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Strategies & Market Trends : The Stock Market Bubble -- Ignore unavailable to you. Want to Upgrade?

To: Box-By-The-Riviera™ who wrote (2037)	10/7/1998 11:34:00 PM
From: Box-By-The-Riviera™	Read Replies (1) \| Respond to of 3339

Here's another....fix one problem.....(the yen) and start a new problem..... everything is truely going to hell it would appear. Joel Wednesday October 7, 11:16 pm Eastern Time (Note: this article is ''in progress''; there will likely be an update soon.) Australian stocks slide on Tokyo's yen-linked fall ------------------(Snapshot 10.45 a.m./0045 GMT)---------------- AORD cl 2503.4 -36.8 DJIA cl 7741.69 - 1.29 SPI Sycom 2517.0 -41.0 US 30yr cl 4.86 +0.11 10yrbond futs 95.075 -0.055 Gold NY 301.05 Lonfix 298.00 AUD US$0.6190 (Wed $0.6046) CRB Index 205.36 +2.43 NIKKEI 13548.15 -277.46 FTSE cl 4828.9 - 25.1 S&P500(Globex) 974.30 - 4.70 NZSE40 1727.23 +11.35 ---------------------------(Oct 8)----------------------------- *Stocks open broadly 1.5 pct down on Nikkei's 2 pct slide on Yen's sharp rise. Volume 74.06 mln, A$218.8 mln value, 585 stocks traded, 171 steady, 175 up, 239 down. SYDNEY, Oct 8 (Reuters) - Australian stocks opened broadly lower on Thursday as the shock of the yen's and Australian dollar's sudden overnight surges set in for Japanese and local exporters now faced with much more competitive U.S. rivals. Only Australia's gold stocks were able to shrug off the shadow of the Nikkei's two percent fall in early trade, with the gold index jumping 3.8 percent as the gold price surged again through the US$300/oz barrier. Even the domestically-focused food and retail sectors could not shrug off the gloom from Tokyo's poor opening, with the retail sector falling 2.2 percent despite a stronger than expected result from sector leader Coles Myer Ltd . The Nikkei dived after the U.S. dollar fell about 11 yen in 24 hours, its biggest one-day fall in 25 years, as hedge funds decided the government may have found a way to fix the Japanese banking system and boost the economy and jumped back into yen assets. The Australian dollar surged in tandem with the yen, rising three U.S. cents in 24 hours to US$0.6195. But this has disguised a sharp improvement in competitiveness for Australia's major exporters, who mostly export commodities like coal, iron ore and petroleum to Japan. The local dollar has slumped to about 75 yen from over 80 yen. Reflecting this improvement, the exporter-laden All Resources Index fell 0.9 percent while the All Ordinaries Index fell 1.5 percent and the All Industrials fell 1.7 percent. Logistics and health care group Mayne Nickless Ltd , was the biggest loser on the index, falling A$1.01 or 11.73 percent as it went ex the entitlement issue of Cable and Wireless Optus shares to its shareholders. Media group News Corp Ltd was again sharply weaker, falling 4.44 percent or 42 cents to A$9.07 on poor sentiment after it scaled down the size of its Fox IPO earlier this week. Most of the widely held banking stocks fell two percent or more, although ANZ Banking Group outperformed because of percpetions it is a takeover target. ANZ rose six cents to A$8.78. Coles Myer fell 17 cents to A$7.01, in line with the leading industrials, despite reporting a 17.3 percent rise net profit before abnormals of A$393.5 million, at the top end of market expectations. Doubts also emerged about the rescue package for Japanese banks. ''There is some reconsideration of the Japanese package, which, on second thoughts, is not going to be as much as a solution as we thought,'' said BT Alex Brown chief equities strategist David Rees. Andrew Sekely, head of equities at Intersuisse, added that the Dow's dissapointing follow-through from Asia's strength on Wednesday had taken a fair bit of confidence out of the market. (Note: this article is ''in progress''; there will likely be an update soon.)