The Markets Volatility is Decreasing.

[Zurich . Investment . Group]

Title: Untitled Document

The Zurich Investment Group Newsletter   U.S. Market Update  .Global Quantitative Strategy Thursday March 21, 2002. Mark Zuckerman Managing Director Research Zurich Investment Group E-mail Market Comment The market is amazingly stubborn here. We believe the volatility is decreasing as the trends for both the DJIA and Nasdaq wind into more narrow ranges. This can go on for some time, as in months, but will eventually lead to a bigger move, in our opinion. [for more subscribe here] -U.S. Market News NEW YORK - The first day of spring brought gloom to the stock market as chip issues slid Wednesday on the wings of somber analyst comments on Intel and drug issues came under pressure after Bristol Myers plunged on disappointing results for one of its drugs. [for more subscribe here] _Asia Market News TOKYO -- Japan's Nikkei Average sagged 2.3 percent Wednesday as investors rushed to pocket profits ahead of a holiday, ignoring the U.S. Federal Reserve's signal that the world's biggest economy was on the mend. [for more subscribe here] _Europe Market News LONDON - European equity markets remained weak at the close on Wednesday as Wall Street fell during morning trade following the Federal Reserve's switch to a neutral stance on interest rates. [for more subscribe here] _Taiwan Market Update 1. Asia Optical (5462 TT) announced on March 20 the issue of US$60 million in 5-year zero coupon Euro-CB with the proceeds to be used to (1) purchase manufacturing equipment, (2) repay bank loans, (3) establish e-business and Enterprise Resource Planning (ERP) systems, and (4) increase investment. NSC Securities (Asia) Ltd. is the lead manager for the sale. The bonds will have 2-year and 3-year put options, giving bondholders the right to exercise their options on the second and third anniversaries of the issue date, with a yield rate of 4.04% and 4.59%, respectively. Bondholders may opt to convert their bonds into Asia Optical common stock at a conversion price of NT$338, representing 7% premium to the closing price on March 20, 2002. The conversion period will begin 30 days after the bonds are issued and end 30 days prior to the redemption date. Parties interested in gaining more information can call the International Business Department of National Securities at (886 2) 2316-5058. [for more subscribe here] DOWJONES 10,501.57 -133.6 -1.26% NASDAQ 1,832.87 -48.00 -2.55% NEWZEALAND 2062.38 -12.64 -0.61% TAIWAN 6052.12 -6.94 -0.11% HONGKONG 10887.27 -149.33 -1.35% FTSE100 5266.90 -49.20 -0.93% NIKKEI225 11526.78 -266.04 -2.26% AUSTRALIA 3385.40 -26.40 -0.77% Equity Analysis James Morgan Senior Analyst E-mail US: Leading Indicators Expected to Post Modest Rise After strong gains in the last three months, the index of leading indicators (LEI) should rise modestly in February. The strong upward momentum in the LEI in recent months is suggestive of a sharp upturn in manufacturing output growth over the near term, something the ISM new orders index has been hinting at as well. [for more subscribe here] Market Report Monica Marais Senior Analyst E-mail IN THIS REPORT: n Growth Stock: JBL reports lower than expected results and lowers EPS forecast for the full year. n Ratings Change: Downgrading BMY to HOLD from BUY. n Initiating Coverage: Celanese AG now under coverage with a BUY rating. n Growth Stock: HOLD-rated WPI turns in quarterly results at the high end of reduced expectations. [for more subscribe here]   Equity Analysis Joseph Wong Senior Analyst E-mail Companies Included NOK At the CTIA show, we hosted a meeting with K.P. Wilska, President, Nokia. MOT Motorola's PCS division hosted an upbeat analyst meeting at the CTIA show. PWAV Upbeat Meeting With Management; Quarter remains on track ERICY UPBEAT MEETING WITH ERICSSON MANAGEMENT AND SONY ERICSSON ANALYST DAY [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��