate cut) was completely priced in and the market expected more,'' another dealer said. But he added that he hoped the Bundesbank would not follow the U.S. Federal Reserve and lower German interest rates. ''The rate cut is a nice thing but if its 25 or 50 points, it is still not the major fear fo the market. This market doesn't have a problem with liquidity. It would be the best thing if the Buba doesn't follow the Fed,'' the dealer said. Last week's news of the rescue package from commercial and investment banks for struggling U.S. hedge fund Long-Term Credit Management appeared to have vanished from the market despite a Financial Times report earlier this week about further possible hedge fund losses. Dealers said this was worrying and and expected more negative news to filter through, particularly in the wake of Monday's fresh gloomy news out of Japan about its biggest bankruptcy on record in the failure of Japan Leasing Corp. ''There is potential for more bad news. I can't believe the LTCM stuff is buried and we still have structural problems in Japan. We could see 4,000 soon, maybe even go through,'' the first dealer said. German utilities Viag AG (quote from Yahoo! UK & Ireland: VIAG.F) and RWE AG (quote from Yahoo! UK & Ireland: RWEG.F) took another knock from the Social Democrat's election victory Sunday and fears that a coalition with the Green Party could bring new energy taxes and an end to nuclear power. But dealers said the current gloomy market climate was forcing participants to taking profits where possible from stocks, like Viag, that had not yet fallen to their 1998 starting prices. German retail giant Metro AG (quote from Yahoo! UK & Ireland: MEOG.F) was among the leading percentage gainers. Analysts said earlier this week that retail and consumer sector companies would benefit from the SPD win because of its policies for boosting private spending.