Message-ID: <6741103.1075845471123.JavaMail.evans@thyme>
Date: Mon, 11 Jun 2001 03:13:00 -0700 (PDT)
From: gwyn.koepke@enron.com
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Subject: GMM 8 June 01
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X-From: Gwyn Koepke
X-To: Leann Walton, William Smith, Sarah Woody, Brenda Aggar, Alhamd Alkhayat, John Allario, Gunta Andrews, Martina Angelova, Aaron Armstrong, Harry Arora, Charles Baker, Andrew R Baldock, Angie Barwick, Sally Beck, Chris Bellinger-Smith, Michael J Beyer, Cheryl Borg, Emily Boxall, Clara Carrington, Howard Carter, Hazel Chawapiwa, Alistair Coleman, Faye Collis, Clare Cook, Andrew Cornfield, Dennis Cracknell, Analissa Croker, Jo Cronin, Ed Dablin, Shane Dallmann, Andrew Davis, Esther Demetz, David P Dupre, Bucky Dusek, Vikas Dwivedi, Michael Farmer, Suzanne Ferlic, Debbie Foot, Clare E Francis, Bridget Fraser, Jennifer Fraser, Christine French, Mark Frevert, David Fulton, Eric Gadd, Emma Gawthorpe, Stinson Gibner, Grant Gilmour, Jens Gobel, RECIPIENTS, James A Gordon, John K Haggerty, Richard Harper, Deborah Harry, Alex Heath, Daniel Henson, Ines Hess, Jurgen Hess, Mog Heu, Gary Hickerson, Andrew Hill, Cindy Hudler, Irma Hunt, Barry R Hussey, Jacquie Hussey, Clive Hutchings, Michael J Hutchinson, Vince J Kaminski, Steven J Kean, Ann Kooij, Andrey Kotlarczyk, Yana Kristal, Larry Lawyer, Andrew D Leyton, David Lilley, Anthony A Lucas, Anita Lynch, Daniel J Lynn, George Mcclellan, Trena McFarland, Kevin McGowan, Tom McKeever, Alex Mcleish, Erin McMahon, Paul Mead, Jeremy E Meakin, Anna Mehrer, Jamie Millar, David M Mortimer, Darrell Nicholas, Jere C Overdyke, Bhavna Pandya, Darren Potter, Glenda Pritchard, Diana Profir, Gavin J Rankine, Maureen Raymond, Ian Read, Daniel Reck, Andrea V Reed, Mark Ruane, Kevin Ruffcorn, Christian Schirmeister, Jessie Scott, Hamish Scutt, Pushkar Shahi, Jeffrey A Shankman, John Sherriff, William Smith, Frank Speight, Daniel L Spencer, Stu Staley, Carsten Sterz, William Stuart, Emma Sturgess, Ellen Su, Jason Sunshine, Harry Tefoglou, Terence H Thorn, David P Tregar, Hayley Truscott, Adam Turner, Diana Verzariu, Ben Waite, Colin Walker, Helen L Ward, James Warringer, Greg Whalley, James E Willis, Jo Wymer, Ian Yang, Jonathan Andrews, Lars Baeder, Predrag Barlov, Paul Bohme, Lucille J Brown, Joanna Butler, Nathan Butler, Max Chakrabarti, Kirsten Challinor, Surinder Chandhar, Michael J Christian, Ford Cooper, Martyn Davies, Giulio DeChiara, Darren Delage, John D Dennis, Piers A Duggan, Martin Dulake, Lindsay Edmonds, EGMContent, Robert Fenton-Stone, Samantha C Finn, Lloyd Fleming, Mick Gallaher, Nigel Geary, Laura Gillham, Nicoletta Gossow, Nigel Grace, Bill Griffiths, "Griffiths, Peter" <Peter.Griffiths@ENRON.com>@SMTP@enronXgate, Robert Groves, Vanessa Guest, Sam Hainsworth, Josie Hall, Linda J Handbridge, Piers R Harden, Mavis Harvey, Karen Healy, Kevin Heffron, Molly Hellerman, Rainer Herforth, Neil Hussey, Liza Intveld, Ken Jackson, Robert Jeapes, Manjeet Jones, Tanya Jones, Tim R Jones, Tracey M Jones, Sandip Joshi, Toru Kamono, Nicola Kerr, Lothar Kierspel, Monica Lande, Nigel Latham, Steve Leppard, John Lunzer, Nigel Majury, Reuben Maltby, Mike Marlowe, Jonathan Marsh, Saskia Martinska, Michael J McQuillan, Mitra Mujica, Roderick Nelson, RECIPIENTS, Rupert Novis, Kerrie Painter, Michael Parnell, Tony Piper, Laura Pixton, Li Qi, Suresh Raghavan, Luyola Rayner, Nicole Rose, David Rosenblum, Julie Russell, Peter Schluter, William Sell, Paul Sentance, Mark Shaer, Mark Sharp, Karen Sivyer, Martin Stanley, Nikki Taylor, Stephanie Taylor, Fritz Ten Doornkaat, "Thambiah, Mary" <Mary.Thambiah@ENRON.com>@SMTP@enronXgate, Merritt Thomas, Simon Tibbitts, Sid Tipples, Martin K Trott, Steve Upot, Rene van der Kam, Lucy Wainman, Paul Wallace, Norman Walters, Suzanne Weedon, Shu Wen, Tina S White, Keith Whitehead, Paul A Wilkes, Rohan Ziegelaar
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Please find attached below the Global Markets Monitor (GMM) dated 8 June=20
2001.=20

