📄 reut2-020.sgm
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of money market liquidity at between 3.70 and 3.80 pct.
These moves to cap interest rates followed a meeting
between Poehl, Finance Minister Gerhard Stoltenberg and U.S.
Treasury Secretary James Baker Monday in Frankfurt.
Officials said afterwards the three men had reaffirmed
their commitment to the Louvre accord on currency stability.
Over the weekend, criticism by Baker of the tightening in
West German monetary policy had prompted a sharp fall of the
dollar on speculation that Louvre cooperation had ended.
But the dollar rallied on news of Monday's meeting in
nervous trading to trade above 1.79 marks Tuesday.
Poehl said that the recent rise in interest rates was not
due to central bank policy, but to markets' expectations, and
currency developments.
Commenting on the inflationary expectations, Poehl said "You
have to get to the root of the problem, you have to pursue a
policy which reveals that there are no grounds for such fears."
The inflationary fears were unjustified and exaggerated, he
said.
Poehl rebuffed recent U.S. Criticism of West Germany,
saying the Bundesbank had made a substantial contribution to
international cooperation in interest and monetary policy.
The Bundesbank has tolerated an overshooting of its money
supply target, arousing criticism from other quarters, he said.
"Today we still have lower interest rates than at the end of
1986... Quite the contrary of other countries, where interest
rates have risen substantially more," Poehl said.
This had to be taken into account when considering recent
rises in repurchase pact allocation rates, which were due to
rising international money market rates that had spilled over
into the German market, he said.
Poehl expressed surprise that financial markets had so far
ignored improvements in the U.S. Deficits.
"The adjustment process in the U.S. Trade balance is
definitely underway," he said, noting that this was not so
noticeable in absolute figures.
The spectacular improvement in the budget deficit had also
attracted little attention, he said.
REUTER
</BODY></TEXT>
</REUTERS>
<REUTERS TOPICS="YES" LEWISSPLIT="TEST" CGISPLIT="TRAINING-SET" OLDID="20634" NEWID="20039">
<DATE>20-OCT-1987 05:00:49.66</DATE>
<TOPICS><D>acq</D></TOPICS>
<PLACES><D>uk</D></PLACES>
<PEOPLE><D>lawson</D></PEOPLE>
<ORGS></ORGS>
<EXCHANGES></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN>
RM
f0296reute
b f BC-LAWSON-SAYS-BP-SHARE 10-20 0108</UNKNOWN>
<TEXT>
<TITLE>LAWSON SAYS BP SHARE OFFER GOING AHEAD</TITLE>
<DATELINE> LONDON, Oct 20 - </DATELINE><BODY>U.K. Chancellor of the Exchequer Nigel
Lawson said the Government was going ahead with this month's
flotation of British Petroleum Co Plc <BP.L> shares despite the
collapse on international stock markets.
"We are going ahead because the whole issue has been
underwritten - we had it underwritten because there is always a
risk of this sort of thing happening," Lawson said in a BBC
radio interview.
Lawson's remarks came as renewed selling on the London
stock market took BP shares down a further 33p to 283, well
below the 330p price set for the around seven billion stg
issue.
Lawson said the U.K. Economy is fundamentally sound and
added that stock markets had reflected that recently.
"I profoundly believe in the market system as the best way
for securing economic prosperity (but) that does not mean to
say the markets are infallible."
"My advice to small investors...Is to remain calm. There is
absolutely no reason not to do so," Lawson said.
REUTER
</BODY></TEXT>
</REUTERS>
<REUTERS TOPICS="NO" LEWISSPLIT="TEST" CGISPLIT="TRAINING-SET" OLDID="20635" NEWID="20040">
<DATE>20-OCT-1987 05:01:49.86</DATE>
<TOPICS></TOPICS>
<PLACES></PLACES>
<PEOPLE></PEOPLE>
<ORGS></ORGS>
<EXCHANGES></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN>
RM
f0300reute
f f BC- 10-20 0014</UNKNOWN>
<TEXT TYPE="BRIEF">
******<TITLE> Bundesbank sets 35-day securities repurchase tender at fixed rpt fixed 3.80 pct
</TITLE>Blah blah blah.

</TEXT>
</REUTERS>
<REUTERS TOPICS="NO" LEWISSPLIT="TEST" CGISPLIT="TRAINING-SET" OLDID="20636" NEWID="20041">
<DATE>20-OCT-1987 05:03:42.33</DATE>
<TOPICS></TOPICS>
<PLACES></PLACES>
<PEOPLE></PEOPLE>
<ORGS></ORGS>
<EXCHANGES><D>pse</D></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN>
F
f0303reute
f f BC-Paris-share-price-ind 10-20 0010</UNKNOWN>
<TEXT TYPE="BRIEF">
******<TITLE>Paris share price indicator opens 2.31 pct down - official
</TITLE>Blah blah blah.

