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Recap of Global Markets

By Anne D. Picker, International Economist, Econoday     Monday, June 25, 2001

Europe and Britain
European and British markets were kept aboil with earning warnings and worries. Compounding these concerns were disappointing economic data, which consistently showed that the European economies are in trouble. Rallies in some of the stocks that had been battered recently by profit taking helped to ease the losses. There was praise for the markets' resilience in the face of what turned out to be another difficult week of pre-announcement warnings. Market optimists, something of a dwindling band these days, pinned their hopes on the prospects of another cut in U.S. interest rates after next week's FOMC meeting and on a quarter-end rally now that the pre-announcement season is about over. The main European stock markets ended the week little changed, in spite of more high profile profits warnings and another downward lurch for the latest German business confidence survey. The negative result had already been factored into the market.

Asia
Asian and Pacific shares ended the week mixed as hopes that the U.S. Federal Reserve would cut interest rates boosted some markets. The Nikkei advanced for three straight days to end the week above 13,000, gaining 2 percent in its biggest weekly gain since early May. The Nikkei rose because the yen fell in value, to a two month low against the dollar. Shares of exporters climbed on the expectation that yen weakness will translate directly into increased overseas sales and profits.

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Introduction   •   Global Stock Market Indexes   •   Recap of Global Markets   •   Currencies   •  Indicator Scoreboard

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