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To: goldsnow who wrote (31856)	4/15/1999 10:59:00 PM
From: Alex	Respond to of 117012

4/15/99 - IMM euros,Swiss francs plunge to end sharply lower <Picture> CHICAGO, April 15 (Reuters) - IMM euro and Swiss franc futures plunged to end a heavily traded session sharply lower, forex traders and analysts said. They said the initial catalyst that led funds and dealers to liquidate June euros, marks and Swiss francs was a comment by European Central Bank chief economist Otmar Issing. Issing said on Thursday that last week"s cut in ECB rates should give impetus to economic growth in the euro zone, but he warned against overstating its impact. "It"s an additional impulse about which one should have no illusions," Issing said, referring to the rate c On Monday, Issing said the ECB"s decision to lower rates would increase pressure on euro zone governments to enact structural economic reforms. In addition, some forex traders were still rattled by U.S. Richmond Federal Reserve Bank President Alfred Broaddus"s comments late Wednesday. Broaddus delivered a speech in which he harshly critiqued the structure of the new European Central Bank. The ECB late Thursday cut its key refinancing rate to 2.5 percent from 3.0 percent. Within 20 minutes, the Swiss National Bank had announced its decision to halve its discount rate to an all-time low of 0.5 percent. Traders and analysts said dealers may begin to borrow in Swiss francs to fund investments elsewhere, much as they did with the yen-carry trades. "It"s in the process of starting up," said Michael Malpede, senior currency analyst with Refco Inc. Floor sources said funds started to add to new short positions once June Swiss francs broke below support at $0.6753 and $0.6748. New short positions weakened June euros to a new contract low of $1.0730, below the previous low of $1.0733 set on March 29. Some also speculated that the heavy round of fund selling in the Swiss franc pit was related to comments from an official at the International Monetary Fund on Thursday morning. Jack Boorman, IMF policy chief, said member countries of the IMF are shifting to a more favorable stance on the sale of gold from IMF reserves. At the end of pit trade, June yen was off $0.000016 at $0.008483, euros were down $0.00960 at $1.07420, marks lost $0.0048 to $0.5493, Swiss francs shed $0.0061 at $0.6718, sterling was $0.0014 lower at $1.6086, Canadian dollars were up $0.0024 at $0.6722, Australian dollars were $0.0083 higher at $0.6441 and Mexican pesos were flat at $0.102125. REUTERS Rtr 17:03 04-15-99 r/ye

To: goldsnow who wrote (31856)	4/15/1999 11:55:00 PM
From: whiskeyjack	Respond to of 117012

Anyone suspect that the U.K. company that Buffett is buying up might be Rio Tinto? His press release was heavy on Hawker innuendo but after seeing overnight London buying of Rio, I wonder. Other than Diavik Diamonds I Know nothing about Rio. Can anyone compare Rio to Buffett and whether or not 15 billion gets a large chunk of this miner and fit to Warren's value investing? TIA wj