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Strategies & Market Trends : the Women of SI -- Ignore unavailable to you. Want to Upgrade?

To: Rainy_Day_Woman who wrote (711)	4/9/1999 9:53:00 AM
From: Rainy_Day_Woman	Read Replies (1) \| Respond to of 1691

computer crashed...late preview LONDON, April 9 (Reuters) - The Dow Jones was seen opening steady on Friday after a record-breaking run overnight, but dealers in London said sentiment would be cautious ahead of key U.S. March producer prices data due at 1230 GMT. By 1037 GMT, the Globex S&P June future contract traded 2.10 points lower at 1,353.50, with fair value estimated at 1,353.74, pointing to a flat opening for the Dow. With no major corporate news to chew over, dealers said the inflation report would be the main focus for the market. ''Inflation has not been a problem for quite some time now, but this data should reflect the rise in crude prices,'' said one trader. Economists polled by Reuters, on average, expected a 0.3 percent rise overall compared with a 0.4 percent decline in February, and no change in the core rate, which excludes food and energy prices. Dealers said futures had ticked lower after a report from Interfax news agency quoted Russia's parliamentary speaker as saying that President Boris Yeltsin had ordered the country's strategic missiles to be aimed at those states bombing Yugoslavia. They said the Kosovo crisis had so far not had a market-moving impact, but with U.S. stocks at record levels, international concerns may tempt some investors to lock in profits. On Thursday, the Dow pushed higher to set a record close for the third time this week, edning 112.39 points or 1.11 percent at 10,197.7. Strong sales reports for retailers and a larger-than-expected interest rate cut in Europe sparked the rally, but dealers in London said the U.S. market may want to pause for breath ahead of a busy fortnight for earnings reports. ''The market is pricing in a strong earnings reporting season. The idea is that if companies thought they would disappoint, they would have preannounced it. But the flip side of it is - how many upside surprises are there going to be to push this market higher?,'' said one. In London, dealers said Sun Mycrosystems (Nasdaq:SUNW - news) was trading higher in an otherwise quiet session.