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To: SecularBull who wrote (112017)	3/25/1999 8:50:00 AM
From: Mohan Marette	Read Replies (1) \| Respond to of 176387

<Brazil> Cuts interest rates. Top Financial News Thu, 25 Mar 1999, 8:43am EST Here is a bit of news which appears to be very market friendly,at least for the BOVESPA. You heard about the SAP's warning about considerable shortfall for the upcoming quarter? I don't think it should affect ITWO but the other ERP software guys may take a hit today. ========================== Brazilian Stocks, Bonds, Currency Rise on Central Bank Interest Rate Cut (Rewrites headline.) Sao Paulo, March 25 (Bloomberg) -- Brazilian stocks, bonds and the currency rallied. The central bank's interest rate cut late yesterday shored up confidence Latin America's biggest economy may pull out of recession later this year. The central bank cut the overnight interbank lending rate to 42 percent from 45 percent, a bet the currency has steadied enough to enable the government to reduce borrowing costs. When the currency was devalued in January, the rate was 29 percent. ''The 'patient' is giving clear signs that it is getting better,'' said Peter West, chief economist at BBV Securities in London. The rate cut could help maintain a rally in Brazilian stocks, with the benchmark index up 30 percent in dollar terms over the last 30 days, the best performing market in the world. Merrill Lynch & Co., the biggest U.S. brokerage, upgraded its recommendation on Brazil stocks to overweight, anticipating declining interest rates.