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MONEY MARKETS - WEEKLY COMMENT FROM CATER ALLEN LIMITED

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Last weekend saw the tenth anniversary of 'Black Monday', with its unprecedented single day fall of 23% in the Dow ...
Last weekend saw the tenth anniversary of 'Black Monday', with its unprecedented single day fall of 23% in the Dow Jones. The past week has not seen the hurricane force winds of 1987, but there do appear to be early signs of storm brewing in the financial markets.

Fed Chairman Alan Greenspan has again cautioned markets on the current levels of asset prices, capacity utilisation and a tightening labour market. European markets are currently twisting and twitching at every utterance from european politicians and central bankers. The EMU effect could be distracting from a more immediate danger.

There is a real possibility that the Fed will raise interest rates on 12 November. An early move from them (assuring that they stay ahead of the inflation curve) would bring a sharp dose of reality back to markets.

The week's diary:

20 October - LSE launches electronic trading system for FTSE 100 Stocks; Eddie George to speak to Foreign Press Assoc.

21 October - CBI industrial trends survey (Oct)

22 October - Retail sales (Sep)

23 October - Money Supply (Sep); Conference on EMU, speakers include E George; Bundesbank meeting

24 October - Whole World Visible Trade (Aug); Non-EU Visible Trade (Sep); Prelim GDP (Q3).

*Every attempt has been made to ensure that the information provided is accurate. However, Cater Allen Limited and its employees cannot be held responsible for any errors and no liability is accepted for any losses which may arise from the information.

Any views or opinions expressed herein are entirely personal and do not necessarily represent those of Cater Allen Limited. Nothing contained in this information should be deemed to constitute investment advice or a recommendation by Cater Allen Limited. Consequently, Cater Allen accepts no liability from any losses which may arise from the use of the information.

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