The Markets are still in a consolidation periodGroup@efis.ucr.ac.cr

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The Zurich Investment Group Newsletter   U.S. Market Update  .Global Quantitative Strategy Wednesday.. March 20, 2002.. Mark Zuckerman Managing Director Research Zurich Investment Group E-mail Market Comment It could be a consolidation period, or a pullback of as much as 10%, but with the current overbought state of the market, a pause for the next month or so would be entirely normal, in our opinion. The technical readings are not at the kind of extreme that would suggest a big decline, rather a period where stocks are more mixed, with opportunities continuing in both directions. [for more subscribe here] -U.S. Market News Equities finished on an upswing Tuesday after the Fed meeting concluded with no surprises: short-term rates were left unchanged and the central bank shifted its policy directive to a neutral stance from one that favored additional easings. [for more subscribe here] _Asia Market News TOKYO - Tokyo's leading Nikkei Average rallied 2.6 percent Tuesday as a weakening yen and growing signs of an economic recovery in the U.S. provided a solid lift to major exporters. [for more subscribe here] _Europe Market News LONDON - European bourses ended slightly higher on Tuesday, with support coming from early gains on Wall Street ahead of a US Federal Reserve policy meeting. [for more subscribe here] _Taiwan Market Update 1. Half of Taiwan investments bound for China are in electronics/electricals. Taiwan companies invested US$133 million in electronis/electricals in China in January-February 2002, down 33% from the year earlier, according to Taiwan's Economics Ministry. Electronics/electrical investment represents 48% of the total US$277 million invested by Taiwan firms in China, down 37% year-on-year, in the first two months of 2002. [for more subscribe here] DOWJONES 10,635.25 +57.50 +0.54% NASDAQ 1,880.87 +3.81 +0.20% NEWZEALAND 2073.87 +7.13 +0.34% TAIWAN 5917.40 +10.67 +0.18% HONGKONG 11222.83 0.00 0.00% FTSE100 5316.10 +16.20 +0.31% NIKKEI225 11640.06 -152.76 -1.30% AUSTRALIA 3406.90 +1.30 +0.04% Equity Analysis James Morgan Senior Analyst E-mail The FOMC moved to a neutral stance, as expected. However, it couched the change with dovish language. Our economists see the Fed increasing rates 100bp in the Aug-Dec period, pushing the Fed Funds rate to 2.75% by year-end with more to come in 2003. Global interest rates are thus expected to stay near 40-year lows through the next three to five months. Excess global liquidity will be looking for a home, and Asia's undervalued assets are likely to attract particular interest, say our Asia economists. [for more subscribe here] Market Report Monica Marais Senior Analyst E-mail - Insights from our weekly analyst meeting. - Ratings Change: Lowering rating on MMM shares to HOLD from BUY. - Focus List: BUY-rated GE meets with financial community to explain accounting, disclosure and compensation practices. - Growth Stock: BUY-rated GS reports its third consecutive quarter of improving EPS. - Growth Stock: Increasing target price on BUY-rated Marriott to $50. - Value Stock: Raising share price target on BUY-rated Schlumberger to $76. - Stocks to Avoid: KKD reports 4Q EPS of $0.14; reiterating SELL rating. [for more subscribe here]   Equity Analysis Joseph Wong Senior Analyst E-mail (VRSN) VeriSign, Inc.; Price: $29.92; Internet Infrastructure and Applications Top Pick; 12-Mo. P.T.: $45.00; Above Average Risk; Mkt. Cap.: $7.24 B; 3-Yr. EPS Gr.: 50% 2002E EPS: $1.00; P/E: 29.9x; 2003E EPS: $1.50; P/E: 19.9x PART 1 OF 2: MARCH-QUARTER UPDATE; BUSINESS LOOKS ON TRACK - We believe VeriSign's March quarter is shaping up about as expected. - In spite of sluggish overall IT spending trends and the continuing downturn in the telecom sector, enterprise and carrier sales pipelines appear fairly healthy. [for more subscribe here] Zurich Investment Group E-Mail Center subscribe or unsubscribe to Newsletter at Zurich Investment Group Ltd. ________________________________________ Copyright © 2002 Zurich Investment Group Ltd. All rights reserved. Zurich��궰�ιq�l�l�󤤤� �n�O�P���n�O �s�D�q�T�Ш�Zurich��궰�� ________________________________________ ���v�Ҧ�2002�~Zurich��궰�� -- �Desea desuscribirse? Escriba a [EMAIL PROTECTED] con el tema 'unsubscribe'. M�s informaci�n: http://www.linux.or.cr/listas