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To: Dr. David Gleitman who wrote (72874)	10/18/1998 10:55:00 PM
From: Martin A. Haas, Jr.	Respond to of 176387

David, I'm already in heavy and actually hope we get over 60 by the end of the week. From the WSJ site this weekend on the Asian markets: Markets Extend Asia Rally On Fed's Interest-Rate Cut An INTERACTIVE JOURNAL News Roundup Shares in Taiwan and South Korea rose Saturday, following Friday's surge in Asian-Pacific equities markets in response to a surprise interest-rate cut by the U.S. Federal Reserve. The Fed announced an unexpected cut in the target for the federal-funds rate as well as discount rate Thursday by a quarter of a percentage point. The news sent stocks soaring on Wall Street Thursday, with the Dow Jones Industrial Average jumping more than 4%. World Stocks Thursday: Markets in Canada, Latin America Soar, Getting a Boost From U.S. Fed's Rate Cut Taiwan gained 1.5% on the back of the region's rally in its first day of trading since the rate cut was announced. Taiwan's financial markets were ordered closed Friday due to Typhoon Zeb. Meanwhile, South Korean shares jumped 2.5% on the fall in local and U.S. interest rates. On Friday, Tokyo stocks rose 2.2%. Hong Kong's Hang Seng rose 9% to its highest level since early May as property stocks and banks led the rally as investors anticipated local rate cuts. Moments after the market closed Friday, the Hong Kong Association of Banks cut its deposit rate. Banks followed with a reduction in their prime lending rate to 9.75% from 10%. China's Class B shares were fueled by the U.S. rate cut and the resulting surge in Hong Kong stocks. Indonesian shares leaped 10.7% following the rate cuts and regional gains, Philippine shares jumped more than 7% on news of the rate cut. Stocks in Australia rose on speculation the Reserve Bank of Australia will follow the Fed's lead and cut its key domestic interest rate. Singapore shares rose 9.3%, Thai shares surged 8.1% and Malaysian shares closed higher on the rate cut. But Indian shares ended mixed as heavy selling in some blue-chip stocks damped enthusiasm over the U.S. rate cut and the region's rally. Despite gains in Japan's Nikkei 225 average, persistent worries about the Japanese economy and effectiveness of the bank bills passed this week stood in the way of further gains. "The market's direction depends on how the financial revitalization measures will be implemented, and especially how the troubled Long-Term Credit Bank of Japan will be dealt with," said Masaru Arai, general manager at Ryoko Securities. "If current banking woes are cleared, bank shares can rebound more strongly." In dollar terms, the Asia-Pacific sector of the Dow Jones Global Indexes advanced 2.63 to 73.72 at 6:30 p.m. EDT after rising 1.48 Thursday. The Dow Jones World Stock Index lifted 2.70 to 177.14, after jumping 5.22 the previous session. Asian Stock Market Indexes Market Index Oct. 17 Change Australia All Ordinaries 2511.40* + 2.12% China DJ China 88 129.64* + 0.71% Hong Kong Hang Seng 9777.01* + 8.99% India Bombay Sensex 2848.23* - 0.31% Indonesia JSX Index 337.587* + 10.74% Japan Nikkei 13280.54* + 2.19% Malaysia KLSE Composite 396.26* + 0.77% Philippines PSE Index 1437.36* + 7.04% Singapore STI 1119.60* + 9.26% S. Korea Korea Composite 383.47 + 2.53% Taiwan Weighted 6901.19 + 1.49% Thailand SET 319.22* + 8.14% Hope you get some more at 55. Regards, Marty