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DENVER,CO,USA - 12/24/98 -
SUMMARY
The dollar opened today's abbreviated holiday session higher, reflecting the
positive tone of the U.S. stock market. Expect markets to be thin with
little incentive for dealers to trade. S&P cut ratings for seven major
Japanese banks. Most European markets are closed today.
ASIA
Japanese banking shares closed lower due to yesterday's downgrade of seven
leading banks by S&P. S&P is expecting net losses for the fiscal year by
the banks. The losses are expected to result in large decreases in equity,
with the largest exposures in real estate and construction loans.
EUROPE
Little activity was seen in Europe overnight as most markets were closed for
the Christmas holiday. The GBP remained unchanged on Thursday's resignation
of two British government ministers. Trade Secretary Peter Mandelson and
junior Treasury Minister Geoffrey Robinson were forced to quit over a
personal loan matter.
AMERICAS
With the holiday mood prevailing over the markets today, there is very
little incentive for trading. Most investors are foreseeing quiet, illiquid
trading with very thin volume. First time claims for U.S. jobless benefits
fell last week to their lowest level in almost a year and a half. Jobless
claims are typically lower the week before Christmas holidays as many of the
newly unemployed wait until the following week to file for unemployment
benefits.
Happy Holidays to all,
Richard Chehovin
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