The contents of the GMM are contained in the Executive Summary below:

? US: Legislative momentum building for price caps.  Some prominent=20
economists are advocates. =20
? Europe: ECB holds again, acknowledging that price pressures are likely to=
=20
persist over the next few months.  By setting inflation expectations above=
=20
its stated target for the remainder of 2001, the ECB has afforded itself so=
me=20
flexibility in setting interest rates to combat the economic slowdown. =20
Europe=01,s manufacturing sector continues to display weakness, suggesting =
that=20
recovery of Europe=01,s industrial sector may be well behind the U.S.=20
? UK: As expected, the BOE left interest rates unchanged at 5.25 percent at=
=20
its MPC meeting this week.  The pound reacted to speculation and political=
=20
factors this week.  PM Blair=01,s repeat landslide victory on Thursday and =
his=20
pre-election comments renewed an old debate regarding UK=01,s entry into th=
e=20
euro region.  The pound is too strong to join the common currency, and it=
=20
must weaken further in order to assure export competitiveness of British=20
manufacturers.   =20
? Country Update - Argentina: The bond swap that closed earlier this week=
=20
buys the Argentine government time to reduce its fiscal deficit.   But the=
=20
wave of optimism following the swap of short- for longer- term debt=20
repayments may wash ashore if Argentina cannot meet its IMF fiscal targets=
=20
this year.  The debt exchange prompted S&P to remove Argentina=01,s foreign=
=20
currency sovereign credit ratings from CreditWatch on Wednesday June 6 (in=
=20
place since March 19, 2001).=20
? Country Update - Brazil: Brazil=01,s drastic power rationing plan could i=
mpact=20
the short-term supply of some of Brazil=01,s major exports, including steel=
 and=20
pulp products.  Consumers must cut energy consumption by 20 percent and=20
Industry by between 15 to 25 percent until at least October 2001.
Credit Ratings Activity - India and Mexico:  Fitch adjusted downward its=20
outlook on India=01,s sovereign ratings to negative from stable on concerns=
=20
about fiscal policy, privatization and a deterioration in the foreign=20
investment climate.  S&P=01,s outlook for Mexico remains positive.  But, Me=
xico=20
needs to improve its public finances before the rating agency will upgrade=
=20
Mexico to investment grade.  Mexico=01,s foreign currency sovereign is rate=
d=20
=01&BB+,=018 one notch below investment grade. =20

Maureen Raymond-Castaneda=20
and Gwyn Koepke
