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Global Markets and Economic Update

September 08, 1993

FOREIGN STOCK MARKETS: Stock index trends in native currencies and in dollars adjusted for currency fluctuations. The dollar-adjusted returns are what U.S. investors would realize.

Source: Morgan Stanley Capital International

MEXICAN STOCKS

* Foreign buyers drove the Mexican market to a new high Tuesday, eclipsing the Bolsa index's old record of 1,941.36 set Aug. 26. Mexican stocks rallied despite sharp downturns in U.S. and Canadian markets.

* Investors are expecting to see another sharp drop in interest rates on Mexican government debt when the latest weekly debt auction results are announced today. As in much of the world, Mexican investors are scrambling to lock in rates, betting on further declines ahead.

* The government this week will sell its first two-year notes; until now, Mexico's borrowing had been limited to one year or less.

The Bolsa Index Tuesday closes: 1,949.51

Source: D.A. Campbell

SPOTLIGHT: UNITED KINGDOM

The longest recession in the United Kingdom since the 1930s has bottomed out and modest growth is expected to continue, as indicated by a recent pickup in retail sales and offshore production of oil and gas. But unemployment--which stands at 10.5%--and inflation are expected to rise this year.

Sources: Bank of America; World Information Services

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