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Article: Evening Standard, London, Stock Markets Column.
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- November 1, 1998
- Author:
CopyrightCOPYRIGHT 1998 Knight-Ridder/Tribune Business News. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Knight Ridder/Tribune Business News
Oct. 30--'FOLLOW MY LEADER' RATE CUT HOPES LIFT FOOTSIE: The coincidental meeting of major European central bank interest rate-setting authorities on Guy Fawkes day raised the prospect of global "follow my leader" rate cuts initiated by Britain with a full half-a-per-cent fall.
German and French bankers meet on the same day and they could make cuts too. Today's Swedish rate cut stimulated hopes and blue chips ran through another psychologically important barrier at the 5400 mark.
A strong Wall Street close also helped initiate the run-up and within five minutes the market enjoyed a 1 percent gain. From that ...