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

To: Moominoid who wrote (30272)	10/5/1998 7:06:00 AM
From: William H Huebl	Read Replies (1) \| Respond to of 94695

Thanks David, I DID get it on that panel. The one I usually use has a summary of all the world markets. quote.yahoo.com Still isn't showing there although all the rest seem to be. Bill

To: Moominoid who wrote (30272)	10/5/1998 7:07:00 AM
From: flickerful	Respond to of 94695

any thoughts on<<<[ ms vs bear stearns?]>>> Europe markets bounce back, banks support By Jane Macartney LONDON, Oct 5 (Reuters) - Europe shares recovered from early lows on Monday as a sense that Europe was oversold overcame disappointment at the inability of G7 finance ministers to adopt clear policy moves and the impact of Tokyo's fall to a 13-year low. The failure of Group of Seven industrialised countries to address global issues ranging from emerging market turmoil to hedge funds supervision weighed on the dollar, which was weak against the mark and muted against the yen. Bonds were firm, still seen as a safe haven from the storm buffeting other financial markets. ------------------------------------------------------------ MARKET PRICES AT 1033 GMT MARK 1.6390/64 YEN 135.22/32 STERLING 1.6916/22 GOLD $299.00/299.40 -1.60 (pvs PM fix) BRENT $14.26 -0.10 FTSE 4751.8 +1.40 CAC 3,061.37 +22.23 X-DAX 4101.54 +82.23 ------------------------------------------------------------ The worst news was from Asia where Tokyo stocks wilted to close below 13,000 for the first time since January 1986 and Hong Kong shares were dragged down more than 3.5 percent when trading resumed amid concerns of a global economic slowdown after a two-day holiday last week. Widespread disappointment that the Group of Seven's weekend meeting offered no concrete plan to restore the global economy's health cast a shadow over markets in Europe after the dismayed response in Asia overnight. The G7 meeting agreed to explore a new U.S. plan to provide struggling countries easier access to fresh capital, but its final communique made no mention of a Japanese idea to provide $30 billion in emergency aid to ailing neighbours. There was no mention of co-ordinated interest rate cuts, which are being resisted in Europe. ''This was supposed to be the weekend when G7 said something constructive about the yen and about interest rates,'' said Bear Stearns International chief economist David Brown. ''The markets were looking for a bold commitment, for G7 to throw down their wallets on the table and bail out beleaguered emerging markets,'' Brown said. ''All they've got is promises and rhetoric.'' European stocks staged a tentative recovery from early falls. Germany's benchmark Xetra DAX fell two percent before recovering slightly to rise more than one percent at midsession. The DAX floor trade reversed early falls to be up three percent. Investors seized the opportunity for modest buying although weaker Asian bourses and concern about world economic crises hold gains in check, traders said. Banks were among leading gainers with Dresdner , Deutsche Bank , Commerzbank all up. In London, the FTSE 100 index was mixed near recent 11-month lows at midsession, disappointment over the G7 meeting tempered by hopes of an interest rate cut. ''We believe it's one of the best times to buy equities,'' said one Morgan Stanley source. The FTSE 100 was propelled by a recovery in banking group Barclays (quote from Yahoo! UK & Ireland: BARC.L) -- which has dropped more than 50 percent from its highs -- and a four percent rise in mobile telephone group Orange (quote from Yahoo! UK & Ireland: ORA.L). Friday's Wall Street rally, coupled with hopes for a UK rate cut at the Bank of England policy meeting this week, lent the market support. But eyes were already turning to the S&P December future for an indication of Wall Street's Monday trend, with the contract down five points by 0945 GMT. The Paris bourse dropped 2.5 percent at the start and then ticked into positive territory amid feeling that Europe was oversold compared with Wall Street, but volatility remained. Bank stocks and telecoms tempted back some buyers. Paribas was up 8.09 percent, Societe Generale gained 7.38 percent and BNP rose 4.87 percent. France Telecom rose 5.54 pct after the government postponed sale of a second tranche of shares. Spanish stocks turned positive, rising more than one percent, buoyed partly by strong gains for stocks with strong ties to Latin America amid positive feeling after the expected victory of Fernando Henrique Cardoso in Brazilian elections. The U.S. 30-year long bond yield fell to another record low, further evidence that investors are fleeing to safety. The sterling debt market pushed ahead strongly, buoyed by the lack of substance from the G7. On foreign exchange markets, the dollar made a weak start after market expectations of coordinated G7 action to trim interest rates were not met. The dollar was at 1.6364 against the mark, still above Friday's 20-month low of 1.6273 marks. The firm mark pushed to 2.7607 per pound, its highest level against sterling in 16 months. The mark rose rose to 82.96/99 against the yen its highest since October 1992. The dollar firmed above its early lows against the yen, helped along by the mark's gains and the ongoing underlying pessimsm about Japan's economy and financial system.