Still Positive On CEE Bourses

September 2004 | Market Strategy

'Eyeing G7 Markets' has been our theme with regards to CEE bourses for some time now. The US Dow Jones 400 point jump to 10,200 over the past three weeks has presaged similar rallies on the central European bourses: 4.6% on the Czech PX-50 to 816.40 and 3.8% on the Hungarian BUX to 12,162.11. In the short-term, these rallies could well continue, although US data will be key. Worries over the persistence of the 'soft spot' in the US economy have resulted in lower interest rate expectations, with the December 05 eurodollar futures currently trading at 96.84 - implying a

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