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.

Gold/Mining/Energy : Gold Price Monitor -- Ignore unavailable to you. Want to Upgrade?

To: PaulM who wrote (23775)	12/3/1998 9:30:00 AM
From: IngotWeTrust	Read Replies (1) \| Respond to of 116759

Hi, Paul...can't say as I blame them for selling billions of $$. But to buy yen? That's a head snapper... Thx,O/49r

To: PaulM who wrote (23775)	12/3/1998 6:50:00 PM
From: goldsnow	Respond to of 116759

Full story Brazil stocks plunge 6.6 pct on reform vote defeat 11:48 a.m. Dec 03, 1998 Eastern SAO PAULO, Brazil, Dec. 3 (Reuters) - Brazilian stocks plunged 6.6 percent Thursday after rejection by Brazil's congress of an important reform plan, shook investor confidence in the country's economic outlook, rekindling fears that the Asian contagion could stun Latin America's biggest economy. Sao Paulo's key Bovespa index slumped 560 points to 7,889. ''Yesterday's defeat wiped out investors' confidence,'' a trader at a local brokerage said. ''People just don't want to buy.'' Brazil's Congress late Wednesday rejected a key government vote that will delay until next year the country's pension reform plans, which were tied to the International Monetary Fund's bailout package, analysts said. ''It's bad news and it destroys quite a lot of the credibility that the international markets have given to Brazil,'' said Richard Gray, an analyst for BankAmerica in London. The defeat was seen as a major blow to government efforts to rein in spending and reform a bloated social security system. Analysts said the vote was a major blow following the positive announcements in recent months on Brazil's social security reform, President Fernando Henrique Cardoso's fiscal package and the IMF-led bailout. ''Brazil had three pieces of good news and a chunk of international good will towards it, and it took a fairly major step backward,'' said Gray. Copyright 1998 Reuters Limited.