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To: Chuzzlewit who wrote (77004)	11/7/1998 8:56:00 PM
From: Tim Luke	Read Replies (1) \| Respond to of 176387

earnings on the 12th, so are we going to things jumping on monday??? side note: Saturday November 7, 8:24 pm Eastern Time WEEKAHEAD-Tokyo stocks may drift lower By Keiko Takagi TOKYO, Nov 8 (Reuters) - Tokyo stocks are expected to trend lower this week as traders worry that a government stimulus package may not spur the economy and rallying U.S. stocks could run out of steam. Activity may slow ahead of the unveiling of a government economic stimulus plan on November 16, traders said. They were disappointed last week when government officials said tax cuts were unlikely any time soon. The benchmark Nikkei average closed at 14,121.97 on Friday, up 557.47 points over the week, or 4.10 percent. The rise came after influential U.S. strategist Barton Biggs of Morgan Stanley Dean Witter raised his weighting of Japanese shares in a model portfolio. The rally, however, lost steam as news reports suggested the government would postpone tax cut plans. These have been urged as a key way to revive Japan's recession-hit economy. Traders said they would also keep an eye on the U.S. market, which has rallied on better-than-expected earnings reports. Should the New York market weaken, Tokyo stocks might fall as well, they said. ''The feeling is that the New York stock market is close to reaching its ceiling,'' said Masatoshi Kikuchi, senior analyst at the Daiwa Research Institute. ''If New York stalls, the Nikkei may slip below 14,000 again.'' The Nikkei will likely trade between 13,700 and 14,300 over the weak, but the overall trend should be down, traders and analysts said. They said market prices already reflected a global trend towards easing interest rates, which was confirmed on Thursday when the Bank of England cut rates. ''External circumstances are becoming better as concerns over a meltdown of global equity markets are easing,'' said Kazue Mayuzumi, deputy chief operating officer at Nikko Securities. ''But the market lacks incentives to pursue the upside..'' Traders, who have suffered through an unpleasant half-year earnings season, will have more to watch this week. Among those scheduled are Shiseido Co on Monday and Meiji Milk Products Co and Suzuki Motor Corp on Tuesday. ''The market has begun to digest dismal earnings results,'' said a trader at a medium-sized securities broker. ''I do not think stock prices will fall sharply unless there are major surprises in corporate earnings, like if a big bankruptcy emerges.'' Other factors in the market: Japan-World Bank symposium at 1430 (0530 GMT) on Wednesday. Speech by World Bank President James Wolfensohn followed by panel discussion. Bank of Japan policy board holds regular monetary policy meeting at 9 a.m. (0000 GMT) on Friday.