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Strategies & Market Trends : Telebras (TBH) & Brazil -- Ignore unavailable to you. Want to Upgrade?

To: Chip McVickar who wrote (9558)	11/10/1998 3:10:00 PM
From: Steve Fancy	Read Replies (1) \| Respond to of 22640

Brazil forex mkt outflows accelerate Tues -traders Reuters, Tuesday, November 10, 1998 at 14:47 SAO PAULO, Nov 10 (Reuters) - Brazil's foreign exchange markets should post a net outflow for Tuesday of around $120 million after a tiny outflow of $1 million on Monday, traders said. At 1700 local/1400 EST/1900 GMT, the commercial market showed a net inflow of $40 million, while the floating rate market was negative at $95 million for a combined provisional net outflow of $55 million. Traders said they were expecting the final figures to show a net outflow of $10 million on the commercial market and of $110 million on the floating market. Copyright 1998, Reuters News Service

To: Chip McVickar who wrote (9558)	11/10/1998 3:21:00 PM
From: Steve Fancy	Read Replies (1) \| Respond to of 22640

Chip, yes this was posted earlier, but thanks. I need to be careful in that I attacked another writer early this summer who didn't seem to understand and he turned out to be right...at least till now. This article sounds to have been written by someone who has a bone to pick with Brazil. The capital outflows, though significant have slowed to a crawl...in fact showing signs of finally reversing with the number of positive days per seek seemingly increasing. The writer may feel the bailout package is naive, but Greenspan, Rubin, Summers and the G10 don't seem to feel that way. I'll put my money with on the latter. The problem with Brazil is that you really have to have followed it closely for a while to understand. This writer sounds like he may have just opened the stat books. I doubt the decline today has anything to do with this story in that he's just rehashing old data and I believe a decline was generally expected with the delay's in the IMF announcement. sf