</TEXT>
</REUTERS>
<REUTERS TOPICS="NO" LEWISSPLIT="TEST" CGISPLIT="TRAINING-SET" OLDID="20637" NEWID="20042">
<DATE>20-OCT-1987 05:05:18.65</DATE>
<TOPICS></TOPICS>
<PLACES><D>uk</D><D>usa</D></PLACES>
<PEOPLE><D>lawson</D></PEOPLE>
<ORGS></ORGS>
<EXCHANGES><D>lse</D></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN>
F
f0305reute
u f BC-LAWSON-CALLS-DEGREE-O 10-20 0114</UNKNOWN>
<TEXT>
<TITLE>LAWSON CALLS DEGREE OF SHARE FALL ABSURD</TITLE>
<DATELINE> LONDON, Oct 20 - </DATELINE><BODY>U.K. Chancellor of the Exchequer Nigel
Lawson said the severity of the current rout on world stock
markets was an absurd over-reaction sparked on Wall Street by a
spreading lack of confidence in the U.S. Economy.
Lawson said in a BBC radio interview, "This began on Wall
Street. It has a lot to do with the American stock market (and)
a lack of confidence in the U.S. - and some careless talk by
those who should have known better."
In a further wave of selling this morning in London, the
FTSE 100 index had lost a further 233.2 points only 50 minutes
after the official 0800 GMT opening to stand at 1,819.1.
Lawson said a correction on world stock markets was to have
been expected after the bull markets of recent years. "What was
not expected was the severity of the downturn, which quite
frankly is rather absurd."
He said he saw no fundamental signs why the U.S. Economy
should go into recession, adding, "Indeed the possibility of
higher (U.S.) interest rates would certainly in my judgment not
lead the American economy into a recession."
"The only way in which the American economy would go into
recession was if it actually talks itself into recession," he
said.
REUTER
</BODY></TEXT>
</REUTERS>
<REUTERS TOPICS="NO" LEWISSPLIT="TEST" CGISPLIT="TRAINING-SET" OLDID="20638" NEWID="20043">
<DATE>20-OCT-1987 05:06:25.13</DATE>
<TOPICS></TOPICS>
<PLACES><D>japan</D></PLACES>
<PEOPLE></PEOPLE>
<ORGS></ORGS>
<EXCHANGES></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN>
RM AI
f0308reute
u f BC-BANK-OF-JAPAN-SEES-ST 10-20 0114</UNKNOWN>
<TEXT>
<TITLE>BANK OF JAPAN SEES STEADY ECONOMIC RECOVERY</TITLE>
<DATELINE> TOKYO, Oct 20 - </DATELINE><BODY>The Japanese economy is firmly on the
recovery path, supported by robust domestic demand, the Bank of
Japan said in a regular monthly report.
The report said industrial production is strengthening as
manufacturing companies have almost completed adjustments of
their plant and equipment investment while non-manufacturing
firms have continued to be positive in their capital spending.
Strong domestic demand, such as consumer spending and
housing investment, will more than offset declining exports,
the central bank report said. It also noted the continued rise
in domestic wholesale prices and money supply.
REUTER
</BODY></TEXT>
</REUTERS>
<REUTERS TOPICS="NO" LEWISSPLIT="TEST" CGISPLIT="TRAINING-SET" OLDID="20639" NEWID="20044">
<DATE>20-OCT-1987 05:07:16.01</DATE>
<TOPICS></TOPICS>
<PLACES></PLACES>
<PEOPLE></PEOPLE>
<ORGS></ORGS>
<EXCHANGES><D>lse</D></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN>
RM V
f0311reute
f f BC-London's-FTSE-100-sha 10-20 0011</UNKNOWN>
<TEXT TYPE="BRIEF">
******<TITLE>London's FTSE 100 share index falls below 1,800 - Stock Exchange
</TITLE>Blah blah blah.

</TEXT>
</REUTERS>
<REUTERS TOPICS="YES" LEWISSPLIT="TEST" CGISPLIT="TRAINING-SET" OLDID="20640" NEWID="20045">
<DATE>20-OCT-1987 05:08:54.04</DATE>
<TOPICS><D>coconut</D></TOPICS>
<PLACES><D>philippines</D><D>usa</D></PLACES>
<PEOPLE></PEOPLE>
<ORGS></ORGS>
<EXCHANGES></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN>
G
f0315reute
u f BC-PHILIPPINES-APPLAUDS 10-20 0108</UNKNOWN>
<TEXT>
<TITLE>PHILIPPINES APPLAUDS DEFEAT OF U.S. LABELLING BILL</TITLE>
<AUTHOR> By Diane Stormont</AUTHOR>
<DATELINE> MANILA, Oct 20 - </DATELINE><BODY>The Philippine coconut industry has
greeted with relief the defeat in the U.S. Senate of a bill
requiring some edible oils to be labelled as saturated fats.
