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The Global Markets
WHAT LOOKS PROMISING . . .
COUNTRY (1998 PERFORMANCE*)
LOCAL DOLLARS
BRAZIL -3% -6%
FRANCE +36 +37
FINLAND +44 +45
SPAIN +39 +40
COUNTRY PRICE-
EARNINGS**
BRAZIL 14.6 Better fiscal policies,
privatization, and lower rates
FRANCE 18.6 Good earnings prospects,
reasonable prices, lower inflation
FINLAND 19.6 Small market, reasonably priced
growth stocks, especially telecom
SPAIN 28.4 Economic growth, lower interest
rates, and privatizations
. . . AND WHAT LOOKS DICEY
COUNTRY (1998 PERFORMANCE*)
LOCAL DOLLARS
HONG KONG -20 -20
INDONESIA -1 -55
JAPAN +2 -4
RUSSIA -51 -51
COUNTRY PRICE-
EARNINGS**
HONG KONG 12.7 More bad economic news to come,
real estate sector still risky
INDONESIA 13.5 Cheap but high-risk. Market lacks
liquidity, economy mired in
recession
JAPAN 40.6 Poor investor confidence, troubled
banking sector
RUSSIA 12.3 Ruble in free fall, market hurt by
weak commodity prices
* Year-to-date total returns through June 2
**Based on estimated 1998 earnings
DATA: INTERNATIONAL FINANCE CORP., AMERICAN EXPRESS BANK LTD., DATASTREAM
INTERNATIONAL, BLOOMBERG FINANCIAL MARKETS
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Updated June 4, 1998 by bwwebmaster
Copyright 1998, by The McGraw-Hill Companies Inc. All rights reserved.
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