Business Services Industry
Daily Mail, London, Market Report.
Knight Ridder/Tribune Business News, November, 1998 by Foster, Geoff
Knight Ridder/Tribune Business News
Nov. 19 -- FOOTSIE PULLS OUT OF WALL STREET CHASE: Dealers have put a December interest rate cut back on the agenda. Weaker-than-expected October retail sales figures and minutes from the Bank of England's November Monetary Policy Committee meeting showing that the decision to cut UK rates by 0.5 percent to 6.75 percent was unanimous, raised hopes for another reduction before the end of the year.
With the US Fed showing Eddie George and his chums the way by cutting US rates for the third time in two months, the Footsie jumped 51.5 points overnight before hitting a wall.
Cash-rich fund managers refused to chase the market any higher. Shares drifted and when Wall Street lost an early 16 gain to trade 27 down,...
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