The bill, which was defeated by the Senate Agriculture
Committee on Monday, could have cost about 60 mln dlrs a year
in lost exports, the Philippine Coconut Authority (PCA) said.
"Naturally, we welcomed the defeat but there is a chance the
bill will be resurrected and attached as a rider to another
Senate bill," a spokesman for the United Coconut Association of
the Philippines (UCAP).
PCA chairman Jose Romero noted the vote was close, with
eight senators voting for it, 10 against and one abstaining.
The UCAP spokesman said the American Soybean Association
(ASA) had spent about 25 mln dlrs lobbying for the bill.
He said the ASA also had obscured the health issue during
the debate.
"Coconut oil is high in saturated fats, but unlike saturated
animal fats, they do not enter the blood and lymph systems
leaving fatty deposits connected to heart disease," he said.
U.S. Soybean and cottonseed producers had argued that
saturated fats cause heart disease and that the labels would
discourage consumption by health conscious consumers in favour
of domestic unsaturated alternatives.
Opponents of the bill said the proposal discriminated
against imports and would damage the Philippines, Malaysia and
Indonesia.
The Philippines earned 488 mln dlrs from coconut products
in 1986, up from 477 mln in 1985, UCAP figures show.
Exports to the United States for edible and non-edible use
account for about half of that total, PCA's Romero said.
REUTER
</BODY></TEXT>
</REUTERS>
<REUTERS TOPICS="NO" LEWISSPLIT="TEST" CGISPLIT="TRAINING-SET" OLDID="20641" NEWID="20046">
<DATE>20-OCT-1987 05:17:40.79</DATE>
<TOPICS></TOPICS>
<PLACES><D>thailand</D></PLACES>
<PEOPLE></PEOPLE>
<ORGS></ORGS>
<EXCHANGES></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN>
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f0331reute
u f BC-THAI-STOCKS-PLUNGE-IN 10-20 0091</UNKNOWN>
<TEXT>
<TITLE>THAI STOCKS PLUNGE IN REACTION TO WORLDWIDE TREND</TITLE>
<AUTHOR> By Vithoon Amorn</AUTHOR>
<DATELINE> BANGKOK, Oct 20 - </DATELINE><BODY>Thai stock prices plunged on Tuesday as
nervous investors unloaded shares on reports of steep declines
on major world stock markets.
Brokers said the Securities Exchange of Thailand Index fell
a record 36.64 points, or nearly eight pct, to close at 422.37.
"It's impossible to halt the slide in this situation. The
market just doesn't behave logically," said Sirivat
Voravetvuthikun, executive vice president of Asian Securities
Trading Co Ltd.
But Sirivat said he did not believe the fall would mark the
end of the SET's 16 month bull run, which has accelerated
during the last two months. He expected Thai stocks to
fluctuate widely in the next few weeks.
The slide on Tuesday followed a 13.85 point decline of the
97-stock index on Monday when it closed at 459.01.
Brokers said they were flooded with sell orders when the
market opened this morning and a SET announcement urging
investors not to panic was ignored.
The index reached a record 472.86 last Friday, up 57.7 pct
from end-June and 128.2 pct higher than last December.
SET officials said 77 issues were traded on Tuesday, of
which all but two declined. Of the losers, 68 plummeted the
daily maximum 10 pct allowed by the exchange. Prices on the
special foreign column also fell sharply.
SET vice president Suthichai Chitvanich told reporters the
10 pct floor serves as a restraint, making it unnecessary to
suspend trading should the panic continue.
The Thai exchange has lately been gaining on its own
strength with most buying coming from local investors.
Investors should not be unduly influenced by foreign market
reports, he added.
Suthichai said sound local fundamentals, including low
interest rates and promising economic growth, favoured
investment in the stock market.
The SET also announced it would release third quarter
corporate earnings earlier than expected as part of efforts to
shore up public confidence.
REUTER
</BODY></TEXT>
</REUTERS>
<REUTERS TOPICS="NO" LEWISSPLIT="TEST" CGISPLIT="TRAINING-SET" OLDID="20642" NEWID="20047">
<DATE>20-OCT-1987 05:28:05.60</DATE>
<TOPICS></TOPICS>
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