Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Microcap & Penny Stocks : ProNetLink...PNLK...Click here to enter -- Ignore unavailable to you. Want to Upgrade?

To: Victor Lazlo who wrote (4208)	10/30/1998 8:36:00 PM
From: The Flying Crane	Read Replies (2) \| Respond to of 40688

Hi everyone: This week, next week, or another week. Tell it to a short-term trader and he will weep. Ask the long-term investor what is his expectation, and he will tell you any week is just good old speculation! Prosperity to ALL!

To: Victor Lazlo who wrote (4208)	10/30/1998 8:49:00 PM
From: TsioKawe	Read Replies (1) \| Respond to of 40688

WASHINGTON (AP) -- America's trade deficit hit an all-time high of $16.8 billion as the global financial crisis pushed down exports of manufactured goods and farm products for a fifth straight month. Imports surged, led by a flood of cars and auto parts from Mexico and Canada and toys from China. The deficit for August jumped 15.3 percent above a revised July imbalance of $14.5 billion, the Commerce Department said Tuesday. Much of the deterioration reflected a surge in automotive imports as foreign suppliers played catch-up after the settlement of the General Motors strikes. Exports fell to their lowest level in 19 months as the global financial crisis continued to depress demand in key markets for American producers. Sales of farm products dropped to their lowest level in more than four years. So far this year, America's deficit in goods and services trade is on track to set an all-time record at $165 billion, far above the previous mark of $153 billion set in 1987. And economists predict even further deterioration in 1999 as Asian economies plunge deeper into recession and as Japan, the world's second biggest economy, struggles to emerge from its worst downturn in 50 years. ''We have got a lot of bad months ahead of us on trade,'' said Lawrence Chimerine, chief economist at the Economic Strategy Institute, a Washington think tank. ''It wouldn't take a lot to push us into a recession when you have a trade deficit growing this rapidly.'' At the White House, presidential spokesman Joe Lockhart said the bad trade figures underscore the need for other countries to heed President Clinton's call for a ''strategy to restore economic growth around the world.'' The Federal Reserve last Thursday cut interest rates for the second time in just over two weeks in an effort to keep the global turmoil from pushing the U.S. economy into recession. And the administration has been working behind the scenes to assemble an expected $30 billion financial assistance package for Brazil, hoping to erect a fire wall that will keep Latin America's largest economy from going into a crash like those of Asia and Russia. The International Monetary Fund and Brazilian authorities said Tuesday both sides were moving closer to an agreement. American exports to Latin America and Canada have started to suffer as those countries began to experience slower growth. Canada and Latin America account for more than one-third of U.S. exports. Wall Street took the bad trade figures in stride, focusing instead on hopes that the Fed's unexpected rate cut last Thursday will be one of several recession-fighting reductions by the central bank. The Dow Jones industrial average rose 39.40 to close at 8,505.85 -- a gain of 567 points over the past five sessions. Merrill Lynch economist Stan Shipley said the ballooning trade deficit probably lowered economic growth during the just-completed July-September quarter to between 1.5 percent and 2 percent, far below the 5.5 percent pace in the first three months of the year before Asia's woes began to affect the United States. In addition to the loss of export markets, domestic makers of such items as cars and computers face increased competition from foreign goods made suddenly cheaper for American consumers by the steep decline in Asian currencies. America's deficit with Pacific Rim countries rose by 5.6 percent in August to $15.7 billion and for the first eight months of this year is running 41 percent above the 1997 pace. The deficit with China climbed to a record $5.9 billion, reflecting a surge in shipments of toys and games as stores stock up for Christmas. America's deficit with Japan was up 0.5 percent in August to $5.2 billion and is 16 percent higher than a year ago. The Clinton administration contends that Japan must deal more effectively with its banking and economic troubles to give its Asian neighbors any hope of emerging from their recessions. The 0.3 percent drop in U.S. exports pushed them down to $74.84 billion, the lowest level since January 1997. Exports of farm products fell 3.9 percent to $3.57 billion as American farmers continued to be battered by low commodity prices and weak overseas demand. Congress has responded by including $6 billion in emergency farm assistance in a budget bill. Imports jumped 2.2 percent to $91.6 billion in August, led by the increase in shipments of automotive products. The import jump would have been even worse except for a further drop in oil prices, which fell to their lowest levels in 12 years. .