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.

Pastimes : The Naked Truth - Big Kahuna a Myth -- Ignore unavailable to you. Want to Upgrade?

To: Thomas M. who wrote (10187)	11/3/1998 1:05:00 PM
From: MythMan	Read Replies (2) \| Respond to of 86076

Allen keeps buying sports franchises. Not sure what Gates excuse is.

To: Thomas M. who wrote (10187)	11/3/1998 1:12:00 PM
From: Cynic 2005	Read Replies (1) \| Respond to of 86076

Tuesday November 3, 12:46 pm Eastern Time Mark/yen off lows at U.S. midday, mixing dollar NEW YORK, Nov 3 (Reuters) - The dollar gave up its early gains versus the mark but rebounded from early selling against the yen as mark/yen recovered from early hedge fund sales at the close of European trade, dealers said. ''A big hedge fund has been selling dollar/yen and mark/yen for the last couple of days. Actually, sterling/yen and mark/yen are also near their year lows. But a lot of the trade is now done,'' said a dealer at a German bank in New York. The dollar at midday was off slightly at 1.6610/20 marks from 1.6630/40 at the open, but still up from Monday's close at 1.6535/38. Dollar/yen had risen to 115.40/45 from 114.95/00, but still sat below its overnight high at 116.15. Mark/yen continued to captivate the market, sinking to a new eight-month low at 69.08 in morning trade before skipping higher toward noon, re-establishing a foothold above 69.50. Asian assets are getting more positive attention of late. On Monday Morgan Stanley Dean Witter's top global investment strategist increased the weighting of Japan in his global portfolio, selling some European equities. Other investment houses are expected to take similar steps, dealers said. ''The perception is that Asia will be the first group out of the recent problems. Money is going into Asian equities, which will help the yen strengthen slowly,'' said Mark Gargano, head of currency derivatives at First Union National Bank. European currencies have stumbled of late amid rising speculation that Germany and Britain may soon join peripheral nations in cutting interest rates. Sweden, Portugal and Spain eased Tuesday and a Reuters poll showed high expectations for the Bank of England's Monetary Policy Committee to cut rates when it meets on Thursday. The Bundesbank is not seen easing at its meeting Thursday. But dealers voiced concern that Germany's new finance minister, Oskar Lafontaine, will attend the Bundesbank council meeting. Lafontaine has recently slammed the Bundesbank, asserting monetary policy is a key to fighting joblessness. ''I don't think Germany tightens this year. Right now (the Bundesbank) is fighting the politics of unemployment. Lafontaine thinks about it from a socialist perspective. But I think they'll get by this,'' Gargano said. Amid European rate cut talk, some U.S. experts have backed away from predictions that the Federal Reserve will cut rates a third time in seven weeks at its November 17 policy meeting. That's helped the dollar somewhat, dealers said. ''People have been buying dollars recently because (third-quarter U.S. Gross Domestic Product and Employment Cost Index) data were better than expected. That leads people to believe the Fed may not do anything on November 17,'' said John Cholakis, a trader at Dai-Ichi Kangyo Bank. Still, another Fed rate cut could provide a long-term lift for the dollar by boosting GDP growth going forward, some dealers argued. ''We need to ensure growth picks up. If the Fed starts to think they don't have to ease, that won't help,'' Gargano said. Dealers noted they expect dollar/yen to trend lower in coming weeks, with solid support from 110 to 111 likely to be tested. ''I think you stay out of the way if it starts heading down there, but you might be able to buy on some of the dips,'' said one dealer. Elsewhere, the dollar fell to 1.3547/52 Swiss francs from 1.3580/85 at the open. Sterling was higher at $1.6584/94 from $1.6535/40. The greenback dipped to Canadian $1.5233/43 from C$1.5245/55 at the open and C$1.5325/35 at Monday's close. ------------- ERROR The requested URL could not be retrieved -------------------------------------------------------------------------------- While trying to retrieve the URL: si3.go2net.com:81/investor/sreply The following error was encountered: Read Error The system returned: (32) Broken pipe An error condition occurred while reading data from the network. Please retry your request. -------------------------------------------------------------------------------- Generated Tue, 03 Nov 1998 18:10:04 GMT by si3.go2net.com (Squid/2.0.RELEASE)